TechPally Tips for Entrepreneurs to Strengthen Business Relationships
On average, people who’re well-connected in society are more successful than people of low connectivity. The network of friends you keep determines success in personal life and in your business life. Building and maintaining valuable business relationships require time and energy.
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Entrepreneur Tips for Business Relationships:
Networking has been in a permanent process of change since the age of digital media and tools. In order not to fall behind, entrepreneurs, executives, and salespeople should systematically develop and expand their professional network.
Nothing comes from nothing – this also applies to network. Because not only establishing contacts, maintaining them also requires time and energy. Therefore, here are a few tips on what you should pay attention to in business relationship management, i.e. in the systematic development and expansion of business relationships.
Tip #1: Don’t Build Relationships without a Plan
The term Business Relationship Management means you need to strengthen the ties between partners from time to time.
Avoid the establishment and maintenance of business relationships that are not purposeful.
The main goal is your business – and that of your network partner – and both should benefit from the relationship. Therefore, analyze carefully:
- Which people and organizations could it be worth building a relationship with?
- For example, because they could become profitable customers?
- Or because they could be important recommendations?
- Or because they have valuable know-how?
- Personnel concepts for the future
You can read more about personnel management and leadership in the HR channel of such a report and channel partner Bommersheim Consulting.
Tip #2: Go for Value and not Quantity
To grow your business go for value, not for quantity. Establishing and maintaining relationships takes time. That is why it is especially important in the digital age not to network with just any entity or person.
Studies have shown that nobody can maintain close relationships with more than 150 people.
To define criteria based on which you decide: I want to establish a close (business) relationship with these people or organizations and not with them. And refuse contact requests, for example via Xing, Facebook, or LinkedIn.
The same applies to network in social media: It’s not the quantity that matters, but quality – form a business relationship with people of substance in the society or in your industry.
Tip #3: Schedule time for Networking
A good network doesn’t just fall from the sky. You have to work it out. So, decide, for example: In the future, I will invest 10% of my working time in establishing and expanding business relationships.
Anyone who never calls, visits, or invites friends “just like that” will not establish a personal relationship with them. On the contrary: the relationship cools down over time. This also applies to the regular customer relationship business model canvas. According to startup tips, you should not only contact them when a contract extension is pending.
Tip #4: Give Values to the Relationship
There’s one important thing about friendship or relationship, either on a personal level or from a business perspective, people go into it to get benefits. It can be in form of business opportunities, networking with higher class individuals, or others. When you’re going into a business partnership, you must be willing to offer value to the partner.
When your partner is getting advantages from the relationship, he will definitely want to ‘water’ the relationship.
Tip #5: Exchange Advertising for Business Relationships
At the last Techpally conference, I discussed this tactic of two-way advertising. Since you’re not a direct competitor to your business partner, you can promote your partner’s business and you also get the same from your partner.
Sometimes, customers don’t want to see you blowing the trumpet of your business alone, they want you to acknowledge other business entity that’s doing well.
Recommending your business partners to consumers who may be interested in their services earn you respect from such consumers, and of course, from the partner.
To establish a business relationship or partnership is not ‘a goal achieved‘, to maintain the relationship is far more important.
There are different ways you can strengthen your business relationship depending on the level of partnership.
- From the business owner to employees.
- Business entity to another business entity.
- Your business organization to the government.
- Organization to suppliers or distributors.
Business relationships often present ethical dilemmas that are not easy to resolve and require clients. The scope of this publication is on the business relationship is to build career between two different entities, and we hope you enjoy reading the tips.