How Important Is a Healthy Business Relationship?

Establishing healthy business relationships is something that every successful entrepreneur excels at. By business relationships, we mean the relationships that an entrepreneur has with their employees, customers, clients, suppliers, or anyone else who helps their business succeed.

People, not just products and consumers, populate the world. And these people want to connect with other people—people they can work with and trust in the long run. You must establish and maintain business relationships regardless of the type of business you are in.

But why is it so important to have healthy business relationships? Learn why healthy business relationships are so meaningful in this guide.

Creates Loyalty

By building strong relationships with your customers, you can transform your company from “just another company” to a brand they know and trust. It is significant for several reasons.

Many customers are wary of dealing with a company they do not know or trust when making an online purchase. They will be much more willing to place an order with a company they have established a relationship with. Ascertain that you are that company.

Furthermore, a customer is more likely to forgive a minor gaffe committed by a company they like than an “oops” dedicated by one they have no connection with. By building a relationship with your customers and earning their trust, they will be able to move past customer service or product issues with greater ease, knowing that you will address their concerns and solve their problems to the best of your ability.

Creates An Image

It’s difficult to feel “warm and fuzzy” about a faceless corporation. Fortunately, by cultivating relationships, you can give your company a human face that customers can relate to and even come to love.

Consider this. Why are so many large corporations reliant on adorable “spokescreatures” to represent their brands? Everyone adores a pudgy doughboy who giggles, a pair of hapless talking M&M candies, and an eloquent gecko. Our fondness for these “corporate faces” is automatically transferred to the companies they represent. If Snoopy is a trustworthy character, Met Life must also be a trustworthy company, right?’

Your company’s representatives have the same effect. It is not limited to front-line customer service and sales personnel. “Beyond Customer Loyalty Programs: Ways to Build Lasting Relationships,” published by Fast Company, advises businesses to “make customer relationships a shared responsibility for your entire organization.” After all, every person your company interacts with daily–in whatever capacity–could be a potential customer.

Creates Great Word-Of-Mouth

People are quick to spread the word when they are dissatisfied with a company, but they are also eager to refer their friends and family members to a company they have faith in. People also trust word-of-mouth referrals from their friends and family. That is why it is critical that you develop a trusting and respectful relationship with every customer who walks through your doors.

That can also apply to your interactions with other businesses. The Globe and Mail’s “Ten Ways to Build Rock-Solid Relationships with Customers” proposes the “any friend of yours is a friend of mine” approach, stating that forming strategic partnerships and alliances with other businesses can result in valuable referrals for both partners.

Creates Exceptional Team

While it is critical to cultivate positive relationships outside of your organization, it is equally important to grow healthy and respectful relationships within your organization. You will be able to increase morale, productivity, and job satisfaction by developing a strong working alliance with your employees and creating an atmosphere and culture conducive to developing a strong sense of teamwork. It will also make it easier to attract and retain key talent.

Many successful large corporations use social media to cultivate relationships with potential hires. There is, however, one caveat: it will take time. According to the CEO of Social-Hire.com in an “Expert Interview with Tony Restell on Social Recruiting,” it takes time to develop content, conduct research, and grow your social presence to the point where it’s strong enough to start generating applications and hires for your business. But the effort is well worth it.

You are not reaching your full potential if your company is your industry’s proverbial “hermit.” After all, your company is only as strong as the people and relationships that back it up. So, put yourself out there and begin cultivating valuable business relationships.