Relationships Matter In Business
- Jul 20, 2021
- 5 min read
Updated: Jul 21, 2021
Written by: Jennifer Loehding, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Relationships matter. Some might agree that relationships are everything. We thrive on connecting, and through relationships, we learn life skills, and we gather knowledge. All of these acquired skills help us grow in life and business. However, in a world where we live on the go, we often lose sight of the importance of relationship building. We must understand that we need to build relationships for our lives and, if we are also business owners, for our businesses. Relationships are the ingredients to a recipe for success.
To understand the importance of relationship building, one must first know how it can affect a business and its performance.
Building relationships keeps customers connected to the business owner, and that means repeated businesses. Not only that, when trust develops between a client and a customer, it opens the door for referrals. A client may be more inclined to pass a company's name along to a friend or family member if they feel a connection, but more importantly, they will be open to bringing the business owner more leads. Additionally, when clients trust the business owner, they are more open to passing information they think is vital to the business's success. We know that when customers are happy, they talk, and they generate more revenue. These examples are the apparent reason why relationships are helpful.
Where the situation gets tricky is with other business partners. Often we don't understand why we would be wasting time with someone that isn't going to immediately bring us business, much less be in the same field as us. Sometimes a company may not be able to make an immediate transaction with another business. However, if a relationship establishes, business partners may be more inclined to refer a potential client. Perhaps the company is overbooked, and they have a contact they can send your way, or maybe they have come to realize you are a better fit for the client. When business partners form relationships with other businesses, they present an opportunity for collaborations, referrals between companies, and an overall sense or obligation to help one another. When something happens, wouldn't it be great if one of your referral partners just so happens to think your company would be an excellent fit?
Building relationships is not always easy. It takes time and patience. One has to learn to be open to constantly meeting people, engaging in conversation, and asking lots of questions. Staying away from pitching goods at the opening discussion is essential.
Here are a few tips for building healthy business relationships.
Attend networking meetings when possible. Many of these are in person, but there are also plenty of online networking events that occur. Searching through social media is a good start.
Join Groups. You can have some of the best conversations within a group page where you have similar interests.
Engage in social media within your personal page. When you engage in people's posts, you will not only be noticed but will appear more authentic. Posting opens the door for conversations that you can not take off the social media page.
Set up face-to-face chats, whether online or in person, to get to know people. It's important to ask questions centered around the family, recreation, occupation, and goals. These questions will prompt them to want to ask you questions, and that leads to great rapport.
Learn details about your clients. It's essential to know the small details, i.e., their children's names, dogs, etc.
Ask for referrals. Don't be shy when asking both customers and colleagues. They probably know someone that could benefit you and them in some way. Remember, it's not always the initial contact that might be who you need to talk to today. It may be someone they know.
Look for opportunities to collaborate when necessary. Maybe you can create an event for your customers or business partners that centers around getting to know the community.
Go over and above. Keep your word and go that extra mile. People will remember how you made them feel. You are going to do things for others and not immediately receive a return favor. You have to accept that in business. However, in time someone will do the same for you. Sometimes you have to pay it forward.
Imagine a scenario where an entrepreneur starts a new business and makes relationships building a massive part of the weekly schedule through networking. One day the entrepreneur attends an event and starts a conversation with an individual, not knowing whether that would lead to anything. It was a casual conversation. However, that entrepreneur learns that this individual has a business that intrigues the entrepreneur. That prompts a discussion about a possible collaboration, and after several conversations, the entrepreneur recognizes that this individual's firm is in alignment with the entrepreneur's work and ambition. They decide to work together.
Too often, as businesses owners, we focus on transactional business rather than leaving the focus to relationship building. It's not to say that every conversation will lead to something. Still, there is an opportunity to explore every interaction, and the better we get about building relationships, the greater the odds of growing our businesses. It's not what you know but who you know that makes a difference, and if you are feeling stuck in your business at this moment, then the answer might be with the next person you meet.
When you master the art of connecting with people, you will flourish not only in your business but in your personal life as well—happy connecting.
Cheers!
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Jennifer Loehding, Executive Contributor Brainz Magazine Jennifer Loehding is a mindset coach, blogger, speaker, author, and creator/host of the Starter Girlz Podcast. Her memoir—Beat the Toughest Obstacles—highlights the period in her life when she recovered from the pain and frustration that comes with a diagnosis of Atypical Trigeminal Neuralgia. After years of getting no answers from medical professionals, Jennifer decided to find the best path to healing for herself. Relentless research and dogged determination allowed her to get around the sabotaging behaviors in her own life, and she now lives pain and medicine-free! Now Jennifer desires to teach people tips that will help them TOO to have exponential growth. She channels her energy and enthusiasm into the podcast—Starter Girlz—which she hosts every week, interviewing athletes, entrepreneurs, and individuals, highlighting the strengths that have helped them not only succeed but overcome the challenges they have faced. Jennifer likes empowering people to achieve success by assisting them to recognize sabotaging behaviors—their source and how to get around them.
