Why building business relationships is important

May 3rd, 2017 Posted by Smart business tips No Comment yet

In every business, it is vital to build solid customer relationships, but building business relationships, even with your competitors, can help you succeed.

BUILDING RELATIONSHIPS WITH COMPLIMENTARY BUSINESS PARTNERS

Perhaps you are an orthopedic surgeon and focused on your patients from a diagnostic and treatment perspective.  Your patients will have ancillary needs, including rehabilitative services.  It is important for a surgeon to build relationships, even partner with a physical therapist or Athletic Trainer to ensure a patient’s needs are met even beyond the capacity of their services.

Similarly, a restaurant owner would benefit from building solid business relationships with partners in the food supply chain, beverage suppliers, and people in the music and live entertainment community.

No matter what your business is, you will always benefit from having solid relationships with complimentary businesses. 

 

BUILDING RELATIONSHIPS WITH THE COMPETITION

Unfortunately, many business owners keep an “arm’s length” approach to competitors.  Although it is difficult to understand why one would need to be close to the competition, it is imperative that any successful business owner keep their fingers on the pulse of the competition.

In the hotel business, property owners compete for room sales.  When one hotel becomes booked beyond its capacity, keeping a relationship with neighboring hotels is a great way to keep your guests close to friends and family.  In many instances, a wedding or function may require several rooms for accommodations following an event.  Having a strong partnership with a neighbor hotel can provide the additional rooms you need to keep large groups happy.

In addition, tennis and golf facilities often host tournaments and events.  In many instances, this requires the use of additional courts and sometimes an additional course to play on.  Having a solid relationship with a “sister” facility could be the difference between having a smooth event and having a scenario of organized chaos.

Having a strong business is the foundation of success, but having strong business relationships can provide a business owner with additional tools necessary for the highest level of success.

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