What’s one thing that all successful entrepreneurs are good at?
Is it hiring the right people? Is it coming up with an awesome business idea? Is it setting the right price points for their products and services?
While all of these things are certainly important, none of them are quite what we’re looking for.
So, what is it?
One thing that every successful entrepreneur is good at is establishing healthy business relationships. By business relationships, we mean relationships that an entrepreneur has between their employees, customers, clients, suppliers, or anyone else who contributes to the success of their business.
But, why exactly are healthy business relationships so important?
Check out this guide to learn why healthy business relationships are so important.
Bring Repeat Business
Did you know that 65 percent of a company’s business comes from returning customers?
While a lot of companies put a huge effort into attracting new customers to their business, it’s those returning ones who are really keeping them afloat.
Therefore, instead of wasting your time focusing on customers who will use your business once and never return, you should focus on repeat customers.
There are a lot of different methods to encourage customer loyalty. But, one of the best things you can do is establish a healthy business relationship with your customer.
This means being upfront about what your products and services can do for your customer, and, just as importantly, what they can’t do.
It also means responding to your customers’ complaints and pain points in a timely and efficient manner.
The more you view your customers as real people, the more likely you are to see your business grow.
Brings About Customer Satisfaction
Speaking of customers, we can’t forget to mention what a healthy business relationship can do for your customer satisfaction levels.
In business, you can’t get everything right all the time. Without a doubt, there will be times when you disappoint your customer or when your customer misunderstands you.
In these instances, it’s very important to own up to your mistakes and to fix whatever problems arise. The majority of customers will be able to move past any issues as long as you take care of the situation and respect and listen to their needs.
Then, when a customer thinks of buying your product again, they’ll think of the healthy business relationship they already have with you. And most likely, they’ll choose you over the competition.
Help Promote Your Business
Businesses spend a huge amount of time and money on marketing and advertising efforts each year.
But, the truth is, one of the most effective ways to market your business is through word of mouth- which also happens to be the cheapest.
When you build healthy relationships with your employees, vendors, and customers, they will do the marketing for you. They will introduce your products and services to friends and family members without you even having to ask them to.
And remember, a customer reached via word of mouth is pretty much a guaranteed customer. In fact, 92 percent of people trust recommendations from friends or family over any other form of advertising or marketing.
Improves Teamwork and Company Morale
Did you know that 85 percent of people hate their jobs, according to a new Gallup poll? And, that for the most part, bosses are to blame for why so many people hate their jobs?
It’s true. While some supervisors are just plain mean, the majority are unequipped to handle their jobs. And, when supervisors and higher-ups aren’t good at what they do, it’s those at the bottom who pay the price.
This is why it’s so important to have a healthy relationship between you and your employees.
Your employees should feel comfortable discussing what is and isn’t working with your products. And, they should also feel comfortable discussing what is and isn’t working with your management style.
A healthy employee-boss relationship means that you can evaluate and your employees, and they can do the same for you.
Helps Build Your Brand
We all know how important branding is in the 21st century. Your business’ long-term success hinges almost entirely on its reputation.
There are different marketing tactics that you can implement to build your business’ brand. However, one of the best ways to build your brand is to establish healthy relationships with those you work with.
If people hear that you treat your employees unfairly and that you don’t give them fair wages, they’re not going to want to do business with you. However, if people hear that you treat your employees, customers, and vendors with respect and kindness, they’ll be much more likely to recommend your business to those around them.
Not exactly sure how to build better relationships with everyone you come into contact with through your business? Then you should check out this guide on business relationship building.
Business Relationships: Are You Ready to Make Yours Healthier and Stronger?
As you can see, there are a lot of benefits to having healthy business relationships.
And although building healthy relationships takes some work and some time, the results will definitely pay off in the end. Plus, being surrounded by all these people who truly support your business will make you a happier business owner.
If you have any questions about building better business relationships, please let us know in the comments below!