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Business happens best in an environment where symbiotic relationships develop. All business involves rational thinking yet much of the decisions are made emotionally – both at a conscious level and at the sub-conscious levels. Building good relationship with your business ecosystem is not only important but mandatory.
- Customer relationship –it is well understood and oft repeated that growing revenue by converting customers is far more expensive than doing so from existing customers. Your goodwill is generated at all customer touch-points. How your business interfaces with customers at all touch points determines how deep your relationship with the customers. This is a comprehensive science and an art that must be implemented whole-heartedly.
- Vendor relationship – Vendors are a key partner for a growing organization. It would be foolhardy to believe that vendors depend on you for their business and that you can be brash with them. A good steady relationship with your vendors ensures that you get inputs of steady quality and reasonable price. They will get preferential treatment in times of sudden increase in your requirements or in times of shortage. Many times vendors can come to your rescue when you need extra credit period to overcome a working capital squeeze.
- Business Networking – Entrepreneurship is not an introverted activity, although many entrepreneurs are introverts. Being part of industry forums and business associations are important source of exchange of knowledge and information. There is much to learn from other people’s experience. Networking is also good for business; it offers an efficient means of ‘word of mouth’ marketing. In fact, more you refer others, more referral you are likely to get too.
d. Knowledge Network – In managing your business, you will need help in many areas of expertise. Rather than look for expertise when in a crisis, it is a better idea to have a network of acquaintances and associations of people across a wide spectrum of knowledge and expertise. Your knowledge network could include a lawyer, financial experters, senior police official, banker, doctor, journalist, local politician, etc. A large knowledge network is of great value. Strategic thinking requires a wide range of inputs; knowledge network can develop into an informal board of advisors. More active a role you play as a giver within your knowledge network, more genuine and valuable the advice that will come to you at times of need. The knowledge network only complements, but it cannot replace the outside help you will need from professional experts and must be used only for bouncing ideas, clarifying points of view, and getting an opinion.
To get the full picture see the following links:
Having the right systems – standardizing for performance.
Staffing - Critical success factor to keep growing.
Staffing - Critical success factor to keep growing.
