Role of relationships and types of essential relationships in business

Relationships in business are an essential part of fostering the right partnerships to help your company grow. Behind every business, there are people and people function in society via relationships. Therefore, successful businesses are built on good relationships.

Understanding business relationships in India

A good understanding of the Indian culture's underlying values and beliefs will help you succeed in the Indian market. Indians will base their decisions on trust and intuition as much as on statistics and data, therefore it is crucial to be mindful of the importance of establishing a relationship. The Indian business culture places a great deal of importance on personal relationships, and many business relationships will be built upon a personal foundation. Although not a requirement when meeting a new business partner, an introduction by a mutual acquaintance is a plus. When meeting a business partner for the first time, it is important to show interest in them and to engage in small talk. It usually takes some time to cultivate personal relationships, but they are important for establishing a good reputation. Rushing to speaking about business related issues could be perceived as rude.

Unlike in India, business communication is quite direct in Canada. Developing a personal relationship to strengthen the business relationship is not usually necessary. As a rule, privacy is separate from professional life.

Corporate Partnerships

Developing relationships with other businesses or business owners in your space is a great way to get your name in front of potential customers that are already receptive to your business model. By partnering with an established brand, you can leverage their already existing business relationships. It is also possible to build relationships with other businesses as a way to drive referrals. Strategic referral partners can drive instant sales and revenue for your organization. When they are mutual, they turn into long-term partnerships.

Financial

Having strong financial support for your business will enable you to make profitable decisions for your organization and keep your finances in order.

Here are a few different financial relationships you'll likely need as you grow your business:

• A financial advisor: A trustworthy financial advisor can help look out for the best interests of your corporate finances and ensure that the financial decisions you make are taking your business in the right direction.
• An accountant: You'll also need an accountant to manage your books. Ideally, you'll work with someone who has an extensive experience partnering with businesses in your industry, as different business types have different accounting needs.
• A lender: At some point, you might need a loan or line of credit to expand. Having a pre-existing connection with a lender can make it easier to get the financing you need to grow.

Legal

Many legal issues go into starting, running and growing a business. While you won't need to work with your attorney regularly, you do want to have an established relationship if and when you run into legal issues. A legal professional can also help ensure that your business is compliant with any applicable local, state, or central laws (Tax Law or Labour Law etc.) which can prevent you from finding yourself in a sticky legal situation in the future.

Customers

When you build a solid customer relationship, the benefits are two-fold. First, they will continue to engage with your business and buy your products or services. Second, they're more likely to support you and your brand in other ways like posting an online review or telling their friends and family about the positive experience they've had with your brand.

Employees

Your employees are an essential part of your business. As a business owner, you have the vision of where you want your organization to go but it's your employees who are going to get you there.

That's why it's so important to foster a positive business relationship with your employees. When you treat your employees with respect, trust and kindness, they're going to be more committed to your company. They're going to work harder. They're going to be more dedicated to your vision and will help your organization achieve its target and goals.

A loyal employee base can also help you build the kind of team you need to take things to the next level. When word gets out that your company is a great place to work, it will attract top talent. When you have top talent working for you, it will give you an edge over your competition.

Competitors

You might think that your competitors are the last people you'd want to have a relationship with. The truth is, maintaining a relationship with your competitors can help inspire you to grow and build a better business as a result.

For example, when you see that a competitor is trying something new, it can set the bar higher and inspire you to innovate. If you find that a competitor is gaining market share, it can push you to work harder and to take back those customers. If you see a competitor fail on a massive scale, it can give you insights into what not to do with your business moving forward.

The point is a bit of healthy competition can push you to grow, expand, innovate, and better manage your business.

Conclusion

When you're working to build relationships with members of your community, keep these three ideas in mind:

• Be willing to reciprocate. Remember that there is a give and a take in all relationships. If you aren't willing to be there for someone who has been (or even who would be) there for you, that person will be less likely to help you out if you need it.
• It's not all about the benefits. Don't be so focused on the end goal that you forget that it's possible that you won't benefit from the relationship.
• Be genuine. Treat others as you'd want to be treated, and welcome conversations, feedback and new ideas. You'll make new friends and maybe even get new customers in the process!