Don't forget building relationships when building business

Don't forget building relationships when building business

Relationships are very important to succeed both personally and professionally.
You should make sure to spend time building alliances with other people in the business world and your community. Once these partnerships are built, you will be able leverage them to help you fulfill your needs and goals. At the same, make sure you reciprocate and allow your alliances to leverage you as well.
Relationships need to be mutually beneficial for all parties. Otherwise, they will not last. You want to make sure you also show your value to other people.

Business Relationships

Business relationships can come in many forms. They can be channel partners, investors and referral sources. Each relationship should be important for helping you build your business or allowing you to excel in your role.
Without any business relationships, it can be more challenging to do business because you won’t have any additional resources to tap. Of course, it depends on your job responsibilities as to whether you need to form these outside relationships.
If you are in sales, business development, marketing or any role that requires you to interact with people outside your company, building relationships will be a key to your success. Even if you don’t regularly interact with outside people, it can still be helpful to form partnerships that may be useful for other employees at your firm.
Your co-workers and employer will appreciate these relationships, which will make you stand out at your firm.
If you need to ramp up your company’s sales, establishing channel partnerships will help. Rather than having to continuously sell directly to companies, you can set up partnerships with individuals who are already selling to your target market and have direct access to potential customers.
If you need to raise capital, you need to establish relationships with investors who may be interested in investing in your business. Assuming you get an investment, you need to make sure you establish a partnership with the investor.
An investor relationship is very beneficial because the investor will provide you with guidance, advice and access to potential customers. Establishing this type of relationship is also very important for investors because they want your business to succeed.
Another great business partnership is a referral source. With a referral source, you have the chance to refer potential clients to one another.
Make sure to establish referral sources with people in a variety of business disciplines. These can be attorneys, financial advisors, insurance agents and investors. With these relationships, you usually get qualified business leads sent to you.
Also make sure you actively refer business leads to your referral sources. The more qualified leads you send them, the more qualified leads they will send you.
These relationships are very helpful personally as well. If you’re looking for a referral to a particular type of service provider, you should be able to ask any of your referral sources for a qualified lead.

Community Relationships

Community relationships can be built with many different organizations. These can be government organizations, charities and chambers of commerce. No matter which ones you develop, make sure you’re also giving back.
Community relationships are important because they allow you to connect with individuals outside your industry. With these partnerships, new doors will open up for you both in the community and in business.
Forming relationships with the government and individuals will help you politically. This will especially help you when you’re trying to sell to the government or when you need buy in for an aspect of your business. In return, make sure you’re able to open doors for people in the government by making introductions to other businesses.
While involving yourself in a charity is rewarding, it’s also great for the community. Pick a non-profit you or your company would like to help.
After finding a charity that suits your firm, you will have the chance to donate time and money, which the charity will appreciate very much. At the same time, your firm will be recognized in the community as a supporter of this charity.
Each city or neighborhood has its own local chamber of commerce. These organizations are a great way to meet other professionals. They’re also a way to know what’s happening in your community.
One way to build a solid relationship with a chamber is to volunteer on a committee. Not only will you and your firm be recognized by this organization in the community but you will also be able to expand your network.
By attending events put on by community organizations, you will be able to further your involvement. For example, the Chicagoland Entrepreneurial Center, which is affiliated with the Chicagoland Chamber of Commerce, is producing on June 7 a panel discussion titled “Preparing Small Businesses For the Technology Challenges of Tomorrow”.

Final Thought

Forming relationships both in business and your community can be an excellent way for you to help your organization and your career. Whatever alliances you do form, make sure you build mutually beneficial relationships.

Jason Jacobsohn currently serves as the president of the DePaul Entrepreneurs Association (DEA) and sits on the board of the DePaul Business & Technology Alumni Network. He also operates his own business and networking resources Web site at

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