4 Reasons Why Nurturing Business Relationships Makes Money
I’m currently working on a huge project for one of my clients where I get to interview successful entrepreneurs from all types of industries. On a recent interview I did, I had the pleasure of speaking with a friend and colleague who is a genius at building business relationships. According to her, it’s these business relationships that keep growing her revenue.
In a world where so much is being done online, we often forget that we are dealing with people. It’s people who pay you, which is why building business relationships is so important. Here are x reasons why nurturing business relationships makes money.
Trust is a big part of making money.
People will not pay you unless they trust you can fix their issues. Period.
In fact, I find this is often a key component missing in sales conversations. Business owners are often taught to go after anything that moves. This doesn’t work for two reasons. First, you’re better off finding a select few group of people you can cater to. Second, you need to build trust first.
There are several ways of building trust in business relationships both online and off. Here are a few of them:
- Consistently providing great quality work.
- Truly listening to other people when they speak.
- Acting with integrity in business.
- Walking your talk.
- Consistently creating quality content over a period of time.
Building trust in business relationships is not limited to these actions, but they are certainly a good place to start. Click here to learn of a few other ways to build trust.
They can make transitions easier.
When I interviewed my friend and colleague on the topic of business relationships, she shared a great story about quitting her last job. Because she had built solid business relationships at her last job, when she announced she was leaving to start her own company a ton of clients went with her.
The way she explains it, these clients know she’s good at what she does. They want to do business with her, not just anyone. This made the transition into running her own company much easier.
They can send referrals.
Just because someone may not pay you, doesn’t mean they won’t send someone else who will. For example, I recently had a consultation with someone who wasn’t yet ready for my six-week business program. She did, however, refer a friend who is now one of my students.
These things happen in my business all the time. Because I put forth the effort to build business relationships, people know they can refer others to my work.
Colleagues can become sounding boards.
Every business owner needs a sounding board or two. In building business relationships, I now have a group of colleagues I know I can go to for help. This comes in handy when I have questions, doubts or fears. It’s also how I’ve been able to find valuable team members. It’s because of these relationships I’ve been able to build the business I have today.
Business relationships can help you expand your current business into new horizons. If you don’t prioritize building relationships, consider this your permission slip to get started.