5 Relationships That Are Critical To Your Business Success

business success, relationshipsRelationship management is a critical ingredient in every successful person’s life. Without good relationships we limit our potential and we miss the greatest joy of life and work. Here are 5 relationships that are critical to your business success.

Your Best Clients

It amazes me that many business owners cannot tell me who their 5-10 best clients or customers are. These people are the linchpins in your revenue stream. It is absolutely essential to know who these people are and to be intentional about nurturing these relationships. In our strategic retreats with business owners we take some time to identify and focus on these important relationships every ninety days. Then we make concrete plans to reach out to them, touch them, and deepen that relationship. Sometimes that touch is as simple as a personal thank-you note. Sometimes it’s a phone call. Sometimes it’s a coffee or lunch meeting. It could be a golf outing or a gift card to a nice restaurant. Whatever you do, just be sure you do it consistently with genuine gratitude. You may want to take a little time and just ask them, “How are we doing? Are we serving you well? How can we serve you better? What other needs do you have that we help with?” These are valuable questions for deepening and strengthening the bond between you and your most valued customers!

Your Best Referral Sources

These people may or may not be your customers. However, these are people who are happy and eager to refer others to you. Again, the objective is to identify your 5-10 best referral sources and touch them at least once every quarter. I keep a running list of both my best referral sources and potential referral sources. By looking at this list systematically you will be much more intentional about nurturing and leveraging these important relationships to grow your business. Unfortunately, most satisfied customers do not give referrals for a variety of reasons. However, by regularly touching them, educating them on how you add value, and expressing appreciation when they do give referrals, you will be able to engage them and keep them engaged over the long haul.

Your Best Prospects

Sales professionals know how important it is to keep the pipeline of prospects full in order to grow your business. However, many business owners are quite passive about marketing and prospecting. I encourage my clients to be targeted and focused on who they want as new customers. List your 5-10 best prospects and start building a relationship with them. Demonstrate the value you add. Educate them on how you meet needs and solve problems for your customers. Take the appropriate initiative to get on their radar, build credibility, and invite them into your community of satisfied customers.

Your Key Support People

We will not achieve high levels of success without key support people. This might include your staff or key employees, your advisors (like a business coach, CPA, banker, financial planner, or attorney), and strategic business partners like your vendors or the local chamber of commerce. Make sure you do not take these folks for granted. They are critical to your success. Let them know how much you appreciate them and do it consistently. Once again, I encourage my clients to list these people every quarter and be intentional about reaching out to them.

Your Family and Friends

Finally, but most importantly, do not neglect your family and close friends. These are the people who are most important to us but the easiest to take for granted. Why? Because they love us and will continue to love us even when we unintentionally ignore them. The truth is, they are the ones with whom we want to share the fruits of our success. So be sure to maintain a healthy work/life balance, and be intentional about nurturing these relationships. The bottom line is that life and business is all about relationships. The key to success and joy is relationships. In the busyness of accomplishing tasks and achieving goals, always keep your priorities around relationships.

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One Response to “5 Relationships That Are Critical To Your Business Success”

  1. Jacob Becker says:

    Relationships have gotten me to this point. It’s crazy but it is true. I enjoy networking and love that it helps my companies.

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