Business is all about relationships

For a business to be sustainable, it is wise that you don’t limit it to be one man show. As the industry becomes complex it is not possible for a business owner to be jack of all trades. As no matter what stage your business is, nurturing relationships is very important to foster growth.

As a business owner, you have following caregivers to build bond with:

Employees: This is the most underrated “relationship” when you think as a business owner; however it is the most important relationship you need to maintain. A good employee is a crucial asset for the company. The time and effort the owner invests in nurturing this relationship has the highest return on investment (ROI). Employees when feel seen, respected, and appreciated produce more than anticipated. The business relationship that employees build with customer reflects a lot in the way you as an owner treat them. Even if you are a start up with limited resources and are operating organically, once in a while, consider hiring conference meeting rooms and conduct team meetings. This will boost member’s morale and in turn your business. There are several websites that provide competitive meeting room rental for leasing the space on daily/hourly basis.

Banker: A banking relationship is inevitable not only for carrying out routine business transactions but also when the company needs capital to grow further. When you approach a Banker for a loan, he must have a positive judgement about your credibility, know your history, and understand your business. If you have a long term relationship in place or are in the process of building it up, a banker may assist you to ease some procedures and get sanctions.

Chartered Accountant/ Tax Consultant – If you are a start up or operating individually, you may have probably outsourced this function. But, your relationship with your accountant or tax consultant is very crucial if you want to be saved from penalties and defaults.  A good relationship with accountant ensures your taxes are correctly and timely paid, profits are saved, and when you approach a bank or financial institution for additional capital your books and financial credibility looks enhanced. 

Lawyer: Along with financial obligations, business also brings in statutory obligations. In addition to this, with business comes risk. Hence, as a business owner it is advisable to have relationship with business lawyer in place.

Maintaining above relationships isn’t really time-consuming and as a small business owner or start you need to know it’s worth even more as these relationships are absolutely essential to ensure sustainable business success.