Starting a business is one of the most challenging things that you can do, but it is also one of the highest reward things you can do. Starting your own business can lead you towards the financial freedom and independence that you crave. But doing business is all about relationships, and developing these relationships takes time. That is why you have to start on them yesterday! Here are a few key relationships startup founders need to build for long term success and growth.
A Relationship with Clients
The first key relationship that startup founders need to build is a relationship with clients and customers. Your most important relationship as a business owner and startup founder is to the people you do business with. Without them, you have nothing. Make sure that you are trying your best to engage with your clients and customers, to thank them for their business, and to meet their needs and answer their questions so that they become repeat customers and clients. You want to be more than just a business to people, you want to be a business that people love.
A Relationship with Employees
Another key relationship that startup founders need to build is a relationship with employees of the company. Your employees are the ones putting in a lot of the work that leads to your business success, and so your relationship to them is crucial. Make sure your employees feel seen, heard, and recognized in your company. You should try to spend 1% of payroll a year on employee recognition programs to see an impact. This number will help to provide incentives without taking a huge dent out of the operating budget of the company.
A Relationship with Suppliers
The final key relationship that startup founders need to build is a relationship with suppliers. While not every single business works with physical products that need to be sourced, every company does have equipment and supplies that are essential for the job. Which means you will work with suppliers, and hopefully work with them long term. Having a strong relationship with suppliers leads to better deals, better service, and better understanding and flexibility. You should make the people who do business with you happy they did.
Business is all about relationships. As a startup founder, it is crucial that you put in the leg work to build those relationships. Make sure you are developing these three relationships for long term business success.
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