The Advantages of Building a Good Relationship With Other Businesses

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Business is a team sport. You’re far more likely to run a profitable business if you’re establishing relationships with other businesses versus doing it on your own. The following contributed post is entitled, The Advantages of Building a Good Relationship With Other Businesses.

* * *

A good working relationship is always a huge positive when it comes to growing your company. Having friends in different industries and companies, especially if they can work together with you, will help your business grow faster and scale to greater heights. Unfortunately, building these relationships is difficult and it takes a lot of networking in order to get your foot into the door.

Building good relationships with other businesses means that you should be attending as many networking events and trade shows as possible. Handing out business cards, following-up on interactions and generally just being a helpful and approachable manager will go a long way. But what exactly are you aiming to do and what are the advantages of building a good relationship with other businesses?

Image Credit: (License CC0)

You’ll get professional assistance with things you aren’t familiar with

Whether it’s cybersecurity, networking or even construction, building a good relationship with other businesses will ensure that you get professional assistance with things you don’t completely understand. There are many advantages of having IT companies on your side and having legal professionals on your side is pretty much a no-brainer when it comes to building a successful company. Industry professionals are always capable of helping you grow your business with their advice and connections, hence the importance of developing good relationships with other businesses.

Superior service, better prices and exclusive discounts

Plenty of companies offer better pricing and exclusive discounts when you’ve built a good relationship with them. However, some companies like Ridge Concrete offer 24/7 delivery regardless of the size and time of the order, meaning that you don’t need to develop a strong relationship before you can start seeing benefits. Even so, building a good relationship with companies that are known for their customer service will just mean that they’re willing to go the extra mile when you need help.

This can mean 24/7 consultancy, advice and even recommendations for businesses that you wish to work with in the future. They may even offer bespoke services as long as you’re willing to describe the issue carefully and also offer a contract that is beneficial to them. In other words, the closer your relationship with another business, the more personalised the services will become.

Building a good relationship with other businesses

Now that we’ve explained some of the big advantages of building a good relationship with another business, here are a couple of suggestions on how you can do so.

• Reach out to different businesses and don’t be afraid to break the ice
• Always pay on time so that you don’t make things difficult for the other company
• Give other companies plenty of lead time to ensure that they can provide you with the services and products you need with minimal rush
• Don’t be afraid to talk more to other businesses, such as sharing industry information, visiting their offices in person or even inviting them to events hosted by your company

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.