International Day of Friendship is celebrated on July 30thand Friendship Day is celebrated on the first Sunday of August each year, which would be August 5ththis year. Two days during this week focus on friendships so this #BusinessTipTuesday addresses all types of friendships and relationships for small business owners. As a member of the business community, and especially as a small business owner, creating lasting friendships and relationships with a multitude of different types of people is extremely vital.
The first important relationship your small business should have is with the bank and bankers. This may be the very beginning step for your small business as you may need to visit the bank for financing in order to start your business. Not only does the bank help with financing, but also bankers help to maximize business funds and help your business achieve goals. Bankers are familiar with local businesses as well as the local economy, so they can provide crucial insight on business decisions. As well, this relationship should be something that is continuous and not just end abruptly after you receive what you need. You may need to approach the bank again and having a long lasting relationship and open communication creates a stronger reputation for yourself.
Employees are the next type of relationship you should nurture. The relationship you create with your employees makes for what type of workplace environment you create. It is important to establish a certain amount of trust with your employees for both yourself and them. As the owner you want to feel comfortable in employee’s quality of work and how they represent the business. Then, in return if the employees know they are trusted, they are usually more than willing to go above and beyond and produce valuable work. An open relationship that allows for communication greatly helps with employees feeling heard and respected which creates a positive workplace. Additionally, the way your employees are treated rolls right into the way they treat customers.
By creating strong customer relationships, you are ultimately building up your business for constant success. Customers are vital in business because without them buying your products and services you are not making any money, and as much as you may love what you are doing you need money to survive! The way you and your employees treat the customers is important in creating a long lasting relationship. By listening and getting to know your customers, honoring your word, and treating each person with respect will make for a strong relationship. As well, be grateful for their business because there are plenty of other places customers could be shopping.
Networking is another vital part of being a business owner. Get your name and your business name out there and show what you can offer the community. Doing this will greatly increase the chances of more business. While you network you may come across new customers, potential partnerships, and knowledgeable business people that could help you and your business. Networking is something that could happen anywhere, you never know who or where you will meet a possible connection.
These are just a few of the relationships that are vital to a small business owners. Although they may seem like a lot to keep up with, remember that all the work you put into each relationship will benefit you in the end. As well, a negative experience or a bad attitude spreads quickly, so always give your best to everyone that walks through the door of your business or you encounter along the way. In addition, reach out to your local Small Business Development Center. Here at the University of Scranton SBDC we are always looking to develop more relationships and friendships!
The University of Scranton
Small Business Development Center
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Artwork adapted from freepik.com