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Business Relationships - Why They Are Useful and How to Build Them

Updated on February 1, 2018
FirozPatel profile image

Firoz Patel is an experienced professional highly skilled at creating and cultivating professional, mutually beneficial relationships.

Building business relationships can take your company to new levels. Knowing how to create workplace relations, and understanding their importance, will not only help you cultivate these associations, but allow you to get the most out of them. This article discusses why business relationships are valuable, as well as some of the best ways to network yourself.

Importance of Business Relationships

Networking is one of the most valuable tools you will use in your life. You are constantly forming relationships and, whether they are personal or professional, they are definitely beneficial to you. Building business relationships is arguably the most important tool you use in the workforce. From the moment you apply for your first job, you begin to create networking opportunities. That first job can get you a recommendation letter, for instance, which can then get you another job, and the cycle continues. Whether you are an employee or an entrepreneur, creating strong relationships can benefit you in a lot of ways.

With twenty years corporate experience managing strategic partnerships, I have learned the importance of building strong business relationship. Meeting new people, especially those with whom you have common interests, can go a long way. Through learning how to create and manage them, I understand why building business relationships is crucial for your company. I have also learned how to build new relationships as well as cultivate existing ones.

Why Building Business Relationships is Useful?

Sometimes we tend to get comfortable with the people who we surround ourselves with. Becoming too comfortable can cause us to lose interest in meeting others, which in turn can result in missing out on worthwhile relationships. Expanding your network can open up many doors for you and your career. When building business relationships, you receive the opportunity to enrich your knowledge base and gain new experiences. These relationships are incredibly useful because they can open up an array of opportunities, including finding new hires, learning about new or unknown employee skills, or even providing valuable help with a strategy or task within your company.

The act of building business relationship is defined by having contact with other professionals in your field, or professionals whose positions work in conjunction with your own. This gives you the opportunity to ask for help if needed (and vice versa). And due to this, the owner-employee relationship is crucial for your reputation. The more contacts you meet, the stronger your reputation builds, which in turn can create more opportunities.

Creating Business Relationships

Building business relationships can be fairly intimidating, but it is not something to stress over. In fact, building these relationships can be pretty exciting. You are meeting new people that you can learn from and share ideas with, especially if they hold a position that can be useful to you (and vice versa). There are many ways that you can create these relationships, one way being through your network.

Confide in the people you already know. If you need help with something related to your position or industry, it is possible that someone you know can help you out. If not, then they may know someone else who can help and can put you in touch. This can often times ease the "making a new connection" process since you have a mutual contact in common.

Another very important tool for building business relationships is taking advantage of various networking opportunities. Attending various conferences, trade shows, meet-and-greets and any other type of networking function that will provide introductions to a wide range of professionals is a big plus. Looking into events inside your industry open up a lot of very useful doors.

An important thing to remember when building business relationships is that you need to maintain them. Checking in every now and then to see how your connections are doing keeps the relationship alive. Speaking to someone on a fairly regular basis makes him or her more inclined to help you when you are in need. Understanding the importance of business relationships, and refining the skills to build them will allow your company to progress and prosper to the upmost.

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