June 14, 2024

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Why Business Relationships Are the Key to Successful Growth

3 min read

I have found in my many years of practical business experience and dealing with others on both a personal and professional basis that you can gain more benefits from the positive relationships that you create. If we take a look at our own neighbourhood, for example, we can see that if we build relationships with our neighbours, they become friends and those friends become a community. We look out for each other and we share opportunities that we think others might benefit from.

Such is the case with our professional relationships within our industries and throughout the business world. By creating positive, sustainable relationships with other professionals in our area of expertise, we can transfer that positivity and sustainability over to our own business. We can create growth from the opportunities that those relationships create and we can share opportunities with others so that they might build their businesses and grow successfully. In short, the relationships we make in our business life can lead to sustainable, long term success.

With that in mind, in what way, exactly, are our business relationships the key to our successful growth? Let’s take a look:

Reasons Why Business Relationships Are Important to Our Success

Business Relationships Improve Your Communication Skills- when we establish business relationships, we are improving our communication skills without even knowing it. This is because we are talking, emailing, and networking with more people and it’s that interaction with others that acts as the catalyst that improves our speaking and communication abilities.

Business Relationships Foster Friendship- just as with the example I gave earlier about creating relationships with our neighbours, when we create relationships with other professionals within our industry, many of those could lead to friendships. As friends, we often do whatever we can to help each other out and that can lead to the growth and long term success of our businesses.

Business Relationships Bring Repeat Business- this is one of the most obvious ways that building relationships within our industry can lead to growth. It is challenging to attract customers to our businesses, but it can be even more difficult to entice them to return and become repeat customers or clients. By creating a relationship with them based on trust and support, it becomes easier to maintain that relationship and create repeat business.

Business Relationships Build Even More Relationships- a good example of this is when we are at a party or social gathering and meet up with an old friend. We typically meet their friends as well and create a relationship with them. This networking works the same way in the business world. A positive business relationship with one company or vendor can lead to even more relationships with other companies, suppliers, and vendors.

Get in Touch with Sir Patrick Bijou

As a registered Private Banker, Analyst, Trader and Fund Manager, UN Ambassador and now Senior Judge for the International Court Of Justice, I have worked with a wide range of businesses from all over the world. I have created relationships with those businesses, many of which still last today. The importance I place on those relationships has been the key to my success and has allowed me the ability to help others and give them the opportunities to grow and become successful.

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