Five Critical Business Relationships for Entrepreneu

It’s often said that business owners are “married to their work.” It’s true. Running a company requires amazing quantities of time, energy, and devotion. But there is one big difference: while matrimony is all about maintaining a healthy relationship with another person, being married to a business requires you to maintain healthy (and profitable) relationships with multiple groups of people. In fact, there are five main relationships that every small business owner must nurture:

Customers Employees Vendors Bankers Mentors

Smart entrepreneurs never forget their own success is intertwined with a complex network of other people and organizations. All of those relationships must be constantly tended and nurtured. Even though your interaction with each of these five groups will be different, your reason for creating positive relationships with them will be the same—building a successful business.

Customers. Of course, any business owner wants his customers to be happy; they’re your bread and butter. But you need to ask yourself, “Am I really going that extra mile to ensure that my customers have the ultimate positive experience?” Not only do you want them to be so happy with your service that they keep coming back, you also want them to go tell someone else about how much they loved the experience they had with your business.

Learn as much as you can about your customers, so that when their needs change, you can be the one to provide them with the new services they need—not one of your competitors! Constantly ask them, “How can we continue to provide value for your company?” They’ll appreciate your efforts to help them be as successful as possible. Always treat them with the utmost respect and do everything in your power to make them happy.

Employees. Your employees are the face of your organization. Obviously you want to hire the most dedicated, honest, and passionate people you can find. When you have found the best employees for your business, do everything in your power to keep them. Encourage a sense of ownership among your employees. There’s no better way to keep them happy than by giving them the recognition they deserve. Have one-on-one conversations with each of your employees on a regular basis to let them share their problems with you and to give you a chance to recognize their good work. Remember, passion equates to hard work!

Vendors. Think of your vendors as “honorary employees.” Although they don’t work directly for you they service your company regularly. Show them that you appreciate what they do for you and that you care about them and their companies. Never treat vendors as if they’re serving you. Always acknowledge when they have gone above and beyond the call of duty to make you happy. Strive to make sure your vendors get as much value out of their relationship with you as you do with them.

Bankers. Most businesses require a start-up loan. The best way to nurture your relationship with your banker is to make sure you always have enough money in your account to make your monthly loan payments on time. You don’t want to gain a reputation with your bank as someone who doesn’t make loan payments on time.

Mentors. It’s great to have someone to go to when you are first starting your own business and to whom you can turn for advice when you run into problems once it is up and running. Find a successful fellow entrepreneur whom you respect and ask her to be your mentor. Always show her the respect she deserves and let her know you are thankful for her help. It’s also a great idea to put your mentor on your business’s advisory board.

No matter how determined, hardworking, and talented you may be, no successful entrepreneur makes it on his or her own. It takes a village to run a company. A clear understanding of that fact is critical to your success.

Always be on the lookout for ways to show your key players that you appreciate them. The more people who care about you and your business, the more successful you’re going to be.