When starting up in business the key focus for the relationships to build on are those with customers and key suppliers. Of course these relationships are of the utmost importance and are essential for the growth and profitability of the company.
Although creating lasting loyalty and maximising lifetime relationships with customers will help you on the road to success, business to business alliances should not be overlooked or underestimated.
Whilst business owners can be considered an expert in their field, the value of advice and services provided by others experts is invaluable. Here are five of the business to business relationships worth their weight in gold.
- Bank Manager
A good bank or business manager should will help you organise your finances and save you time. They will take the time to understand your business plans and help you put them into action to drive you to success. Once the profits start rolling in they with have top advice on how to make your money work harder for you.
Get to know your advisor on first name terms so that they see you as a person with a passion for your business and not a faceless company that is just a bank account number.
We all know that no relationship is guaranteed in life, this is especially true for one that involves property. The landlord and tenant relationship is often portrayed as being confrontational and built on a mutual mistrust. A landlord only sees a tenant as good as their last payment, whilst to the tenant there is no such thing as a good landlord.
This does not have to be the case and it certainly pays to maintain a good relationship to deal with day to day issues. It will certainly be in your favour when dealing with rent reviews, lease renewals and disputes.
- Employment Law Services
Employment law, Human Resources and Health and Safety are all legal minefields. Sparking a relationship with a business services agent will give you the time to concentrate on building your business in the safe knowledge that you have someone to call on for legal advice. There can be difficult times with employees when issues with sick pay, TUPE regulations, retirement age, holiday pay, maternity, bereavement and bullying arise. Knowing that you have the legally compliant documentation in place as well as expert support will help to prevent you from getting into difficult situations in the first place.
- Recruitment Agency
Just when business is going great a member of staff decides to move on to pastures new. Great news for them, but can be detrimental to the performance of your business. This is where a recruitment consultancy comes in. They will be responsible for attracting candidates and matching them to the vacant position in your company. Build a relationship for them to gain better understanding of your business and recruitment needs and requirements.
- Litigation Funding
Third party litigation funding ensures there is access to the legal system for everybody, not just those with money behind them. If you know you have a worthy claim but no legal experts to fight your corner, the services of a third party litigation funder could provide you with the services you need to win the fight. The costs of the case are covered by the funder who will take a share of the proceeds if the case is won. However, if the case is unsuccessful the funder will lose their money with nothing being owed by the litigant.
A business relation you hope that you never have to call on but one worth having in the background.
Have you forged a business relationship that you would be lost without?