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Improving Business to Business Relations In Your Company

If you own a business that has dealings with other companies, then it is worth working on your relations with these companies. Good business to business relations can improve trust with other companies and therefore lead to better deals!

A good strong network of business relationships is often a small company's greatest asset, so it is important to nurture them well.

This article will explore some of the ways you can promote good business to business relationships.

Communication

Communication is key to all good interactions, but in business, it becomes even more important.

Email communication (whilst fast and convenient) can be easily misconstrued, so where possible, try and communicate in person or via video call with potentially important suppliers and clients.

It's also a good idea to brush up on your communication skills so you know how to best relate to others in a business scenario. Things like body language and a positive attitude can go a long way when communicating with potential business contacts.

Nurturing The Relationship

Nurturing a business relationship by seeking regular contact, negotiating, offering freebies, using hospitality events to connect, and making the contact feel important are all effective ways of establishing a deep long-lasting business relationship.

Speedy Interactions

As with any person, the speed at which you deal with requests is going to have an impact on a person's willingness to do business with you.

For example, if you answer emails and questions swiftly, then that company is going to know you are responsive and proactive in your business practices, which makes them all the more likely to want to work with you.

As well as communication, this rule stretches to other items such as payments of invoices being on time. Paying on time will give the company faith in your business, if they are constantly having to chase invoices, then they could become less willing to work with you in the future.

One way to do this is to make your regular purchase payments automated via business to business ACH payments. Companies like Yodlee offer business to business ACH payments, which can automate regular B2B payments. In addition, Yodlee offerS other services such as account verification, which checks a recipient's details before sending a payment, and highly discounted prices on traditional wire transfer payments.

Maintenance

Maintaining a strong business relationship is just as important as establishing it in the first place. Ensuring the people you are connecting with regularly are made to feel integral to decisions concerning them and important to you as a business is the key to maintaining long-lasting business relationships.

Getting to know their business and offerings also shows you have an interest in their activities and what they are about.

Summary

Building, nurturing, and maintaining business to business relationships is a great way to ensure long-term success in business, as these networking connections are often the biggest asset a small business will have at its disposal.

Spending time brushing up on skills such as negotiation and communication will give you a great footing with your potential business connections.

Published Monday, September 12, 2022 10:29 AM by David Marshall
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