What is a successful business relationship?
The quick, and the wrong answer is "one that makes me money". This is "little picture" thinking.
Nearly every business requires you to establish relationships with vendors, suppliers, bankers, attorneys and people in the local and internet communities.
1. Be Nice, Professional and Clear in your communication.
People prefer to work with people they like. People refer people they like and they create opportunities for people they like.
I have seen project bids at much higher total cost chosen because the people liked the person. Sure, they could have done it cheaper-but they would rather work with someone they like.
I have also seen Attorneys charging hundreds of dollars an hour give extra time and attention to people they like- and then charge another client full hourly rate for a simple question on a phone in question.
There is a time and place for being a hard and unyeilding- but that is NOT when building a good business relationship.
2. Have Integrity
If you have no integrity people will soon find out. Word of someone with no integrity spreads like wildfire in the business community-burning any bridges you may have built and turning future opportunities into a pile of smoldering ashes.
3. Create Win Win Situations
If you create opportunity for others- you plant the seeds of prosperity. Figure ways your business can benefit by teaming up another business and propose it to them. When you hear of opportunities for your vendors or associates - pass them on. They will remember you when they hear of opportunites and return the favor.
4. Be Loyal
When you find get a good relationship- you want to keep it. Be loyal to your vendors and don't try and undercut them for a few pennies of profit. A good relationship could be worth a fortune to you down the road.
5. Don't Grind! A major mistake that start-up businesses make is Grinding the vendors for the lowest possible price.
Would you do business with someone who consistently tried to grind you on price? In a marketing class they might tell you to argue costs and grind people until you get a lower price. In the real world this effect you negatively.
Here is a real world example not found in the text books:
I will example names to avoid any legal actions-
I am in the office of the XYZ company and a call comes in from Joe Shmoe.
The secretary of XYZ tells Joe Shmoe that Mr.XYZ, who is sitting with me, is not in the office.
When she hangs up he says-"what does that jerk want to gring me on now?"
She hands him a note. And he tells her to fax over an estimate.
During our meeting Joe Shmoe calls back 3 times and he gets the same treatment 3 times.
Mr. XYZ explained that Joe Shmoe ALWAYS tries to get him to lower the price- even when it's done for cost. He triples Joe Shmoes estimates and lets Joe think he is grinding him down. In the end- Joe Shmoe feels he has negotiated a great deal and Mr. XYZ has made a 30% markup from what his good customers pay.
7. A little pizza goes a long way.
I had to get some time-sensitive printing done for a client. I called my printer and he told me that the press was overbooked and that the press operators were skipping lunch and working overtime. There were 5 print jobs in front of mine in the work cue and I needed my job printed by morning. I decided to go to the printer and personally see if I could get the job done sooner. On my way I picked up several Pizzas and Cold beer. Instead of going in through the front door and the sales office I drove directly to the back loading dock- unloaded the pizzas and beer and gave them to the Pressman- I told him I heard they had to skip lunch and the cold beers were for after they finished my job. My job was done at 9 am and I made my deadline. I spent $30 - and I noticed all my jobs got top priority- whether the sales team wanted it or not!
If you are thoughtful and sincere - a pizza bribe can go a long way.
KEV
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Posted by: オテモヤン | March 27, 2010 at 10:21 AM