Business relationships are connections you build with other companies, suppliers, customers and even your employees. These relationships can boost your company’s success in phenomenal ways. When you treat others well and cooperate, you create something valuable that can’t be touched but has a big impact on your business. Trust generated from strong business relationships is an intangible asset which can create many benefits. First, they can lead to more opportunities. For instance, a supplier might introduce you to new materials that improve your product quality. Second, they can save you money and time if your supplier offers discounts or prioritises your orders. Third, they can help you in tough times when your network of relationships can offer advice or support. Building strong relationships takes time and effort but they are essential for the overall competitiveness, market positioning and profitability of a company.
« Back to Glossary Index