[WRE ADVISOR | BUSINESS]
HOW SUCCESSFUL YOU ARE IN BUSINESS IS, IN LARGE PART, A MEASURE OF HOW SUCCESSFUL YOU ARE IN YOUR RELATIONSHIPS WITH PEOPLE... RECOGNIZE THE IMPORTANCE OF THESE PEOPLE AND DO WHATEVER YOU CAN TO STRENGTHEN YOUR RELATIONSHIPS WITH THEM.
Te particular rights of investors vary, as do the personal dynamics between investors and owners. Some investors are very involved in a business and
even want to help call the shots on important decisions. Meanwhile, others are hands-off and leave the decision- making to you. Tey just want to see a return on investment and will be interested in things like your profitability and return on assets. No matter the circumstances, it’s important to stay on
your investors’ good side to the extent possible. You don’t want to create unnecessary conflict or have them close their wallets when you’re relying on their contributions. Having a strong relationship with your banker can also go a long way. Some things are non-negotiable, of course, no matter how strong the relationship. For example, bankers will want to see that you are managing risks and timely making payments on loans. But if you experience a problem at your business, a banker might be able to give you some much-needed breathing room in the short term to deal with it. Don’t wait until bad times to start strengthening your relationship. Start now while times are good. Call the person from time to time, drop in to say hi, or take him/her to lunch. If you need to lean on the relationship one day, you’ll be in a much better position to do so. And as your credit worthiness improves, a banker who’s in your corner can help you get better interest rates.
4. TREAT YOUR SUPPLIERS AND VENDORS LIKE PARTNERS
Taking care of your suppliers and vendors can also bring a lot of benefits. When you grow your business, they also have the chance to grow theirs. Tat’s why it’s in your mutual interest to develop a partnership where both sides win. If you’re always engaging in combative negotiations
to get rock-bottom prices, you’ll likely pay a higher price in the long run. Tat’s because vendors and suppliers will dread working with you and will invest their time developing relationships with other businesses. You’ll be the last to hear about good deals or other beneficial things that arise from time to time.
5. TAKE CARE OF YOUR FAMILY Last but not least, it’s critical to take care of your own family. For your business to succeed, your spouse and other family members will need to be supportive of the time, money, and effort you’re putting into your business.
Without strong emotional support from your family,
you’ll be incapable of putting your best foot forward. Strained relationships can pull you away from your business and occupy your attention. Be sure to recognize the contributions and sacrifices
that your spouse and other family members make for you to succeed at work. Invest in strengthening these relationships, and as a result, it will be easier to give your business your full and undivided attention.
Owner
Business
Keeping Happy
Team
Customer
CONCLUSION How successful you are in business is, in large part, a measure of how successful you are in your relationships with people. Tese people include your own employees, customers, vendors and suppliers, bankers, and your own family. Recognize the importance of these people and do
whatever you can to strengthen your relationships with them. Remember, you reap what you sow. Invest in these relationships and your business will benefit as a result. y
KP Persaud formerly worked as a CEO in the lifting and rigging industry. Now with ActionCOACH business coaching, KP serves as a trusted advisor to businesses across the U.S. and around the world who want to improve their bottom line. To book a free strategy session with KP, email him at
kp@kppersaud.com or call (319)721-3175. Learn more at
kppersaud.com.
WIRE ROPE EXCHANGE
JULY–AUGUST 2017
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