Business Relationships Essay
Business relationships affect the long-term growth of an organization. This essay looks at the how the relationships a business builds impacts the business and its plan for long-term growth. It will go on to discuss if there is any downside to the business being helpful to others. Finally, this essay will identify two companies that have sustained growth and similarities in their business model and practices. The discussion will identify what has and has not worked for each of these organizations while identifying competitors to the two organizations.
Without solid relationships in place, success is much hard for a business to attain. Entrepreneurs may fail to notice the importance of relationship …show more content…
How to Build Customer Relationships
Entrepreneurs cannot take relationships with their customers for granted if they intend to sustain any long-term growth. “As many as 89% of consumers began doing business with a competitor following a poor customer experience and up to 60% of consumers will pay more for a better customer experience” (Honigman, 2013). There are many ways that an entrepreneur can build relationships with customers.
The easiest way to build these relationships is to listen to what your customers are saying. Feedback from them is invaluable and there are many ways to get it. A feedback page on the company website, social media and online or written surveys all offer an avenue for customers to use to make complaints, suggestions or positive comments. Having a plan in place to make the most out of the method of choice helps to ensure the organization is building its customer relationships. This is the behavior customers expect from an organization looking to sustain long-term growth.
Vendor Relationships Relationships with vendors are no