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Home › Articles › Growing Your Home Based Business › Networking › The importance of building relationships and networking

The importance of building relationships and networking

No man is an island, entire of itself...any man's death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee."

The essential meaning of this meditation by John Donne is that no man is isolated operating in a vacuum. All of humanity is inter-connected in some way or another. This simple truth holds the same in business and especially when it comes to a home based business. It is important to build relationships and networks in business to facilitate growth and keep abreast of new developments.

With whom are the relationships worth building?

1. It pays to build sound relationships with those you work with within your home based business. Your partners and employees are important assets in your business and it is important to nurture them. Employees often know a great deal about your business and are a great resource when it comes to innovation and ideas. Keep them on your side by building strong relationships.
2. There is a need to build up relationships with creditors and financiers. It is these people that determine the extent that your business will grow. Growth requires finance. The cheapest finance comes from your creditors. Ignore these relationships at your peril. Creditors will often make facility decisions based on sound financial indicators and the strength of the relationship they have with the small based business.
3. Networking with your peers and competitors in the industry is also important. There are many synergies and economies to scale to be found in cooperating with similar businesses. A lot of referral work can also be found in a sound networking group. Networking is a great source for ideas and leads. Be prepared to give a little to gain a little. Its all about building friends and trust and forming new relationships.
4. The most important people to build a relationship with are the very people who are the lifeblood of your business, your customers. The most important relationship you will ever build is the one with the customer. A happy customer is a customer that will give your home based business repeat business and referrals.

Building relationships is a frame of mind that is important for the entrepreneur. Some relationships are not as obvious as the above. Keep in mind that it never hurts to treat every person who comes into contact with the business with respect and dignity with a view to converting them into a future client or as an ambassador of your home based business. Building a relationship with the postman or milkman is not as absurd as it sounds seeing that they are in daily contact with all in your neighborhood.

Buying decisions are often made on emotion especially when the customer is choosing between two similar products. Often the determining factor will be the type of relationship the customer has with the home based business. Sound relationships and strong networks give the home based business a competitive edge. Ignore them at your peril!

Business communication

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