Monday Motivation: building business relationships

3 minute read time.

Valentines Day may be gone but we think it’s the perfect time to consider if your business is well-loved. Follow our simple tips to see how you build stronger relationships with your customers and employees.

In the news, there’s a new government funding scheme, which could help the businesses who say that cash flow is affecting their companies’ ability to grow.

Top news stories

New funding for fast-growing small businesses

The government’s Help to Grow scheme promises £100m to plug the lending gap and create backbone of medium-sized businesses, based on a German model.

Card payment glitch hits Valentines Day sales

Many shops, restaurants, cafes and pubs were unable to accept card payments on Valentines Day because of a glitch with the network, run by multinational company Global Payments Inc.

Late payments cost jobs

A new report from ACCA has found that the culture of late payment among businesses inhibits the ability of the UK’s smallest organisations to take on more employees.

HMRC failed to prosecute tycoon over tax evasion

Tax inspectors didn’t take any action, despite the tycoon failing to submit returns or pay any tax for 24 years. With stories like this, it’s not surprising that the Labour party has made an election promise to review HMRC.

Free WIFI on trains by 2017

Good news for those who travel by train - rail passengers will be able to access free WiFi on trains throughout England and Wales from 2017, according to David Cameron.

Key dates for your diary

No important dates this week.

Grow the love for your business

With Valentines Day only a couple of days ago, what could businesses learn? There are many blog posts and advice columns about how to build a better relationship - almost all of them can be applied to help your business grow stronger.

From engaging your employees to having a close relationship with your customers, here our top tips.

Appreciate one another

Good relationships are built on taking the time to do something special or saying thank you when they do something for you.

When businesses are first wooing customers, they’ll often go the extra mile to impress or to help out. But do you do that with your existing customers?

We all know the frustration of finding that special offers are only available for new customers. Why not thank those loyal to you or offer them a special discount to show your appreciation? It will go a long way to building a better relationship.

Understand that perceptions change reality

Research of couples in unhappy relationships showed that they underestimated the number of happy events by 50%.

The same things can happen in business relationships too. If your customers or employees have had a bad experience, it may affect how they view everything else, even if there are no other issues.

So it pays to address any problems quickly and accept responsibility if mistakes have been made. This is the best way to move forward.

Get the finances right

According to economist Jay Zagorsky, 33% of couples fight about money. It’s always a hot topic so it’s worth understanding people’s expectations.

Whether it’s your employees or your customers, be clear about finances. No one likes a nasty surprise when it comes to cash, so make sure you communicate clearly.

Find common goals

According to a recent study, couples that share goals have relationships that last longer and are more satisfying.

If you’re running a business, you can tap into this. Understand what your customers want and help them to solve problems or achieve their goals. They’ll be happier and it helps you achieve your business goals too.

When recruiting, look for prospective employees who share the same ideology and will be a good fit with your business. It helps to keep them motivated and means you’ll be working together for success.

Communicate

They say that communication is the key to healthy relationships. It can be equally true in business, so try to have meaningful conversations with your customers.

Social media has changed the way communication happens, allowing a two-way conversation rather than simply broadcasting your messages. Make the most of this and other opportunities to get to know your customers and understand their desires.

Concentrate on the present to ensure your future

Being there in your relationship is important. If you’re constantly looking to the future and towards your next sale, you may neglect your existing customers and find they move on to someone else.

By staying close to your existing clients, you’ll build a deeper relationship which can weather the tricky times. Brand loyalty can take time but it’s worth it.