Umaima Hafeez 22698

Relationship In Business

Business relations are the connections that exist between all entities that engage in commerce.
That includes the relationships between various stakeholders in any business network, most
important types of relationships you should build are with your customers, employees and
members of your community.

Companies that intentionally cultivate and maintain connections may be more successful than
those that ignore these connections. Strong business relations can promote customer awareness,
customer retention, and collaboration between businesses in the supply chain.

Relationship building from a business standpoint can help you get new customers, retain current
customers and manage your reputation.
Customers will be more comfortable continuing to use your business if they feel they know you
personally. They will probably also be more likely to talk to you if they have a problem, rather
than telling everyone they know (or turning to Yelp with a one-star review) if they have an
experience they perceive as negative.

Sixty-five percent of your business probably comes from existing customers. How can you keep
those customers? Build a relationship with them! The average business loses 20 percent (and
some can lose up to 80 percent) of its customers because the business fails to cultivate and
nurture relationships with customers.

And repeat customers are extremely profitable. They spend more, and they are 60-70 percent
more likely to convert (take an action you want them to take, such as filling out a form on your
website).
If your business is a restaurant, walk around to the tables and ask customers if everything was
okay. But go a little further and ask them how they’re doing. Don’t pry into their lives, but do
show genuine interest in their experiences at your business.

And make it easy for customers to complain. I know; it’s frustrating to hear negative comments
about your business, but encourage that conversation.

 Social media, as an integral part of business relations, can give users and companies a
competitive advantage and therefore improve business performance.
 Trust, loyalty, and communication are hallmarks of solid business relations.
 Effective business relations include communications strategies that can lead to greater
employee satisfaction.