The Power of Connection: How Healthy Relationships Make You a Better Business Leader
Dr. Steve Drury
President | Business Advisory Board Facilitator | High Growth Business Coach & Strategist
As Denver business owners, nearly every aspect of running and growing our organizations is dependent upon building strong relationships. We create a team, we work with suppliers, we develop our customer base. We nurture those connections that are meaningful and impactful and hopefully healthy. We also encourage an environment where people naturally want to connect and work together. And while the term may sometimes feel like a catchphrase or buzzword, connection is an extraordinarily powerful motivator for your local business, your team, and everyone you touch within our community
As we hustle through our daily lives and? never-ending journeys as active business owners, it is easy to become shortsighted on the value of connection.? Sometimes, especially when we're feeling the pressure of time or tasks, we tend to withdraw, using the excuse of being too busy to engage meaningfully with those around us. Entrepreneur isolation is a very real, very harmful dynamic. In a study by Julie Deane, CEO of Cambridge Satchel Company, she reported that business owners claim isolation is one of the biggest challenges they face, with nearly 30 percent responding it was either “a big problem” or “something of a problem.”
The case for connection is irrefutable.? Building genuine relationships with customers, employees, and other key stakeholders unleashes some pretty wonderful, intangible business assets like trust, loyalty, collaboration, productivity, and innovation.
Connection to Customers
?When business owners focus on fostering real connections with customers, they can boost brand loyalty, leading to all sorts of benefits like more sales, lower advertising expenses, and positive word-of-mouth buzz, among other things.
There are actions you can take to improve your connection with your customers. Work on your active listening skills and be as transparent as possible when communicating with them, whether it be in person, by phone, or in marketing pieces. Ask your customers their opinions and preferences on your goods and services. Be accessible and visible to them as much as possible.??
Connection to Suppliers
?Given ongoing supply chain hiccups, it's smart for local business owners to broaden their network of suppliers. But just because you have purchasing options, doesn’t mean you don’t need to cultivate those relationships. Be open with your suppliers regarding the unique needs of your business. Treat your suppliers with fairness and respect. And while cost per unit is always important, look beyond pricing when it comes to the value of your vendors. It is hard to put a dollar amount on a supplier who is attentive and engaged, and who you know is looking out for your best interests.
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Connection Within the Team:
Fostering a culture of connection and collaboration can be a huge game-changer. Don’t just assume that because everyone on your team seems to get along that your job as Chief Connection Officer is done. Consider implementing mentorship and leadership programs . Reward interdepartmental cooperation and employee collaboration. Build an environment in which your team feels validated, ideas are freely exchanged, and goals are collectively pursued. Talk about how important our interactions with each other are and the difference it makes in how we experience our time at work and how fulfilled we feel. Ensure that at least one of your company values addresses the company culture and set expectations about how we communicate. Setting these norms in place and talking about them often can eliminate a lot of conflict and misunderstandings.?
Owner-to-Owner Connection
?As the head of your business, some of the most crucial connections you can make are with fellow business leaders who can provide you with support, advice, and wisdom gained from their own journeys. Whether you're facing challenges or seeking opportunities for growth, a group of your peers challenges you and empowers you to do better and be better. These mastermind groups, also known as peer advisory boards, are invaluable for business owners in numerous ways. Peer board members support and elevate you by:
Peer advisory boards offer a powerful platform for local business owners to connect, collaborate, and grow, collectively enhancing the success and fulfillment of each of its members.?
Remember, connection is the lifeblood of business success. As the leader of your organization, fostering connection with your customers, team, suppliers, and fellow business owners doesn’t just feel good, it also propels you to greatness.
TAB Advisory Boards offer business owners a local, close-knit group of experienced peers from a range of non-competing industries. Together, you’ll share knowledge, expertise and accountability — exactly the insight, feedback and inspiration you need to take your business to the next level.?
To learn more about joining a local advisory board, click here - www.tabfocuseddirections.com