Role of Relationships in Business Growth

"Stop setting yourself on fire to keep someone else warm"?

-Author unknown.

Excellence in meeting the needs of the customers through quality products and services and delivering on time plays a significant role in growing business. However, it cannot provide a guarantee to retain the customers if the business relationship with the customers is unsatisfactory.

Know the Power of Return on Relationship (ROR)

A business entrepreneur is expected to be familiar with the different forms of relationships apart from personal relationships such as employee relationships, customer relationships, vendor relationships, banker relationships, and shareholder relationships. When all such relationships are clubbed together, it becomes a business relationship. The influence of these business relationships matters most for the business entrepreneurs. The abbreviation ROR refers to return on relationship. Ted Rubin, who is a leading social marketing strategist, had defined the ROR: “ROR is the value accrued by a person or a brand due to nurturing a relationship. Therefore, nurturing relationships in business is one of the critical roles of a business entrepreneur. ROR forms a major factor that creates an impact on the future of the business. The higher the ROR, the higher are the prospects of business growth and vice versa. Therefore, it becomes a part of the role of a business entrepreneur to understand the impact of disturbance in business relationships on his business. Every business entrepreneur is expected to get familiar with the importance of business relationships but also to master business relationships. A disturbed business relationship with a customer can certainly drive him away from the business.

Pleasing everyone is not necessary

The insight one can draw from the quote "stop setting yourself on fire to keep someone else warm" is an eye-opener for someone who preaches and practices the philosophy of pleasing others every time. One of the universal principles is one cannot please everyone including the customer if his expectations are unrealistic and against the value system of the business organization at any time.??

Know the power of saying "No"

Often a business entrepreneur in his business communication has to say "No" in the larger interest of business need, and value system. People who often struggle to say "No" to others are the victims of the stated philosophy. Saying "No" requires a fearless mind and conviction to justify your "No" to others and your dearest one. A customer shall not mind to "No" from the business entrepreneur as long as it is conveyed with politeness and keeping the dignity of the customer in mind. People who lack the conviction and courage to say "No" find themselves at the receiving end. The fact of life is we are not born to make everyone happy.?

The rule of exception also applies here. One of the business needs demands the happiness of certain categories of people exists in the business such as employees, vendors, customers and shareholders. Business entrepreneurs have to take certain initiatives that are within the acceptable boundaries of the company's policy and value system to elevate their satisfaction index. Initiatives like employee engagement, customer delight, passionate vendors, and happy shareholders. which demands excellence in service to make employees, customers, vendors, and shareholders happy. The growth of the business largely depends upon the highest level of happiness of these people who reciprocates and make their valuable contribution towards the business's growth. Any drop in the satisfaction index of the said stakeholders creates a direct impact on the bottom line of the company's balance sheet.?Business entrepreneurs who are aware of the healthy alignment between ROR and business growth, keep innovating various options to keep the business relationship in a healthy state.

Managing relationships with stakeholders and personnel with the desired level of satisfaction is a complex task. Inspite of the high level of complexity in managing relationships, it is always possible to drive the relationship in a manner that provides a lot of leverage to the business entrepreneur and other stakeholders. Therefore, the question arises what if a business entrepreneur wants to improve the satisfaction index to get best score on ROR? Can he rely on hope to explore if it works in the relationship"??

15 Secrets to Improve the Return on Relationship (ROR)

15 secrets are recommended for the business entrepreneur in support of impacting ROR. It would also prevent disturbed relationships and facilitate strengthening business relationships with all its stakeholders. Moreover, it would also help to raise his hopes in order to simplify the complexity of relationship management and successful management of relationships at all levels finally leading to improvement in ROR score:?

1. Self-Focus is the Key to managing conflict in any relationship where there is no scope for the ego.

2 Never try to please everyone, including your customers, by resorting to compromise, at the cost of your policy and value system as well as by diluting the highest standard of quality service.?

3. Act inspite of your mood, even if you have a bad day in your life, or business.?

4. Never give up a constant dialogue with stake holder in the event of any conflict to establish confidence in communication and settle for the solution.

5. Speak the truth with compassion and show your respect to the other person.?

6. Understanding how others judge you is their problem, hence learn to ignore them or their perception and judgment about you.?

7. Never take anything personally to avoid disappointment, else you will always have reasons to remain disappointed every day in your role, business, life, and relationships.

8. Implement a minimalist lifestyle with reliance on business needs as much as possible to seek peace in personal relationship and business relationship instead of chasing unlimited wants since both are mutually exclusive.??

9. Be truthful to your heart and demonstrate your real version of yourself with your inner voice to your stakeholders.?

10. Being responsive helps during conflict in relationships through the ability to manage every business relationship in a better manner to improve ROR score.??

11. Being reactive creates conflict in relationships, hence avoiding it at any cost.?Never ignore the ROR score in creating a positive influence on business.

12. Ask before starting a new relationship with anyone: WIIFM? What's In It for Me? WIIFO? What's In It for Others? It would become a level field to play for mutual gain and win with employees, customers, vendors, and shareholders.??

13. Reaffirm in mind that there is ownership, responsibility and accountability for own business growth by creating a winning moment in business relationships with all stakeholders.

14. Rejection is a part of life and business. Hence, accept rejection gracefully and learn from every rejection without repetition of the mistake leading to constant rejection from customers and shareholders.?

15. Focus on addressing misunderstandings which are one of the largest causes of conflict in relationships. The ego is one of the reasons that causes misunderstanding. If encountered with the ego of any stakeholder, take the position of a bigger person, skip the "e" and let it "go"! ???

Summary

Business entrepreneurs need to remember that the first conflict in their relationship with their employees, customers, or shareholders is not the end of the world. They can always restore it with commitment and transparency before the broken glass becomes visible to the world.?High inspiration to increase the score of return on relationships enables business entrepreneurs to do everything possible in building, rebuilding, and refreshing relationships in their roles, life, and business.?While focusing on higher return on investment (ROI), a smart business entrepreneur would always keep the significance of return on relationship (ROR) in mind to get the best out of it in order to make his business grow and flourish.

About the Author???

Suresh Shetye is a certified Business Coach and partner of ActionCOACG Global, USA, the number one brand in business coaching in the world with a presence in 97 countries. He is committed to enabling business owners and startups with his experience of over four decades in business HR, business consulting and coaching to systematize the businesses to achieve massive growth. Suresh is on a mission to help 1 lakh business owners to grow their businesses and enable them to live a life of abundance. He has helped several business owners and startups to build their businesses, including those who were stuck in businesses with his mentoring, coaching and extending support for an effective hand holding.

Suresh can be reached for one-to-one business coaching and group business coaching, business transformation programs, keynote speaking assignment, online webinars and offline customized workshops as well as soft skill training including leadership excellence and development programs.

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