There is more to business apart from profits. Profits only, are not as satisfying as making profits and creating a healthy relationship with other business stakeholders. A business should also aim at creating a healthy business relationship to retain and attract new customers. This shows customer satisfaction which helps leads to increased sales which help with the continuity of the business.
A business should create a good relationship with the customers, suppliers and the government. If a business has a good relationship with the above stakeholder, it experiences a number of advantages unlike a business without.
Healthy relationship with the customers
For a business to achieve a healthy relationship with the customers it should aim at making sure they are satisfied. This helps create a loyal customer base and attract more customer. Customer help advertise the product and services through word of mouth. They recommend the product to potential customer which helps the business reach a broad customer base which leads to increased sales. Through this relationships, long-term friendships can be created. This can be achieved by proper handling of customer for instance good customer care services and the use of polite language.
Relationship with suppliers
A business requires suppliers who supply the necessary resources required by the business continuity. Therefore, creating a healthy business relationship with the suppliers is very important. A business is at a competitive advantage if good relationship is created and maintained between the two. The business is supplied with quality raw materials continuously at fair prices and conveniently. For this to happen there have to be trust between the supplier and the business. This is achieved by both the supplier and the business if they pay for raw material as per the agreement.
The government is very important since it monitors business practices by ensuring they follow the laws and regulation. Businesses products and services should meet the standards as required by the law. A business which is in good terms with government enjoys government incentives. This incentives help motivate the business since the business feels valued. For this to be possible the business must comply with the laws and regulation of the country. There is also peace at the business which is enhances effective decision making.
For continuity of a business, one should not aim at making profits only but rather work building a healthy relationship with the customers, supplier and also the government. Learn more about how to write a concrete business plan which is the key compenent to start a business.