It’s All About Relationships

In Business 101 courses, students learn that the worth of any business is the value of its tangible assets (inventory, fixtures, etc.) plus something called “good will.” This is characterized as customer loyalty, brand recognition and the business’s ability to generate income. It’s really more than that, however.

What we are really talking about here is the value of the relationships a business forges between itself and its customers, vendors, employees and others — all of which contribute to the real net worth of any company.

In this column, we’ll explore the nature and importance of these relationships, how you can strengthen them and, thus, increase the value of your business. We’ll begin in this issue with an overview of the many different relationships that contribute to your business’s net worth. These include your relations with:

• Suppliers.
• Sales reps.
• Employees.
• Competitors.
• Community members.
• Customers.

There may be little in this first article that you are not already aware of, on some level. It may have been a while, however, since you took time to think about these relationships and their importance to you.

Your relationship with suppliers »

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