In many ways, a business is just a reflection of its many diverse relationships. For instance, market performance may depend on relationships with customers, while productivity could be decided by employee satisfaction.
Businesses must manage a range of relationships, which can prove challenging at times. Different relationships can impose competing demands on the company, whether investors want one thing and vendors another. It is a complex balancing act but can be done in a way that helps businesses achieve key financial and operational objectives.
Use personalization and communication to improve relationships
The first step to better relationship management is appreciating the scale of business relations. Connections exist between the business and all sorts of other entities, whether employees, customers, investors, vendors or banking providers. Each is as important to the other, but each will also require different things of the business. Meeting these expectations is helped by understanding each relationship thoroughly.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.
