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LESSONS & TOPICS

BSBTWK401 – Build and maintain business relationship

BSBTWK401 – Build and maintain business relationship

Introduction

This guide will provide brief information about establishing and maintaining effective business relationships through different skills required by the workers in the organisation. This guide will give you a brief idea of developing and maintaining effective work relationships and networks through negotiation skills and relationship building required by workers.

The guide will also elucidate the information on how to build real trust with fundamental values that are important in establishing business relationships. Subsequently, the guide will provide information on how the organisation should build and maintain business relationships efficiently and conveniently.

Establish business relationships

Maintain business relationships

Build and improve business relationships

Following are the main elements of this learner guide that will give you brief information on:

Overview

What are business relations?

Business relations are the association that exists between various entities involved in an organisation. It includes the association or relationship between various stakeholders that existed in the organisation network. For example, the relationship between employers and business partners, employers, and all the employees and all the other organisations a business associates with.

How does business relations work?

Company business relations may contain customers, vendors, sales leads, service providers, potential customers, etc. Business relations are all of the individuals and entities with which a business is associated and expects to have an internal or external connection.

Every business is completely dependent on developing and maintaining essential relations with its associated employees, business partners, suppliers, and customers. Strong business relations always promote customer awareness, collaboration between businesses and customer retention.

Benefits of having the good business relations

Trust, loyalty, and communication are the important attributes of good business relations. The success of having long-term business relations is completely dependent upon trust. It also enhances employee satisfaction, motivation, and cooperation. Moreover, loyalty assists employees in forming a strong and lasting relationship with employees by providing quality services.

Moreover, establishing good communication protocols in the early stages of the company can improve the planning, projects and policymaking. Business relations always evaluate the success or failure of a company, and it always creates a competitive advantage. Weak business relations can negatively impact the business, including unhappy employees, limited growth, negative reputations, and unsatisfied customers.

Types of business relationships

  1. Corporate partnerships

A vital part of any business growth is to locate new customers and clients, which is essential to improving the business in the competitive market. Developing relations with other small businesses or business owners is an important factor for an organisation. Moreover, by partnering with an established brand, one can leverage their existing business relationships to create trust in their brand and attract new customers.

2. Employee relationships

The association or relationship between a company and its employees includes policies, informal elements, controls, and formal communication such as organisational culture. Employee relations are essential for productivity and creativity.  

3. Customer relationships

Customer relationships include all interactions between your employees and your customer and all the communications with customers. This includes sales, promotion, and customer service.

4. Customer experience

Customer experience is the end-to-end set of interactions between your brand and a customer. These types of business relationships include the usability of products and brand perception.

5. Lead users

Lead users are those with whom you engage in enhancing your design, marketing, and customer experience. An organisation may partner with customers who are influencers in the industry. Alternatively, an organisation may openly partner with all customers so that all the customers have an opportunity to influence products and services.

6. Investor relations

Effectively communicating information about the risks, opportunities, position, and performance of your organisation can influence your funding access and cost of capital. This is one of the key responsibilities of executive management.

7. Public relations

Public relations is one of the top-level functions in an organisation, handling relationships and communicating with all the stakeholders in the organisation. This is mainly focused on your most important communication which includes product releases, news, and crisis communications.