What’s a Relationship Got to Do with It! - #S103


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So, it’s almost been a year, and life has been 6 feet away, toilet paper, hand sanitizer, and zoom waiting rooms. You’re a business owner and all you are trying to do is navigate how to social distance and run a successful business in the midst of one of the most unprecedented times in the digital revolution. You were told to pivot, but you’ve been on the swivel so much that you are dizzy from spinning around so fast. Yes, 2020 was difficult, but more quality time with family has made it evident that relationships are pivotal to human development and brings meaning and value to our lives. Understand Entrepreneurs, that relationships are just as important when we are talking about our businesses. The following are three key takeaways of how business relationships can sustain and create growth for our small businesses in 2021.


1.  Developing Relationships with Banking and Financial Institutions

According to a survey completed by the National Small Business Association (NSBA), 52% of small businesses that applied for the PPP loans in 2020 did not end up getting them. When you dig even deeper to understand why, in many instances, it was because the small businesses did not have a relationship with their bankers, as a result their bankers focused more on clients whom they had more interaction with over the course of the years. Your entrepreneur goal for 2021, is to establish a better relationship with your banker or financial institution or find a smaller institution with a community bank or credit union to transfer your account to, if you feel you will be lost with your current relationship. Meet with your, banker at least quarterly, and if you can every other month to understand benefits and incentives available to you as a business customer.

 

2.  Establishing Relationships with Employees and Contractors

Your employees and contractors are an extension of your business. A new year a new start, therefore the start of the new year would be a good time to foment your relationship with employees and contractors. Thank them for helping you get through a challenging year, but provide them with the roadmap for the new year and the optimism that you see in the company’s future and your plans for 2021 and beyond. Keeping them engaged can be pivotal in the new year and saying thank you goes a long way.


3.  Cultivating Relationships with Potential Partners

Running a successful business in 2020 has been difficult, to say the least, and many small business owners have worked hard to find the secret sauce to navigating this blizzard. Now that last year is in the rearview mirror, let’s look to 2021 and how we can develop new strategic relationships that will help to enhance our small businesses and increase sales. Some examples, if you own a coffee shop you may want to connect with a pastry chef to offer unique pastry’s that can only be available in your store. If you own a landscaping service, you may want to partner with a local floral shop to create unique seasonal decorations and designs that are only offered by your landscaping company. Remember, new partners can bring new ideas and create new revenue streams for both parties involved.  


Understand Entrepreneur, after 2020 if you are still standing, even though your business legs may be a little wobbly, you made it, so let’s celebrate making it to 2021 and understanding it’s all about the relationship and now is the time to develop them even more and remember, “Baby, you got this”.


If you are ready to have access to more customers and develop more relationships, attend the SpotzCity Launch Party, on Friday, March 26th, where we will raffle 100 items including a small business grant, and sign up at www.spotzcity.com. SpotzCity is a solution for small business owners to market and grow their businesses. It is also a platform where customers and other companies can find and buy your products or utilize your services.


Bye for now, until next post!!