Manager's Corner

You’ve probably heard it said that entrepreneurs are married to their work. It’s true — running a company requires amazing quantities of time, energy and devotion. But there’s one big difference: While matrimony is all about maintaining a healthy relationship with another person, being married to a business is all about maintaining healthy (and profitable!) relationships with several groups of people.

In fact, there are five main groups with which small business owners must nurture relationships: customers, employees, vendors, bankers and mentors.

1. Customers

Of course, any business owner wants his customers to be happy. But you need to ask yourself, Am I really going that extra mile to ensure that my customers have the ultimate positive experience?

Your customers are your bread and butter. Not only do you want them to be so happy with your service that they come back, you also want them to go tell someone else that they loved the experience they had with your business.

Learn as much as you can about your customers so that when their needs change, you can be the one to provide them with the new services they need — not one of your competitors!

2. Employees

The importance of seeking out the most dedicated, honest and passionate employees you can find can’t be stressed enough. After all, you have to trust these people to serve your customers, protect your brand and help your company grow. When you have found the best employees for your business, do everything in your power to hold onto them.

Your employees are the face of your organization when you aren’t there, so they must feel like they have a stake in the business. Encourage a sense of ownership among them. There’s no better way to keep them happy than by giving them the recognition they deserve. Also make sure you find out which jobs within the organization they are the most passionate about and put the right people in those positions.

Remember, passion equates to hard work! Nurturing your employees to love your business as much as you do will strengthen your company’s foundation — and your business will be that much more likely to survive setbacks and grow to great heights.

3. Vendors

It’s important to nurture relationships with those people who aren’t necessarily working for you but who service you or your company regularly. This can mean anyone from the package delivery guy who stops by every day, to the materials supplier who keeps your warehouse stocked, to the designer who keeps your website updated.

Think of your vendors as “honorary employees.” Show them that you appreciate what they do for you and also that you care about them and their companies.

Get their e-mail addresses and cell phone numbers and stay in touch with them. You never know when an emergency might arise in which you could use their help. If you already have a good relationship with them, they will be more willing to give you extra time and to work with you to get back on track.

Never treat them like they are serving you, acknowledge when they have gone above and beyond the call of duty to make you happy, and make sure your vendors are getting as much value out of their relationship with you as you are with them.

4. Bankers

At the beginning of your venture, it’s likely that you will require a startup loan of some kind. Therefore, the best way to nurture your banker is to make sure you always have enough money in your account to make your monthly loan payments on time.

With my businesses, I always made sure I had some emergency cash saved up to use in case I had a rough month. You don’t want to gain a reputation with your bank as someone who doesn’t make loan payments on time.
Staying close to your bankers can also help you secure your finances. Make sure you set up a safety system with them to ensure that all of your deposits are going through on time.

5. Mentors

It’s great to have someone to go to when you are first starting your own business and when you run into problems along the way once it is up and running. Find a successful fellow entrepreneur whom you respect and ask that person to be your mentor. Always show mentors the respect they deserve and let them know you are thankful for their help.
It’s also a great idea to put your mentor on your business’ advisory board.

It’s likely that your mentor will have many connections in many different areas. You want to have a close relationship with the mentor so that he or she is willing to go that extra mile to help you build your business. Don’t contact your mentor only when you have a problem. Regularly contact him or her even if it is just to give an update on how things are going, and always send a thank you note after the mentor has done something to help you — it’s a small gesture with a big impact.

Here’s the bottom line: No matter how determined, hardworking and talented you may be, you simply can’t be a successful entrepreneur all by yourself. It takes a village to run a company. Never forgetting that fact is critical to your success.