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6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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6 Strategies for Building the Relationships You Need to Succeed in Business

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6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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Some people who believe they were born to build a business only focus on the product. Here is how to add the required relationship talent

B Y M A R T I N Z W I L L I N G , F O U N D E R A N D C E O , S T A R T U P P R O F E S S I O N A L S @ S T A R T U P P R O

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Unfortunately, people who are great at inventing things, and have high creativity, often don't have strong interpersonal skills or interests. As a mentor to aspiring entrepreneurs, I see a high level of frustration from people in this category who have personally developed great solutions, but can't make them into a business. They don't realize that running a business requires relationships.

I strongly believe the talent to effectively build relationships can be learned, just like any other skill, even if you are an introvert like me. It does take effort and focus, just like learning other skills that you need to achieve objectives you have set. In business, you need to build relationships with a wide range of people, including investors, peers, employees, and of course customers. Article continues after sponsored content Your Next Move S P O N S O R E D C O N T E N T How This Black Woman Investor Is Empowering Underestimated Founders As part of my own efforts to maximize my relationship efforts, I found some concise business-oriented guidance in a new book, Born to Build, by Jim Clifton and Sangeeta Badal, Ph.D. These executives from Gallup bring together their best data from business professionals around the world, to offer the following strategies for stepping our relationship results up a notch: 1. Build new relationships by diversifying your networks. Force yourself to go beyond people in your immediate circle, and those you know well, to contact and nurture a real relationship with at least one supplier, a customer, and a competitor. The next step is to seek out relevant people from unrelated organizations, such as media and government. 2. Give as much as you expect to get from every relationship. Effective relationships in business require reciprocity - not a one-way half-hearted effort. Offer and deliver help, connect people with each other, or share industry or nonprofit-sector information. Only then will you feel satisfaction and find others willing to respond when you need help. 3. Selectively spend quality time on key relationships. Spend time with your most important customers, your most productive employees, and leaders who can make the most difference to your organization. These relationships will generate returns in the immediate future and in the long run. Avoid the trap of idle discussions and ego building. 4. Keep your focus on the local social and business landscape. Pay attention to bonds, loyalties, and networks that characterize your community. Recognize the norms, values and preferences that shape the behavior of the people you need. This will help you form a durable and effective network that you can maximize for your business interests. 5. Apply your time, brand, and resources to key social issues. Build a constituency of relationships with people who have shared beliefs, interests, and ambitions. Collaborating with them on solving shared social problems will turn them into engaged advocates of your business and make them your most powerful allies in building other relationships. 6. Prune, renew, and reshape your networks frequently. Nurture people relationships critical to your organization carefully and often. Push contacts whose usefulness has diminished over time into your inactive network. Regularly identify new relationships that are vital to the future of your business, and define strategies to build these connections. I do offer some points of caution in all relationship building efforts: More relationships are not always better. Highly successful business leaders don't necessarily have larger networks. Be selective about the associations you form, listen carefully for situations where you can add value and derive value, and prune the rest. Over-investment in relationships can take precious time away from focusing on the technical elements of your business. Invest your time

6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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wisely in balancing the demands of market awareness, new technologies, and future organizational strategy. Sometimes strong relationship networks can shut out new people and new thinking, insulating you from fresh input from the "outside." Introducing new elements into your network will generate new perspectives, new experiences, and positive change. Overall, the breadth and depth of your relationship networks is more critical to your business success than your ability to define and build the perfect solution. These relationships empower you to confidently and aggressively take risks, continually innovate, and recover from losses and setbacks along the way. Your business is a community, not an island. You can't run it alone.

Inc. helps entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today. Subscribe here for unlimited access. May 10, 2018

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

logo Best Workplaces Awarding excellence in company culture Early Rate Deadline: December 10, 2021 Apply Now G R E E N B U S I N E S S

Here's What Green Businesses Can Expect in the Wake of the Climate Summit T E C H N O L O G Y

Businesses Are Increasingly Relying on Automation to Compensate for Labor Shortages

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6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

https://www.inc.com/martin-zwilling/6-strategies-for-building-relationships-you-need-to-succeed-in-business.html[11/17/2021 1:28:27 PM]

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Your Business Goes Further When Employees Do

6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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Their Own Payroll Employee-driven payroll can help boost accuracy and reduce tedious HR tasks by putting power in your employees' hands

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When it comes to payroll, “just OK” is never OK. But what else can your HR team do besides submitting an employee’s pay and hoping it isn’t followed by an angry email or a panicked call late Friday because of a mistake? And that’s after they already spent hours on tedious data entry courtesy of an antiquated process. They could try doing less and letting your employees have access to more. With traditional payroll, addressing any discrepancies that can arise is a bit roundabout. “Even the early and definitely second and third generations of employee self-service applications provided employees with visibility into their prior paychecks and pay advice, but the access was, by its nature, always backward-facing,” wrote, HR Technology Conference program chair and HR Happy Hour podcast co-host. No payroll specialist knowingly submits an incorrect payroll, thus administering a correction is almost always a reaction. But with employee-driven payroll, your HR department can be more proactive and focus on higher-level, strategic endeavors because the software guides employees through effectively paying themselves. And no, this doesn’t mean they can set their own compensation. Instead, the right HR tech empowers an employee to view, manage, and approve their paycheck--as well as ask for a fix if needed- -before it hits their account, so it’s always correct. Fewer errors The price of rectifying mistakes can add up quickly. When has cutting a makeup check or conducting an on-the-fly audit ever been convenient or cost-effective? And with a recent Ernst & Young study revealing that the average estimated cost of a manual HR task is now $4.70, per task per employee, the price of antiquated processes shows no signs of slowing down, especially as your number of employees rises. The costs of corrections can quickly compound with untimely voids, wire transfers, direct deposit reversals, and rushed benefit

6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

https://www.inc.com/martin-zwilling/6-strategies-for-building-relationships-you-need-to-succeed-in-business.html[11/17/2021 1:28:27 PM]

modifications. By catching errors prior to submission, employee-driven payroll can lead to fewer fees brought on by corrections and adjustments. And when payroll is inaccurate, your employees suffer. The American Payroll Association finds that 69% of Americans live paycheck to paycheck, proving that the accuracy of their paychecks is paramount. Thus, employee-driven payroll offers an extra layer of protection courtesy of the people who know their pay best, so mistakes can be caught--and resolved--before submission, before they boil over into an emergency, and before they have a chance to chip away at your bottom line. Big rewards Employee-driven payroll may sound like a revolution, and it absolutely is, but when you consider the responsibility employees already have with self-service tech, it seems more like the logical next step. By putting the power of payroll in employees’ hands, HR does ultimately do less. But more importantly, it enables them to do much, much more. By reclaiming their time, they can focus on strategy and other business-forward initiatives that make them a valued, indispensable partner to the C-suite. When HR professionals no longer have to spend time on employee data entry (and re-entry), they move out of the middleman role and get to do the impactful, innovative things that move your organization forward. Are you ready to bring your business into the future of payroll? You should meet Beti™, the industry-first, employee-driven payroll experience from Paycom, declared a Top HR Product of 2021 by Human Resource Executive® magazine. To learn more, read Why Employees Want (and Need) to Do Their Own Payroll. Oct 15, 2021

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6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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6 Strategies for Building the Relationships You Need to Succeed in Business | Inc.com

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