A look at why the key to success lies in cultivating relationships.

Growing your business is a far greater concept than simply getting larger. A successful enterprise knows the difference between an increase in profit and a deepening of partnerships and purpose. There are timeless skills that do involve the bottom line, of course. Making sales and keeping an eye on the competition is common sense.

Like the construction sector itself, everything grows upward from a strong foundation. Relationships lay the groundwork for lasting success, be they retail relationships with customers or rivalries with the competition. When you understand this, you’ll be in the fast lane for building up your business.

Leverage social media to attract new hires

If one thing proves that growth is all about people, it’s social media. Last year saw 81% of Americans operating a social media profile, with 2.5 billion expected to be connected around the world in 2018. Any business without a social media presence may as well not exist.

Of the many options available to businesses, using the most popular platform seems an obvious place to start. But it’s how you use social media that matters. However, that will attract interest from job seekers. Social media presents a perfect way for a business to communicate its mission, its philosophy and the opportunities it can provide for new hires. It’s the perfect blend of professionalism and personal touch. The numbers highlight how successful it is:

  • 48% of candidates use social media in their job hunt
  • 59% of candidates use a company’s social media profile to learn more about them
  • 69% of job seekers are more likely to apply to you if your online brand is well-maintained

People want to know you, especially if they’re going to work for you. When you’re seen to value transparency, you’ll attract the talent.

Know your competition

No matter how innovative and big you become, you’re not the only one in your sector. Your competitors will be making ripples, and there will always be new businesses looking to make their mark. This relationship of rivalry is every bit as essential to your business growth as any other.

If your competition is being as social media savvy as you are, they’re giving you the perfect window to keep an eye on them. What they do, what they stand for, and what they’re offering will be on display. If they’re also diligent with replying to customer feedback, you can see where they’re succeeding and where they’re failing.

The people who work or have worked for your competition may be leaving reviews on sites such as Glassdoor and Indeed; valuable feedback for you to learn from. Alternatively, you might set a Google alert that will let you know whenever your rivals show up in the business headlines.

Prioritize the customer experience and take everything personally

When growing your business, never lose sight of the word “your.” Take every aspect of your business personally. Growth of any kind means appraising your current weaknesses and being frank about what you need to improve.

The good thing about being a business is this: even if you’re reluctant to do criticize yourself, your customers won’t hesitate in pointing out where you need to improve. By listening and responding to feedback (via social media, for instance) you gain a priceless insight from the other side of the business relationship.

Make sure that when the public looks for you, they find a mobile-friendly website, a cross-channel social media presence, email details, and a good old-fashioned phone number. By opening yourself to feedback, you not only make your customers feel they have a voice with you, but you gain a fail-safe blueprint you can act upon to retain and satisfy the customers you have and draw in new ones.

Form strategic partnerships for business growth

Another prime example of how people-centric skills are central to business growth is the business partnership. Partnerships are rarely formed with business in the same line of work; rather, the skills and connections of other models offering mutual benefits are more typical.

Perhaps your partner may be an investor who’ll see a return if they help you grow. It may be a supplier or a distributor. Whatever the distinction, strategic partnerships are honest because they’re based on each member admitting what they need help with. They’re also empowering because you can provide something the other party can’t.

Whenever you’re embarking on any business relationship, you must always research the potential partner thoroughly. Their track record will show you what you can expect. Strategic partnerships can be short- or long-term with each being equally important.

However long it lasts, everyone will benefit from shared ideas, shared resources, and increased visibility and influence.

Master the Close of Sale

Selling to a new customer is rarely easy. In the past, you had to strike up a relationship quickly and hope there was a connection.

The modern era is on your side when it comes to mastering sales. If you follow the steps above, you’ll be in a much stronger position for business growth for several reasons. If you’ve taken time and connected with your audience on social media, you’ll be in synergy about who you both are. Combine this connectedness with absorbing their feedback, and you’ll create a product or service you know they want.

With these two strategies in place, even your very first sales attempts will have a strong chance of success. To master something takes time, and so the more you connect with and learn from your customer base, the more you’ll provide what they need. Do this, and you’ll promote customer trust; a priceless asset which means they’ll return to your business again and again.

No Boundaries Advisors has been helping businesses like yours grow and thrive for over 25 years. Contact us today to find out how our expert staff can help you meet your financial goals.

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