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Types of Business Relationships Your Company Needs

  • June 18, 2021

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Types of Business Relationships Your Company Needs

Companies do not exist in a vacuum. Every business is connected to the larger system of its local economy. If you are building a company, you should leverage the dozens, hundreds, or millions of possible corporate partnerships available. Whether it be a financial advisor, general counsel, or a waste disposal company, you need help to get to where you want to be. With that in mind, here are the types of business relationships your company needs.

Corporate Partnerships

As a business owner, you want people to recognize your brand, which can be a difficult achievement if you are just starting out. Thankfully, though, there are almost certainly other complementary businesses working in your industry. Partnering with them can be a great way to get your brand out there.

For instance, if you sell baseball caps, you can offer a sporting goods store a wholesale discount if their employees wear the hats during work. In doing so, you attach your brand to an already established business.

Financial

Poor spending has caused the premature demise of many promising businesses. To avoid overspending or putting your money where it does not belong, you should build relationships with financial experts as soon as possible. Financial advisors, for instance, can look after your finances and guide you in the right direction. Accountants also hold a valuable role in a young company and should be hired as soon as possible.

Waste Disposal

This one may not sound as glamorous as the other options, but handling waste is a necessary part of being a responsible business. Especially if you are in some way connected to the construction and manufacturing industries, you will undoubtedly create waste that requires the special knowledge and skills of a waste disposal company. They can properly store, ship, and dump your trash. Furthermore, you will need to hire a company that knows how to safely dispose of documents in order to protect internal company knowledge.

Legal

“Sooner or later, everyone needs a lawyer,” as lawyers like to say. And while it may be intimidating to talk with someone about the legal mumbo jumbo that goes into making a business, hiring general counsel or contracting the help of an attorney can save you money, time, and confusion. They can help keep your payroll in line with tax law, explain the labor laws of your state, and sue competitors that steal your patents.

Customers

A business gets nowhere without its customers. They are the lifeblood of your revenue, which is why strong customer relationships are the most important among the types of business relationships your company needs. When you are starting your business, you want to leave a positive impact on your customers, perhaps with promotions or special events, so they will be more likely to return and refer you to others. Word of mouth referrals are a powerful way to generate sales.

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