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How to Bond a Business Relationship

How to Bond a Business Relationship

When should you create a foundation in order to solidify a business relationship?

Before you bond any business relationship, you need to make sure that this is a relationship that you both want to have. No relationship is a one way street; the relationship must work in both directions. You must have expertise that the client needs and they must have the resources to reward you for those services. You should never try to downplay your offerings with deep discounts, changes in what you provide, or any other thing that will decrease your value. The client must value what you have to offer through payment. Pro Bono work in the beginning to prove yourself will only harm you and the relationship you are trying to cultivate. If you do free work, then the value of your expertise will be limited and the customer will likely not want to pay your going rate.

If the client values what you have to offer and is willing to enter into a contractual agreement for services, then the relationship is worth bonding. You can bond a relationship by offering to work on a value based fee system which will not limit access to you during business hours and also give you freedom to conduct your work within the time frame given. This type of system also prevents micromanagement of how you spend your time. If you charge an hourly rate, then your value has changed to "how many hours can I afford" and "I want to know what that person is doing everyday for the money I am paying". A value based fee system will allow you to bond the relationship.

Checklists

How many business relationships do you currently have? ______

List at least 5 businesses that you would like to target for business over the next few months.

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_________________ _____________________________________________

________________________________________________ ______________

______________________________________________________________

__________ ____________________________________________________

If you know, who is the name of the person that you need to form a solid business relationship with?

______________________________________________________________

___________________ ___________________________________________

__________________________________________________ ____________

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What do you need to know about each of the people you listed in order to form a type of "bond"?

______________________________________________________________

_______ _______________________________________________________

______________________________________ ________________________

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What things do you like to do and discuss? Are any of these items that can help you form a business relationship?

______________________________________________________________

___________ ___________________________________________________

__________________________________________ ____________________

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Bett e Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people's attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the "Networking Queen". Blueprint for Networking Success: 150 ways to promote yourself is the first in this series. Blueprint for Branding Yourself: Another 150 ways to promote yourself is planned for release in 2005. For more information visit http://www.blueprintbooks.com

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How to Bond a Business Relationship

Small Business