Seven Powerful Relationships for Your Business
By: Rasheed Khan
Tags: Leadership, Small Business, Finance, Banking, Business

Written by Rasheed Khan

Wrapping up 2020 and gearing up for 2021, it’s definitely a time for reset and launching a gameplan to make your business profitable. Having spent years mentoring and coaching all kinds of business owners I have found in my opinion there are 7 powerful relationships that need to be cultivated in order to put yourself in a profitable position, no matter the economy. This is an article of my personal opinion not representing anyone else. Whatever company you own, whatever model you are working with, however you have had to pivot this year and whatever platforms you are using, now is a great time to consider these recommendations

I. Customers and Partners

I’ve done many financial seminars and asked business owners a simple question. “What is a business”? To my surprise a lot of people couldn’t answer. Think about that. We have to keep it simple. When you have a business you are providing a service to meet the need of someone else. In return there is normally a type of compensation for those services. I’ve seen many business owners become overly focused on so many other details of their companies they forget to service their customers. Or are justifiably so ambitious to scale their companies, they forget simple things like “intentionality” in making their customers and partners feel special and valued. People want to support a business that has created a space for them to have a win-win relationship. Whether it’s saving money or incentives etc, the development of win-win relationships is vital when creating great customers and partnerships.

Great book I’d recommend is “Raving Fans: A Revolutionary Approach to Customer Service” by Ken Blanchard. The synopsis is the following:

“Your customers are only satisfied because their expectations are so low and because no one else is doing better. Just having satisfied customers isn’t good enough anymore. If you really want a booming business, you have to create Raving Fans.” I love the picture developed here of growing not just customers but literally a fan base that will be promoting for you! But it will be a win-win if you are making them feel special and provide a service and value that is beyond what they are experiencing anywhere else!

II. Mentor

One of the number one personal finance books available is Rich Dad Poor Dad. Beautiful thing about that book isn’t just about the different ways cash flows and generating a structure for passive revenue. But more so the power of relationships. The book is about the author’s personal story of getting to know his friend’s dad who had a better lifestyle. As he took him under his wing he was able to learn how to do the same. A lot of people want to grow their revenue and resources but don’t know where to start. Mentorship is one of the most overlooked relationships and yet the most powerful tool you can have to put you on the right trajectory towards your goals. To have honest conversations that you are open to receiving coaching and mentorship puts you at an advantage to launch a better foundation for your success.

Over the years I learnt if you had to go through a minefield, you wouldn’t want to go first. Follow the one who went through successfully without blowing themselves up. Follow the ones with fruit on the tree , that have the results you want. Getting that 30,000 foot perspective will cause you to save a lot of time and money. It’s not about just learning from your own experience but gaining wisdom to learn from others and their experience to make sure you don’t make the same mistakes.

The shortest way to a destination is a straight line, and the quickest to success is mentorship from those who have accomplished what you want to accomplish.

III. Business Banking Relationships

You can find the greatest treasure in the world but if you can’t open the box you still don’t have access to it. There is an abundance of resources to help business owners but if you don’t have a trusted banking advisor it may not feel that way. I encourage every business owner I talk with to make sure to set up a business review. Learn about resources and solutions available that you can leverage to help your business grow or even just maintain. How are you sustaining cash flow during these rough economic times? What financing do you have access to that may be a great fit for your business? It never hurts to walk into your bank and speak with a small business specialist that can connect you to resources that may be able to help. This is what I love to do . To help business owners have the capacity and resources to grow, scale and sustain long term. People go to the doctor for check ups all the time… when’s the last time you had a check up for your own business?

IV. Lawyer/Legal Services

Every business owner should have access to legal services for their own protection. Reviewing contracts, protection from and preventing lawsuits. Getting perspective on legal matters is priceless and can assure your legacy will outlive you.

V. Accountant/CPA

Building a business with the input of a really good accountant helps owners save time and money. Budgeting, P&L, Tax help, processing returns, etc. Being able to have a trusted accountant will keep you be organized financially and stay financially fit. Like when it comes to our physical health it’s more about the food we are eating and not solely based on working out. Same thing here in business. It’s not only about how you are generating the income but that you are also keeping and growing it. What are you doing with the money you are creating? What’s going to savings, donations, write offs, investments, etc? A good trusted accountant can help with this. Let’s not only make money, but keep it and grow it as well.

In the gym, no one enjoys intense core calisthenics… but if we are crushing fried food all week we are literally pedaling backwards. Why do the same thing financially? A good CPA is like a good financial dietician and will help you become and remain financially fit.

VI. Legislators, Business Leaders, Chambers etc

“Keep your ear to the ground” is a saying that applies to knowing what’s coming and learning trends and setting proper economic expectations. Networking with the right influential professionals and legislators will allow you to get updates, perspectives and accurate information. 2020 definitely proved the benefit of having access to the latest news, updates on government funding and relief decisions, etc. For me personally over the years being a part of a few Chambers of Commerce has allowed me to connect with and hear from State Legislators and Government officials directly instead of relying on just the news, rumors or blogs.

Networking with them can also allow you to be a part of the “answer” our small business owners and communities need right now. I encourage everyone that if you are in good position, go to your town halls, mayors office, state legislators, other government officials etc and see what can be done about the local issues and how you can be a part of the solution.

VII. Yourself

We can all cultivate these relationships and assets . We can all look at our goals, budget and P&L sheets, financial projections for the new year, etc But if you stop believing in yourself and your why, your purpose, …what’s the point? Belief is the fuel in your gas tank. Your business may be a Ferrari or Bentley but if you don’t have fuel you aren’t going anywhere. We have to be on our own side. When you look in the mirror who is staring back at you? Your biggest support or biggest opposition? You can be your greatest asset or greatest liability. We measure personal assets all the time…what we bring to the table or feel we are missing. May I encourage you to start looking at your weaknesses as assets.

Being the CEO is not only because you own your company but you have to also be the “Chief Encouragement Officer” for yourself as well. How many times daily are you encouraging yourself and finding the silver lining even in the dark times. One of the greatest habits you can develop is to encourage yourself. To dream again. To realize that your perception of the person staring back at you in the mirror will be the life blood of your business. The first step in order to scale your business is to scale your own personal development and belief in yourself and calling. Your belief will be the oxygen of your soul, and we all need to believe that if we are still breathing we have a purpose and calling to be a blessing in this world. In a year where we all feel like we had the wind knocked out of us, it’s good to create a habit of opening the sails again and start believing the best is yet to come. You deserve to win. Will you work hard for the ones you love. And cherish every day knowing that it could be the day you impact another life for good.