Strategic Business Tip: Connecting With Your Key Focus Groups

Looking for better business connections? Consider these three key focus groups for your business relationships, and three ways to cultivate strategic relationships with each of them.


May 3, 2024


Insights, Global

In the United Kingdom, around 1 in 5 businesses fail within their first year. About 20% of them fail in the first year, and approximately 60% go out of business by year three. There are a variety of reasons why businesses might go bust, including lack of access to capital, poor business planning, unsuccessful marketing, and lack of brand awareness and visibility. However, one often overlooked reason for business failure is not having good business relationships. Businesses that prioritize, establish, and maintain healthy relationships understand that this is a good strategy for their growth and success, regardless of their company’s size or how long they’ve been in business.

Building and nurturing relationships is a key to achieving business success and a pathway to long-term business growth. No business can operate alone, and by cultivating and maintaining good business relationships, business owners and leaders can ensure consistency, avoid unnecessary losses, and grow in a scalable and manageable way. This approach helps business owners strengthen their network and business acumen, paving the way to becoming industry experts and supporting the next generation of entrepreneurs.


The Key Focus Groups

In business, there are three key groups to focus on from the outset: customers, employees, and partners. There is no ranking of significance between these three relationships, as they are all equally important and play specific roles in helping a business gain brand visibility and awareness, build a strong reputation and credibility, and achieve longevity in their industry. Each of these relationships serves a purpose, and we discuss each role below:


1. Customers

Every business depends on its customers as they represent the buyer and the community. However, it is not a given that companies will have a good relationship with their customers just because they sell to them. Customers deserve to receive high-quality products and consistently positive customer service experiences from businesses in the community where their product is part of their everyday lives.


2. Partners

Business partnerships are essential for achieving profitability, gaining knowledge, and expanding. These relationships may exist between individuals who start a business together, work in the same industry, share experiences, or have a client-business connection. Collaborating in business is like a marriage; if handled properly, it can make or break a business. Therefore, it is of utmost importance that all partners involved maintain harmony and establish proper protocols.


3. Talent

In the business world, the employees that form your team are the backbone of your organization. Their skills, knowledge, and experience play a crucial role in building your business. Therefore, it’s essential to understand that the value they bring to your company is just as important as the profits it generates. Since no business can function without its employees, investing in them is crucial, and ensuring they feel appreciated and rewarded for their hard work is vital.


Cultivating Strategic Business Connections

Identifying these relationships and their role in your business is step one. Step two is cultivating strategic connections with these three types of important business relationships. Consider these three tips the best way to have and keep these key players in your business’s success.


1. Stay in touch

Communication is key in any relationship, and the same goes for business. Partners need to know how their business is going, talent needs direction and feedback on their performance, and customers need to be aware of your products and sales through marketing—learning how and how often to best communicate with your key business relationships is the way we create harmonious and open connections. Establish timeframes and the right avenues for contacting each group to ensure everyone feels connected and in the know.


2. Give and Receive

Nowadays, giving back to the community is an integral part of any business. However, it’s equally important to graciously receive feedback, advice, and support to maintain a healthy balance in business. As a business owner, providing excellent products or services to the market while also receiving constructive criticism to improve your offerings, advice on growing your business, and support from your business relationships is crucial. Therefore, both giving and receiving are essential aspects of running a successful business, and all business owners should expect it.


3. Be Present

In today’s world, businesses need to be active members of their community. This helps establish strong relationships with their customers, partners, and employees. Gone are the days when business owners could hide behind the anonymity of their business name. Although running a business can be time-consuming, it’s essential to take some time to be visible, approachable, and personable. This marketing strategy can help your business capture the attention and loyalty of your target audience.



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