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. ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ If you know, who is the name of the person that you need to form a solid business relationship with? ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ What do you need to know about each of the people you listed in order to form a type of bond? ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ What things do you like to do and discuss? Are any of these items that can help you form a business relationship? ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ |
