Establishing Key Relationships

Being in business on your own can be a lonely existence.  It is generally accepted that a focused group of individuals working as a team will outperform the members of the team working as individuals.  So when you are running your own business you have to look to, in effect, what is an 'extended' team.  All members of the extended team are working with you to help you achieve your business goals.  So, a ‘one man business’ can still operate as a team.  

 These are essential relationships to manage effectively and, depending on the nature of your business, might comprise your 

  • Business Mentors
  • Accountant
  • Bank Manager
  • Key Suppliers
  • Solicitor
  • Influencers within your industry/sector
  • Representative bodies
  • Customers 

These resources to your business can support you to succeed through the provision of 

  • being a sounding board for your ideas
  • expert information source on specific issues e.g. legal, employment, taxation issues
  • products
  • services
  • valuable information
  • advice 

To best assist you, they need to know relevant aspects of your business plan.  Keep in contact with your extended team, even when you don't need something.  It lays the foundations for a strong support structure around you and your business when you do. 

Apart from assisting with credit facilities, your bank has a lot to offer customers in terms of advice and counsel on business related issues.  Business bankers are well equipped to understand the needs of the customer and to provide innovative and practical solutions to financial issues affecting businesses. 



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