Two important aspects of any business are your clients and investors. The latter provides capital to begin generating profit, while the former provides meaningful revenue — which you can use to pay back those investors. Relationships with these two groups of people aren’t always easy to cultivate, but it’s something any business owner must do to be successful. Here are some hot tips on how to do just that.
First, learn to strike the right balance. You need to be optimistic yet truthful and pragmatic. You need to be energetic and aspirational yet humble. You need to be respectful yet strong-willed and persistent.
Building a relationship is about more than just networking on LinkedIn or other social media networking applications. You have to learn to tell the truth even when it’s hard. Your investors might want details you don’t want to provide even when your time is limited. You might feel the urge to send a third party to give your investors new information or updates — but resist that urge at all costs. It’s a mistake. The personal touch matters more than anything else you might do.
Your investors will also want to know what your clients are thinking. What do they want? Should there be changes made? You need to try to be one step ahead. Keep on top of changing demographics and be ready for common investor questions. When your investor asks what clients are buying, don’t stumble or sound ignorant when you respond.
You can improve relations with both parties by starting from the ground up. Find a way to let clients know how they can put their two cents in or make your business better. This is a great way to balance what they want from your business with what your investors want to know about your business.
Last but not least: be open-minded. Your business won’t always have a great day, week, month, or even year. You need to learn how to fine-tune and make adjustments even when you’d rather not.