Issue #62 -- December 9 2002
A weekly journal about building stronger relationships in business.
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With all the talk of relationship management systems, this week's lesson ?Understanding the Value of Business Relationship Management Systems? tries to break through some of the myth that you have to purchase a software system or that such systems are not necessary. In fact, you can start right away improving your business relationships without software and benefit from this valuable concept. While the article is an abstract of a larger topic, I know you will enjoy it.
Did last week's lesson help your business? By now, you should be taking a serious look at each customer determining whether they are pulling their own weight. Now more than ever it is important to spend time with only your best customers, helping them through the hard times, building relationships with customers who make you more successful. Hard concept to understand when the companies around you are laying off staff, but it can mean the difference between profits and losses.
The next lesson will provide a number of strategies to automate customer interactions to reduce costs while maintaining your current level of income. A single investment that gets information to your customers faster, or provides them better services will return ten fold as your business progresses. Stay tuned to learn how in the next lesson.
Strategic Relations Consultant, Author & Speaker
By Justin Hitt, Strategic Relations Consultant, https://iunctura.com/
Business Relationship Management systems are more than an integrated software package, they regulate the way you conduct the operations of your company. They govern all interactions between people in your organization, define your level of quality, and create policy. In this article, you will gain a better understanding of the value of such systems in your business.
When speaking of system consider both software and human systems. Software systems include integrated Customer Relationship Management (CRM), Employee Resource Planning (ERP), Partner Relationship Management (PRM), or any other software designed to track or document relationships. Human systems include your people skills, business processes, plus any procedure that govern how employees interact with any party, which you utilize to reach business objectives.
All successful businesses already have some sort of system or systems to handle business relationships; however, you can improve these systems through a formal analysis of their effectiveness. You need these systems because they guide employees to take the right steps towards win-win business relationships. These systems help new employees know what constitutes appropriate behavior when dealing with customers, vendors, or other employees.
A standardized system provides:
You should be concerned about each of the eight relationship realms, primarily focusing on the customer, employee, and vendor relationships. If you are a public company then add the shareholder relationship. Multiple relationship areas do not have to merge them all into one system, just isolate the processes that pertain to each group and clearly define them.
Understanding relevant data elements and organizing them into a means of tracking business relationships can help you reach business objectives more quickly. Knowing to whom you do business can help you extend those relationships to mutually beneficial opportunities. It helps place common quantifiable measure on the analytical part of a relationship (its transactional value) so people can concentrate on the soft skills of trust and credibility.
Whether you have completely integrated all your back office systems, or have established a simple relationships policy, you will benefit from formalizing how you maintain relationships. How can you standardize or better understand how your company grows relationships?
© 2002 JWH Consolidated LLC dba Center for Strategic Relations, All rights reserved.
/ strategic-relations | relationship-realms /
Justin Hitt is a Washington-based Strategic Relations Consultant who helps business to business executives build stronger relationships in business that lead to more sales, increased profits, and greater satisfaction in business. Visit his website for more information, http://www.iunctura.com/
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© 2002 JWH Consolidated LLC dba Center for Strategic Relations, All rights reserved. Rights granted to forward, via electronic medium, this document in whole as long as the subscription and copyright portions remain intact. Dept HIP,PO Box 3123, Martinsville, VA 24115. http://www.iunctura.com/
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