May 2016

Building Healthy Business relationships

Laurence A. MittelbronnManaging partner @ Procurly

Thank you very much for taking the time today.I am Laurence Anne Mittelbronn, I am a Strategic procurement specialist (as well as many over things), with an International and multi-National experience - have worked for Global International Groups such as Sodexo, and Accor Hotels. I am delighted to be given the opportunity to talk with You today about: Building Healthy Business relationships, to which I would add: long lasting. As touched in the webinar on April 15th “Doing Business with Corporations”: “people do business with people they know…”

“Success in business does not depend on what you say, what you hear, what you feel, what you see.”

It depends on what you do.”

I once heard: “You don’t know who they know until you know!” and I completely stand by that.

How to Start, How to Build, How to Maintain Healthy Business relationships

OneThe requirements for a healthy relationship in business are very similar to a personal partnership or friendship. Communication is key! I believe that Authenticity and Acceptance are also important.

CORPORATION

FourBe aware of Who is the Client. Getting to know your target audience / niche market and the people that work with you & for you is the key to being a good entrepreneur. You want to get to know one another better and through that build relationship.

TwoCommunication is an essential aspect of everyday life - we never stop communicating. This is especially true when it comes to business relationships and how we communicate with our clients.

FiveOne major problem is that owners of many businesses whether small or big, especially if they are struggling, have a problem in identifying their audience.

ThreeThere will always be rough edges, problems to solve and difficult situations to deal with. Keeping everyone satisfied at all times is not always possible in our less-then-perfect business world. Therefore, build a solid reputation and business relationships with the people you do business with.

SUPPLIER DIVERSITY

PROCUREMENT FINANCE MARKETING

SALES

Who is my Target audience ?

Know your customers wellIt will ultimately help your

business grow from strength to strength. The most valuable asset your business has, is the customers and they are the ones who will point your business in the right direction. It’s that simple! Your focus on being specific will enable you to set your personal and business targets, and will be much benefitting to how you achieve your end goals. • You have to give people the

feeling and experience that they are looking for, when entering into being a customer of your business. Thus, give them a great experience, offer a personalized service, be knowledgeable.

• Give More than You receive: Clients really appreciate when they realize that you are looking out for them.

Do your home work“The most important thing in communication is hearing what isn’t said.”- Peter Drucker

Take the time to learn how the targeted client is set-up / their way of working etc., as well as how co-workers on their teams prefer to be communicated and interacted with.

Do not expect to communicate similarly with everyone "To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others."– Tony Robbins

How to Start, How to Build, How to Maintain Healthy Business relationships

TIPS

Live Up to Them - perhaps the most effective way to consistently satisfy anyone you’re doing business with. After all, this is the main reason why they’re dealing with you – you have something to offer that they want, or vice versa. If you fail to provide that certain thing, that they’re after,, then what other reason do they have to continue working with you? As part of maintaining healthy business relationships, it is imperative to provide realistic expectations of what it is you’re offering and then live up to those expectations regularly.Under promise and Over deliver - You’ve probably heard this one before…Under promising and over delivering means promising the bare minimum that you’ll be able to deliver (while still satisfying and accommodating the need and preferences of the client) and then delivering the optimal maximum, as often as possible. We all know with our own suppliers how much better it is to have them exceed our expectations.

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Listen and Be Attentive

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Set Clear Expectations

How to make a great 1st impression ?“You can make more friends in two months by becoming interested in other

people than you can in two years by trying to get other people interested in you.”– Dale CarnegieMost clients hate when you have to ask them the same thing more than once.Keep in mind that listening and understanding is a crucial point when strengthening business relationships.

"Many relationship problems are rooted in a communication breakdown. These can be as simple as not really hearing what the other person is saying, because we get caught up in our own fixed perspectives."- Sumesh NairListen more than you Talk - taking the time, listening to them and really understanding where your clients are coming from will set you apart.

Provide Notification of Delays - if it doesn’t appear likely that you’ll be on time, provide notification as soon as possible so that the appropriate arrangements can be made - most clients and suppliers are much more satisfied when you notify them of any delays.Encourage Honest Feedback - An open, honest relationship demands clear communications of how each party are performing. Encourage constructive criticism and be brave enough to suggest ways clients can help you perform better: if you know where you stand, you can stand stronger.

The first step in creating and fostering healthy business relationships is establishing reliable communication on a regular basis. Surveys have shown that prompt and effective communication is one of the most influential and appealing attributes a company can have. Keep in touch with customers, quickly respond to any enquiries. Even if you’re unable to fulfill your agreement with them at the moment you need to provide a response and keep them informed. Make a Routine - ensure that not too much time passes before you connect with your contacts. With the proliferation of social media tools, such as Facebook, LinkedIn, Twitter, it is never been easier to keep in touch.Be Proactive - using knowledge of your relationships and network, forward articles, links and other information that might be of interest. Make it Personal - sometimes it is good to send an actual physical letter or card of appreciation, as opposed to an e-mail.Meet Face-to-Face - invite your contacts to an event, that you would both enjoy. You will naturally deepen the relationship and get to know each other better (sporting, music, etc.)

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Stay in Contact

4Don’t Be Afraid to…

TIPS (Contd.)

“Attitude is a little thing that makes a big difference” - Winston ChurchillA positive attitude is contagious and inspiring to work alongside.Does ‘What goes around, comes around’ really work? I think it does - To be a successful business person you need to be a nice person, simple! What you do for your customers and clients will go a long way in building good relations.Likewise, there can only be one positive outcome and that is a thriving business – every action has a reaction, if it’s managed positively then the reaction is likely a positive one.

Be Honest and Courteous - this is an obvious element of all business relationships. When you tell lies, eventually the truth will come to light and when it does client or supplier will be much more upset - had you simply had the courtesy to tell them the truth. If you’re working on a project that you know you won’t be able to finish, go ahead and let them know, so they can take the necessary steps to make adjustments. Although they may not be happy about the unexpected deviation, they will be happier than they would’ve been had they found out, you lied to them about your situation.Be Real - Do not be afraid to be vulnerable. Let people see who you are, it builds trust and respect.

5Develop a Positive Attitude

4Don’t Be Afraid to (contd.)

TIPS (Contd.)

Few More Tips

Do not doddle, send text messages, take calls or answer emails when you’re supposed to be listening attentively. This will allow you to respond appropriately and avoid misunderstandings.

6Accept Personal and Cultural differences

7The most effective way to listen to anyone is with both your ears and your eyes

It is counterproductive to expect and hope for everyone to be like and think like you. When you and an Client don’t see eye-to-eye, try looking at things from his or her perspective. You will both be more productive if you recognize the need for cooperation to reach the set goals of the team and organization.

8Resolve Conflicts Early

When a negative situation arises, do not let it continue to boil. Be prompt, direct, honest and courteous. Develop a plan of action to address the problem professionally with your team. Then work together toward resolving it, positively before having to bring it to your Client or work with the Client.

"We can't solve problems by using the same kind of thinking we used when we created them." - Albert Einstein

TOOLS to turn a connection into a Healthy Business relationship, a few options

“The two words 'information' and 'communication' are often used interchangeable, but they signify quite different things. Information is giving out; communication is getting through."– Sydney J. Harris

"The goal is to provide inspiring information that moves people to action."- Guy KawasakiPeople always remember where you helped them out, but never forget where you didn’t, and that can be damaging for you in your market place inevitably.

“I speak to everyone in the same way, whether he is the garbage man or the president of the university.”– Albert Einstein

“It is surprising how much you can accomplish if you don't care who gets the credit.” - Abraham LincolnShare the spotlight and recognition and you will find yourself improving the trust and appreciation level amongst the entire team. If you want to be liked by members of your team / client’s team, try recommending them for opportunities and recognition first. “In many ways, effective communication begins with mutual respect, communication that inspires, and encourages others to do their best.”– Zig Ziglar

Bring value into your future relationships

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Make them look & feel good2

Share Opportunities and Recognition Willingly 3

Tools (Contd.)A great way to leverage your networking effort !One of the most popular ways to building strong business relationships, is to get to know someone through the ‘businessman’s golf culture’. It’s no coincidence that golf has become the ultimate activity for business people to build stronger relationships upon - a game of golf lasts a couple of good hours, which is a long time to spend talking to someone on the golf course and get to know him or her.Golf requires a different level of skills, like high level of concentration, decision making, strategic thinking, coolness and others that are also important in the business world. The players ‘read’ the way the other person plays, and make their opinion on whether they should do business together.

Think outside the box or think different, it will make the biggest difference to your business life. "Remember that six most expensive words in business are: We've always done it that way." - Catherine DeVrye Changing the way you meet with other business colleagues can benefit you in several ways:• Building strong business relationships and will have a

positive impact on business development plan• Get to know one another and discover new

personality traits• Openness to the other person – Give & Take • Creation of shared memories that bonds people

better• Awareness and memory for details in uncommon

situations

Spice up your business making routine4

Think Outside the box5

Tools (Contd.) Few Guidelines to creating ‘out of the box’

business meetings

Certain activities can reveal other personality traits in people we know. These type of activities teach you a lot about the other person and vice versa. Building strong business relationships should be fun and engaging for both parties involved.

Make a spontaneous decision to do something differently - go on a field / location trip, among many other possibilities. These type of activities can add a ‘lively’ feeling; it can also express your creativity, intuition, personality and you will create memories that last a long time with stronger relationships.

In other words, in your niche market ,what more can you give whilst making the proposition exciting? Usually, it comes down to your experience around your business and knowing how to personalize it to the point of being a knowledgeable trendsetter and not just following the trend.

Choose activities that will help you learn about the other person1

Be Spontaneous – the best things come out of it!2

Be Trendsetter vs. follow the Trend3

Marketing via the medium of networking is one sure-fine way of creating appeal within your market. People get to know you on a personal level and through the constant contact you will build your visibility, credibility and profitability. The goal here is to educate your network, so that they are armed with enough knowledge to refer you to others within their contact sphere. This is where being specific about your niche market and your target audience really works.

In today’s world, we manage two parallel lives: the offline life and the online life, the social media life. You are being represented in both spheres and the way you are seen has a great effect on your online reputation management, and consequently, on your business success.

• Our business networking activity can bring us new customers, new deals, and inside knowledge that can expose us to some really valuable industry information.

• On the other hand, professional and positive information will increase yours and your business’s success rates and thus, reputation.

Your online reputation management is essential for a more credible and legitimate appearance.The Two fundamentals of Online Reputation Management: Monitor & Manage.

Build credibility through personal contact! 4

Maintain a Hot Online Reputation to Attract more Success5

Online Reputation is a First Impression6

Few Guidelines to creating ‘out of the box’ business meetings (Contd.)

Tools (Contd.)How can you know what people want?

1 Discovering what people wantIt is about working your way to find out what their needs are. Few useful ways that will make you a better giver:• Simply ask what they want: just ask what their needs are and what they want.

Through their answer you will figure out how you can be of assistance to them,• Create a new will for them: broaden your mind and think of how you can create

a new will and need for the person.Let your mind be creative in coming up with new ideas that may benefit both of you, but more importantly, how it could benefit them.For example: “You sell bicycles and I am an event producer – let’s plan a bicycle riding event”.

2 Tell how you can helpSometimes it’s hard to understand what the person wants. In this case, tell them how you can help them and at some point roll the conversation back to what it is they need. Be specific about your abilities to help, so the person would be able to really understand if they are interested in your offer or not. And in this case, ask what they would want, and ‘throw the ball’ back at them.Business networking is all about give and take, but both parties need to know, how to give and what to give.

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ResearchA great way to know what people need and want is through research in the offline and online world. • Ask mutual contacts about the person, what he needs, what he loves doing, and try

to get a better understanding of him or her,• Turn to Dear friend: Google and take a look at some search results (go past the first

page and get as much information as possible, that may help you). Linkedin might be an obvious channel, but look deeper into groups and discussions.

Follow the person’s social media postsRead what the person has posted on his social media profiles. Take a good look at conversations he or she are engaged in. That may give you a good understanding about what people want.

Tools (Contd.)How can you know what people want?

5 Really listen to what they say "Most people do not listen with the intent to understand; they listen with the

intent to reply." - Stephen CoveyIt may seem obvious but it’s not! so many people don’t really listen as their minds wander into other occurrences. In business networking, make an effort in truly listening to the other person’s words, try to get into their shoes and understand what stands behind those words. Only then, ask your guiding questions.

6 Ask guiding questionsTry to focus on some of their words and ask guiding questions intelligently, to know more about a particular topic.

Remember, the more personal you get, the better you understand the person and build on your relationship foundations. You may ask, get personal during business networking? Yes, great foundations are built through knowing many if not every aspect of the person (their favorite restaurant is, favorite mentor or speaker, clothing brand and so on).

Tools (Contd.)How can you know what people want?

Tools Michael Denisoff advises

All successful small businesses–regardless of what they do or sell–have one thing in common: their owners know how to build and maintain relationships.The truth is that entrepreneurs too often get caught up in the details of the kinds of products or services they are selling to notice how critical it is to build relationships not just with your customers, but also with your vendors, employees and–gasp–even your competitors. Without strong relationships, it is impossible to have success as a business owner.The reality is that business relationships are just like any other relationship. They require some effort to maintain and they must be mutually beneficial. As in any relationship, you must be willing to give, share and support, not just take or receive.

First, he created a contact database where he not only stored information on his clients, but also with vendors and business peers. He now uses the database to document the details of the conversations–both personal and professional–that he has with each of his contacts. "This helps with continuity and helps me to remember key facts and information about each contact.

Secondly, Denisoff changed around his daily routine so that he now dedicates a portion of his day to doing nothing but reaching out and maintaining his professional and personal relationships.

Be sure to contact people when you are NOT in need of something.

Source: http://michaeldenisoff.comTAKE NOTES ! - enter these notes to be able to enter keywords and find all the people you know who match that keyword.. Doing keyword mining on your own contacts will pay dividends for years !

APPENDIX

This quote from Van Gogh keeps me going when I start to wonder why I wandered from the shores of stable employment into entrepreneurship:

"The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for

remaining ashore." - Vincent Van Gogh

It allows you to be a messenger, share content, form opinions, gather information, follow trends and stay connected with like-minded people and customers. For small businesses, the power of sharing information is very important.Social media gives the opportunity to connect and engage with clients and potential customers through an alternative medium. Social media is the daily human face to your business on the internet.

1 The number one reason would be to drive relevant business traffic to your website. The idea is to expose your expertise and demonstrate what your business does, so as to grow the confidence of your audience in what you do and how you can help them. By positioning yourself as an expert in your field, your customers will grow in comfort and form a closer relationship with you simply based on what you’re telling them and choosing to share with them. Your social media and blog profile should always link back to your website, for when a customer requires more information.

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How social media can help small businesses ?

What does social media enable you to do?

Direct traffic to your website

Social media will grow your business relationship with your customers and encourage an informal, friendly appearance towards new potential customers. When the knowledgeable expert approach is in use, not only are you educating the customer, but also offering and opportunity to interact and share your message. If your business whether product or service provides great value and benefit, it will be recommended by your audience. That’s the beauty of social media. It makes sharing and recommending of a business effortless and therefore, instant.This will provide a very honest and direct source of feedback which would have been a very challenging task receiving in any other way.

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Social media is an amazing tool for listening to your customers.

Of course, you can ask an open question to your audience and receive feedback, but what

about feedback on questions you never thought of asking or didn’t expect an answer from?

Monitor your social media and listen out for what people are saying on Facebook, Twitter, YouTube and any other social media

including one of the most important, your blog. Will provide a very honest and direct

source of feedback which would have been a very challenging task receiving in any other

way. Listen to the feedback and respond to the feedback where applicable. Be ethical

and provide a response worthy of re-engagement. If through this feedback you

make some changes to your business, re-inform

the audience by sending out a message with some expert advice.

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Relationships and Recommendations

Instant feedback, instantly

There is no harm in announcing news and special offers from time to time - will generate a lot of excitement and drive traffic to the relevant areas. Articles and videos on ‘how to’ and other promotional videos are also fantastic tools to help your customers. They can be packed with tips which would even encourage the casually browsing audience to dig deeper in order to find more information. Videos have established their place on the internet and have started to project the medium of choice when illustrating products and services. As it is social media we’re talking about, remember. . . don’t over sell, in fact don’t sell at all. Social media is a two way process, it’s about interacting, engaging and of course informing. Informing and expressing your expert knowledge is the substance that will help sell itself.

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Whether it’s display advertising or sponsored advertising, it is a fast forward way of

getting your business noticed. For many small businesses these are the best places

to advertise for social profiles can be drilled down to geographical and/or demographical

possibilities which are highly effective for targeted advertising. The other great benefit

is that most advertising on social media channels are based on ‘pay per click’ or

impressions - not only does it give you the opportunity to target a specific audience but

also, to control creativity and specify budgets.

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Promotions and Broadcasting

Display or Sponsored Advertising

Social media is probably one of the best communication, marketing and strategic tools for any business. Especially effective for smaller businesses as the initial outlay and general overheads are quite low. The benefit of using social media definitely overrides any objections. Sign up and start engaging with your customers.

10 Ways To Extend Your Network & Attract More Opportunities

There is one answer that can lead you to anywhere you want to go: Create New Opportunities! & Networking is key to new opportunities …every person we meet, every new situation we are in, can potentially unlock new opportunities ! To create more opportunities one needs to extend his network and get to know more people – this is a proven fact by academic researches. There are many ways to met new people, and here are effective ideas you can start implementing today:1. Start a new hobby2. Study something new3. Join a professional industry organization4. Reconnect with old friends & good contacts - make a list of people you would like to get back in touch

with and set a meeting. 5. Have a Linkedin Group - comment regularly and manage that group. That will position you as a know

how in the chosen topic and will attract new people to you.6. Join a “targeted” networking group -  help to get referrals and new clients. These groups help to build

strong relationships, sharpen networking and self-presentation skills, and get more clients.7. Attend networking events - as well as professional conferences, or exhibition, chamber of commerce

events and the like8. Volunteer9. Contribute to your community …sometimes great opportunities are just too close for us to notice

them…10.Organize an event - professional or targeted to your group of friends. Make sure the people you invite

will bring their colleagues or friends along - this is a great way to get to extend your network.