Business relationships are an essential component to the success of any business. The relationships a company has with its customers, employees and legal partners, as well as other businesses, have a direct impact on how a company develops and operates. No matter the nature of the business, establishing good business relationships is challenging but essential.

A common mistake that many people make when attempting to develop business relationships is focusing too much on the financial aspect. Instead, concentrate on being a helpful resource for your business partners. Make and distribute thought leadership content quickly and thoroughly address any concerns your business partners raise and take any other actions you can to help your new business relationships in a consultative manner. To build long-lasting and productive business relationships, it is essential to create and maintain this value.

Keeping in touch is also an important aspect of establishing relationships with business partners. Make sure you connect with your contacts frequently whether it’s sharing their tweets with a retweet or sending them a card or email. Make use of technology to stay in touch. For example software to manage contacts can help you track birthdays and the age of your children to ensure you don’t miss a call or send a card to someone on their birthday.

It is vital to maintain and establish solid and productive business relationships, especially with those who directly impact the health of your company for example, outside investors, accountants and bankers, among others. The strong connections you have with these professionals help you to create more job opportunities, increase capital and grow your business in an approach that would be difficult without them.