3 business relationships you need to grow

As the economy rebounds, it is important to have relationships with suppliers, vendors, bankers, and others in place to support your needs. Having a robust network in place may enable you to seize opportunities and respond to challenges quicker than your competitors.

Here are three tips to improve important business relationships:

Evaluate your vendors

Look at everyone you work with, from insurance, design, inventory, technology, and other essential services and review both pricing, and whether they have the skills and assets you require to do your best work. While long-lasting vendors can be a valuable asset, smart business dictates evolving your relationships as business changes. Give current vendors a chance to meet your prerequisites, but consider whether others with additional capabilities could move your business to the next stage.

Review current partners

Working with other companies to offer complementary goods or services is a proven tactic. Regularly reevaluate these partnerships to see if they are aligned with your current — and future — objectives. See if there are additional services new or existing partners could provide that would enhance what you offer. Delegating work to new partners might help you focus on building your business. Review whether your existing partners are still the right fit, and whether your contracts with them still make sense.

Lean on your business banking relationship

The right banking relationship can help a small business grow and thrive. Day-to-day, your bank can meet your requirements for mobile banking, online bill paying, and collections support. Make sure your banking partner can also help you access funds for short-term uses (like purchasing inventory and seasonal needs, or handling accounts receivable) or longer-term plans to grow your business. And, every business should have access to a line of credit, so you’re ready to take advantage of opportunities when they arise.