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South Burlington, VT

Value Creation Blog

7 Reasons Business Relationship Management Is Important

Posted by Josh Patrick

Business Realtionship ManagementI believe that managing the relationship to your business is one of the most important things you can do.  By managing your business relationship I mean controlling what you do at work and how you do it.

Many private business owners spend the vast majority of their time putting out fires.  They believe there is no one in their organization that is able to solve problems except for them.  Sadly, in many cases this is true.  It’s only true because the business owner has set it up that way……everything in the business must run through them.  In many cases, this business owner becomes an impediment in the success of their business.

Changing your relationship to your business is something you will want accomlish.  If you do some of the following things might happen:

  • You’ll be able to work less than sixty hours per week.
  • You’ll not only be able to think strategically, but you’ll have some time to act strategically.
  • You’ll have more options about exit strategies in your company.
  • You might feel less burned out because your not fighting fires all day long.
  • You could find that your business increases in value because you have made changes in your business that supports a different business relationship.  One that allows your business to function more smoothly.
  • You will develop time that allows you to take steps that will allow the business to become more profitable.
  • You can decide if you want to keep your business or sell your business.  Both options will become viable.

Business relationship management allows you to have real choice about what’s next in your life.  It could be keeping the business, or it could involve selling it.  One thing that is probable is you’ll have more fun running your business.  In fact, many of our Clients tell us that after they work on their business relationship they have no need and no interest in exiting their business…….ever.

Josh Patrick

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Topics: business relationship management, enterprise value, passive ownership

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