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Posted by Brett Romero - 28 August, 2019

6 Reasons Business Relationship Management Is Important

Businesses can be tricky and many top entrepreneurs and CEOs find themselves micromanaging every aspect of their business. A lot of private business owners of small to medium-sized companies may find themselves to be the one putting out fires in their hierarchy. They think or hold the belief that no one in their organization is able to solve their problems except them. In many cases this is true but only because the structure was made that way. It has to change or else the business owner becomes an impediment to the success of their own business. You will want to accomplish a change in your business to have a better procedure and process that will take your business to the next level.

Eliminating Silos

A BRM or Business Relationship Management should be designed to stimulate surface and shape business demand across all functions. These include business units, sales, marketing, technology, HR, and finance. It should be ensured that the potential organizational value from that demand is captured, optimized, and recognized. A strong BRM capability converges cross-functional teams. It eliminates value depleting silos. The point of a good BRM is to strengthen collaboration and drives a culture of creativity, innovation, and shared ownership across the enterprise. The point of this is to deliver the intended business value results.

Collaboration

BRM is a set of skills that provide a way to collaborate in a way that maximizes the value of each business area. BRM also fosters a deeper way to appreciate business partnerships because of transparency in all aspects. BRM is also about strategic leadership focused on producing true business value by stabilizing, maturing and converging  IT and business teams into one high-performing team.

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Advancing BRM Capability

In Building BRM you have to understand BRM Concepts. The next stage is to build trusted relationships within business counterparts at all levels of the organization. The reason for this is so everyone will be a valued strategic partner. BRM leaderships must start at the top and be supported throughout the organization.

Mentoring and training people are an essential part of BRM. By deploying newly trained personnel they are able to quickly access the current state of the relationships and functions they own to gain an understanding of people’s different starting points and unique situations.

Get People with a Wide Variety of Skills

People who have a wide variety of skills are perfect for the business relationship manager role. Select those who have a wide variety of skills, knowledge, and experience, including project management, client service, business knowledge of the area they are supporting and very strong interpersonal communication skills. You can increase their success by providing training and tools so you can get the exact results you want. Find an area in your business that can truly benefit from BRM such as your customer relations and begin your growth within that group. If it becomes successful it can become a case study for future experiments on BRM.

Customer relations are important to avoid Churning of Customers

You may be beset by poor customer relations in your business and this is really a result of poor customer service more than anything else. You should ensure that your customers get the satisfaction they need to avoid headaches on your part. You should be able to track and measure the experience of each customer and put in new procedures or systems that will ensure they will be satisfied. This may mean increasing customer service quality. Be consistent and be able to give your customers something to be surprised about in a good way.

small business owners

Customer Service Differentiating Point

There will always be products similar to yours and it is already a given that competition in the market is high. The kind of relationship you have with your customers will be a differentiating factor in the field of competition. It’s been said that between two companies making the same products or offering the same services people would naturally choose the competitor that offers better customer services. If you have a website it pays to analyze your website and customers so you will know the key indicators of their buying habits and satisfaction so you will be able to adjust your products and services in the future.

There are benefits to changing the process in your business if you want to maximize its potential to the next level. Get the right talents in the right places that can help you in all aspects of your business. You can use BRM in your internal processes as well as improving your customer relations for better growth and ROIs 

Summary

  • With business relationship management, you should be able to successfully manage the business units, sales, marketing, technology, HR, and finance
  • Building trusted relationships within business counterparts at all levels of the organization is important to create valued strategic partners with everyone
  • Selecting people to work for you that have a wide variety of skills, knowledge, and experience is important to help run your business smoothly
  • The relationships that you create with your customers could lead to long lasting business relationships and sales

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Author:

Meggie is a marketing expert and a data junkie with more than six years of experience in the field. Aside from being a marketing nerd, she loves taking her life to the extreme with bungee jumping and skydiving when she feels some freedom.

Topics: Management, Relationships, Collaboration

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