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Benefits of Business Relations ?
Hallmarks of good business relations include trust, loyalty, and communication. The success of long-term business relations is dependent upon trust, as it can foster employee satisfaction, co-operation, motivation, and innovation. Similarly, loyalty helps companies form strong and lasting relationships with employees, who return that loyalty by providing high-quality services. That, in turn, can translate to high customer satisfaction and better sales because customers tend to pay more for products or services when they hold a company in high regard. Inherent to trust and loyalty are good communication, which is essential to managing and optimizing internal and external business relations. Social media as an integral part of business relations can give users and companies a competitive advantage and therefore improve business performance. Establishing good communications protocols early on can facilitate and improve planning, projects, and policy making. From a financial standpoint, business relations can theoretically make or break a business. Strong business relations can create a competitive advantage. Weak relations can lead to detrimental outcomes, including unhappy employees, dissatisfied customers, negative reputations, and limited growth.