Financial Relations are those relationships that benefit you by enabling you to:
Acquire rights to your idea or product. The credit union helps individuals and businesses build financial relations.
- Get paid for being consulted.
- Get paid a salary for work done.
- Receive royalty for your business.
- Receive interest for a product or an idea that was initially yours.
Building financial relations
1. Offering quality goods and services
When you are building a product, you should put more focus on the quality of the resulting product and not the amount that you will get out of production. If, for instance, your pencil producing company builds so many pencils that when a person is sharpening them, the pencil tip breaks so fast. When users start complaining about your product, their complaints break, instead of building your relationship. But if you do not concentrate on the number of pencils that you will produce but instead focus on providing pencils that will not break during sharpening, customers will love your product, and this builds a great relationship between him/her and your company.
2. Work on making the client’s trust you and your product
Advertising and marketing your product is crucial because it gives customers a sense of what the product is and what it can do. If you advertise a product and say that your product is sustainable, then when the consumer is using it, they should be able to see and feel that what you advertised is true. This builds the customer’s trust in you, and they have the notion that you are an honest person.
3. Maintain contact with other people
Out of sight, out of mind, they say. So if you do not communicate with a person once in a while and out of nowhere, one day you decide to call them and ask for their help, they will find it difficult to assist you because they will think of you as being opportunistic and only contacting them when you need their help. So, on a regular basis, you should call them, send them an email, invite them for coffee, drop in their office and say hi or send a message, drop a card during holidays or ask someone close to them to say hi.
Staying in contact with a person keeps you in their mind. So when an opportunity arises, they will market you. And if someone is in need of a service that you offer and they hear about it, this person that you’re almost close to now will refer the person in need to you.
2. Building friendships
Maintaining a sound financial relationship may lead to two people or companies becoming friends. This may slowly develop from merely calling to say hi, and you may be surprised to receive an invitation to their daughter’s wedding. You may, in turn, get free advice from them or even a partnership when the chance arises.
3. Helps during hard times
No one and nothing is perfect. One way or another, you’ll need someone’s help someday. And if you have been maintaining a good relationship with other people, it will be easier for them to help you when you or your business is in problems.