Business Relations

Filed Under » , ,
Dictionary Says

Definition of 'Business Relations'

The connections that exit between entities involved in the business process. The term business relations refers to the connections formed between various stakeholders in the business environment, including relations between employers and employees, employers and business partners, and all the companies with which a company is associated.

For example, one company's business relations may include a long list of customers, vendors, sales leads, potential customers, banks, stockbrokers and any municipal, state and federal governmental agencies. Essentially, business relations are all of the entities with which a business is connected or expects to have a connection.
Investopedia Says

Investopedia explains 'Business Relations'

Businesses depend on the development and maintenance of vital relations with employees, business partners, suppliers, customers - any person or entity that is involved in the business process. Companies that intentionally cultivate and maintain connections may be more successful than those that ignore these connections. Strong business relations can promote customer loyalty, customer retention and collaboration between businesses in the supply chain.

From a financial standpoint, business relations can theoretically make or break a business. Strong relations can lead to better business processes, improved communications, better policies and procedures, and mutual cooperation, resulting in better products, services and revenues. Weak relations can lead to detrimental outcomes, including unhappy employees, dissatisfied customers, negative reputations and limited growth.

Many companies use a number of strategies to ensure strong business relations are fostered and appropriately maintained. Relations may be established through a number of means including social media, emails, phone calls, face-to-face meetings, etc. Relations can similarly be maintained through frequent contact (by phone, email, in person, social media, etc.).

Primary advantages of developing and maintaining business relations include customer and employee loyalty, building a positive company image and increased business performance, all of which can be important to the company's bottom line.

Articles Of Interest

  1.

    Keeping Clients Through Good And Bad Times

    If you work in the financial industry, the secret to keeping clients happy is to be consistent.

  2. How To Target Ideal Customers

    Expand your definition of a lucrative client and uncover a new realm of possibilities.

  3. 10 Breakout Ideas For Small Businesses

    If your business has hit a wall, we've got the answer to break through and increase sales and earnings.

  4. Maintaining Work/Life Balance For Financial Professionals

    Maintaining work/life balance is a challenge for most professionals in the finance industry, but it doesn't have to be that way.

  5. 4 Traits Banks Look For In New Staff

    Trust is the number one trait that banks are looking for in new hires, but there are other abilities that are equally desired.

  6. The Path To Becoming A CEO

    Think you have what it takes to be chief executive? Find out what those at the top have in common.

  7. Wall Street’s Glass Ceiling

    It’s tough to boast that there are more female CEOs than ever before when they make up only 4.2% of the total.

  8. Is Lululemon's Chief Product Officer to Blame For Sheer Debacle?

    Lululemon announced April 3 that Chief Product Officer Sheree Waterson was leaving the company as of April 15. Assigning blame might appease the board, but it shouldn't do anything for investors.

  9. Schulze Plus Joly Equals Success?

    Best Buy founder Richard Schulze announced March 25 that he was dropping his bid for the company and rejoining the board as Chairman Emeritus. Two other former board members are rejoining as ...

  10. Is it Time To See Through Lululemon?

    Lululemon has pulled 17% of its women's bottoms due to a quality problem. It turns out that its latest batch of black luon yoga pants, which combine Lycra spandex with nylon, were virtually see ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Xenocurrency

    A currency that trades in markets outside of its domestic borders.

  2. Wanton Disregard

    A standard of severe negligence. Wanton disregard is a very serious accusation that indicates that a person behaved extremely recklessly.

  3. Ultra ETF

    A class of exchange-traded funds (ETF) that employs leverage in an effort to achieve double the return of a set benchmark.

  4. Toehold Purchase

    A purchase of less than 5% of a target company's outstanding stockmade by an acquiring company. A toehold purchase of just under 5%, while not a significant stake in a firm, allows the shareholders a "toe-holds" grip on the company and its decision making.

  5. Samurai Bond

    A yen-denominated bond issued in Tokyo by a non-Japanese company and subject to Japanese regulations.

  6. Chartalism

    A non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Trading Center
http://sp.fastclick.net/ad/tr/10858-64082-15546-0?mpt=a7e7e4e1823102bf7365d5e0e6eaa965