When most people think about capital for their business, they think about investors, loans, equity, etc., that is used to pay for day-to-day operations or future growth. Even though every business needs capital to thrive, I would argue that building “relationship capital” is equally as important. Relationship capital is an intangible asset that is built up over time between people. Below I share some important points to consider about building this asset in your business.
This is a guest post by Zane Pucylowski , P.E.
Customers want to work with engineers who provide excellent service by respecting their time and needs. However, manufacturing challenges, constant innovations, and changes to the industry can be a barrier to excellent customer service. Without great customer service and relationship building, new innovations and investments may never happen. Keeping a steady pipeline of existing clients will be beneficial to your firm. Existing clients keep your project board full and can recommend your firm to new clientele. However, closing on a new lead can take time, so it helps your firm to re-engage with existing clients. As the President and Principal Engineer at Phoenix Engineering and Consulting, I have seen the importance of maintaining solid client relationships. Here are five ways we work with clients to make sure we keep these relationships strong.