Achieving business success is not easy. Experts will argue that to be successful you need a unique product and an ability to deliver a market leading client service. They’re totally right of course but David Tilling, CEO of eCapital Commercial Finance explains why although important, these two elements alone will not drive success and why it’s missing what he sees as the most vital ingredient – relationships!
It can be easy to reflect on the financials of a business and believe that positive income and profit figures are great indicators that your business is doing well. But we all know, and some may have experienced – especially in recent years – how things can change – rapidly. An important lesson I learnt early in my career is that your business is only as good as the people it employs and when it comes down to it, the relationships that they build are ultimately what makes a business so successful.
It does require committed investment. Great relationships are based on experiences. Every touchpoint is an opportunity to connect, deliver great communication and build trust. They take time to develop. And with any investment, it compounds over time but will pay dividends.
Relationships play a crucial role.
Relationships can make the difference and set you apart from your competitors, especially when delivering a commodity product. But what value can they deliver:
Loyalty and Retention
Strong relationships fosters loyalty and enhances retention. When stakeholders feel valued and understood, they are more likely to continue doing business with you, even in the face of competition leading to stronger and more purposeful long-term partnerships.
Trust and Credibility
Relationships are built on trust and allows us to have confidence in a business’s, integrity, and its commitment to delivering on promises. Building trust takes time, but it can make a significant difference to a company’s reputation and success.
Collaboration and Partnerships
Successful businesses often rely on collaboration and partnerships with other organizations which can lead to mutually beneficial opportunities. Reciprocity allows businesses to leverage each other’s strengths, share resources, and access new markets.
Referrals and Word-of-Mouth Marketing
Satisfied clients and partners who have strong relationships with a business are more likely to refer new customers and provide positive word-of-mouth recommendations. These referrals which are highly influential and cost effective can lead to new business opportunities and an expansion of your customer base.
Conflict Resolution and Problem-Solving
Inevitably, challenges and conflicts arise in business. However, strong relationships provide a foundation for effective conflict resolution and problem-solving. When there is mutual trust and respect, parties are more willing to engage in open communication, find mutually agreeable solutions, and preserve long-term relationships.
Relationships endure well beyond individual jobs. They are reciprocal, not transactional. Over the years, I have built up my business network which I count on, tap into, and rely on for support, direction, and insight (and vice versa). Investing heavily and heartily in these relationships have provided a wealth of benefits as I progressed in my career, and they’ve progressed in theirs.
A strong reputation
It’s therefore no surprise then that at eCapital, relationships are of the utmost importance across the whole business, and we place huge emphasis on continuing to build and nurture them – with our clients and our intermediaries. Our recent second place (missing out on first place by 0.1) in the Business Money Receivables Finance 2023 Intermediary index is testimony to the efforts that we put in and the credible reputation we have built.
Speed and Communication delivered personally.
We know our relationships are built on speed of response, open and honest communication and a highly personalised approach. Across the business we continue to invest in team members who are as committed to building great relationships as I am.
Maximising our parents’ strength
The strong relationship we have with our parent enables us to continue to invest in the areas that matter to our key stakeholders. They like us are committed to making a difference to UK Businesses and our plans and actions all focus on delivering the things that make a difference to the relationships we hold.
Clarity on where we add value
Over the years, like many funders we have debated the opportunity to expand our offering into other lines of funding – asset, stock, property, loans etc but as the market knows we have resisted the temptation. Why? Because we have made a conscious decision that we want to specialise in Invoice Finance. That way we pour all our strength and resources into one solution. We do not want to be distracted from delivering the best Invoice Finance solution in the market. A solution geared towards our clients’, and which helps them achieve their goals.
It’s people who run a business.
While it may sound obvious, this simple reminder is critical. As a leader, it’s important that you never hold your business and its success above the people who built it. When you put people first, you continue to build respect and trust in your relationships. And when you have that respect, success will follow.
1200 clients can’t be wrong.
We’re proud to support over 1200 clients and to be part of their continuing success. Our business is driven by a strong set of values and at the heart is Relationships. Anchored in mutual trust our team strive to deliver emphatic relationships so that we make the best decisions for our clients ensuring clarity in everything we say and do.
By developing these kinds of relationships, your business transforms from being “just another company” into a brand clients and partners know and trust which is why I believe investing time and effort into building and nurturing relationships can yield long-term benefits and contribute to the overall success and sustainability of a business.
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Since 2006, eCapital has been on a mission to change the way small to medium sized businesses access the funding they need to reach their goals. We know that to survive and thrive, businesses need financial flexibility to quickly respond to challenges and take advantage of opportunities, all in real time. Companies today need innovation guided by experience to unlock the potential of their assets to give better, faster access to the capital they require.
We’ve answered the call and have built a team of over 600 experts in asset evaluation, batch processing, customer support and fintech solutions. Together, we have created a funding model that features rapid approvals and processing, 24/7 access to funds and the freedom to use the money wherever and whenever it’s needed. This is the future of business funding, and it’s available today, at eCapital.