The Art of Building Relationships: A Path to Prosperity

EP 134 - The Art of Relationships: A Path to Prosperity

[00:00:00]

Introduction to Building Strong Business Relationships

Today. I've got a question for you. What's the secret sauce to building strong lasting business relationships that lead to financial success. Well stick around because we're going to dive deep into this crucial topic on today's show.

Welcome to Ask Ralph Podcast

Welcome to the Ask Ralph Podcast, where listening to an experienced financial professional with over 30 years of experience can help you make sense of confusing questions, current headlines, and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting.

Ask Ralph makes the complex simple by sharing his real world knowledge from a Christian perspective with all things financial. Now here's your host, Ralph Estep, Jr

Motivational Monday and Community Engagement

Welcome to our motivational Monday show. I am so glad you chose to join us.

I just want to thank you for listening and supporting the program. As always I'm coming to you from the Estep Farm at the Saggio Accounting studio . So let me [00:01:00] put on my podcaster hat and put down those overalls and let's push that adding machine to the side for a few minutes and let's get into some financial wisdom from a Christian perspective

Now don't forget to subscribe to the show and join our email list. You do that at askralphpodcast.com . You don't want to miss tomorrow show tomorrow. We're going to be talking about the pros and cons of using a password manager. Also want to let you know we've launched a Facebook group. We're calling it The Ask Ralph podcast insiders group, and I encourage you to look us up on Facebook and join. It's a great place where you can continue the conversation from the show. Ask questions and also share your triumphs and your challenges. We're really trying to build a community there. It's also a great place to suggest show ideas. So please join our group today.

Biblical Wisdom for Professional Excellence

Well, let's start with today's Bible verse to kick things off. I want to share a powerful verse from Proverbs chapter 22, verse 29. And it says, do you see someone skilled in their work? They will serve before Kings. They will not serve before officials [00:02:00] of low rank. This scripture highlights the importance of excellence and diligence in our professional lives. When we cultivate valuable skills and work ethic. Doors open for us to build meaningful connections with influential people.

Practical Steps for Fostering Effective Business Relationships

Now let's get into some practical steps you can take to foster effective business relationships. And the truth is you can use these both in business and in your personal life. And the first one is the most important one. And that is be authentic and genuine. The truth is folks. People can spot a fake from a mile away. Focus on being your true self and showing sincere interest in others. I learned this myself when I took the Dale Carnegie training. Taking a genuine interest in people is a sure way to gain engagement. I also highly recommend his book. It's called how to win friends and influence people. And it's really helped me in my personal as well as my professional life. It's all about relationships. My friends.

Number two. Offer value before asking for anything in return. [00:03:00] This is sort of a no brainer. Look for ways to help your contacts, whether it's sharing your resources, making introductions or providing insights. Listen, folks, generosity goes a long way in building trust. You have to build a relationship first before you should ever expect tangible benefits from it. Too many people don't realize this and they sabotage the start of what could have been a very meaningful relationship.

Number three. And this one is important as well. You got to follow through on your commitments. If you'll say you'll do something, make sure you deliver and deliver ahead of schedule. Reliability is key to maintaining strong relationships. People need to be able to count on you and they need to be able to trust your word. So if you make a commitment to somebody, you better make sure you follow through because the quickest way to destroy a relationship is to not meet or even what I say, exceed the expectations at another person has placed on you. That's a sure way to [00:04:00] destroy a budding relationship.

Let's move on to number four.

The Importance of Communication and Appreciation

And this one is vital. You've got to communicate regularly and effectively. Keep your network informed about your progress, your successes, as well as any challenges you're facing. Be responsive and professional in your interactions. When I created my own accounting firm 20 years ago, the first thing I did was make sure I had an excellent customer management system. So clients would always know where their work stood at any point in time. One of the chief complaints I heard from people is they never know what's going on with their accountant. They never know where projects stand. So that's one of the things I really wanted to overcome at the beginning. We happen to use Zendesk and allows clients to know exactly where their project stands at any point in time.

Number five. Show appreciation and gratitude. When someone helps you out or goes above and beyond, let them know how much it means to you. A heartfelt, thank you can solidify and build a long-term connection. The [00:05:00] truth is people have lost the art of common courtesy. And as simple note, a text, I don't really like texts for this, but if that's the only thing you can do, then at least use that. Or even an email goes a long way.

Number six. Seek out mentors and be a mentor to others. Learning from those who have walked the path before you is invaluable. At the same time, don't forget to pay it forward. By investing in the next generation of leaders, we all have to invest in the future. And the best way to do that is to show someone, just getting started, how you accomplished what you have done and allow them to ask questions and learn not only from your triumphs, but also from your mistakes. And what's the amazing part of this is you will actually find better ways to do something from somebody who hasn't been in it. It's so easy to get stuck in the quagmire of what we do every day. But when you engage with somebody new to it, they may give you some brilliant ideas.

Networking, Collaboration, and Integrity in Business

Let's move on to number seven. And that's attend networking events and conferences. While online connections are great. We all have [00:06:00] these. There's nothing quite like face-to-face interaction. Make an effort to show up and engage with others in your industry. Now I have to be honest with you. I'm not a huge fan of these, because in my experience many times, they're just opportunities for people to pick your brain who may never use your services. But that being said, I thought it was important to include this because depending upon the type of business you're in the type of relationship you're building, trying to build, you might find these to be useful. I would just use a great deal of caution. And make sure you're not being taken advantage of in some of these groups. I personally see many clients waste a great deal of time attending these chamber of commerce meals and all sorts of thing only to find it was just an opportunity for people to ask them questions without paying them. And the truth is, you know, we're all selling to some extent, intellectual property actually have a story about this. I met someone at a chamber mixer one time and they said, here, I'm going to come in and visit with you and sit down with you and go over what you do. I said, that'd be great. Well, they came in, sat in my office and about three minutes into it. I said, wait a second. Are [00:07:00] you just going to sit here and ask me questions for the next hour? And it's comment was yea!. I said, well, if you want to do that, then I'm going to charge you a consultation. He abruptly stood up and said, we're done. So that's what I'm talking about, make sure you're not being taken advantage of.

Leveraging Relationships for Business Growth

Number eight collaborate and partner with complimentary businesses. A lot of people overlook this. Look for opportunities to team up with other companies that share your values and the same target audience. Together, you can create win-win situations and expand your reach. It may seem counter-intuitive, but it's a great idea.

Number nine, prioritize, integrity and ethics above all else. The truth is your reputation is your most valuable asset? I think so often we neglect to think about that. Always operate with honesty and transparency. Even if it means passing up a short-term game. I wrote a book a few months back called the Gospel of entrepreneurship. And I would highly recommend you read it because all the things we talked about in today's episode are highlighted as part of that discussion in the [00:08:00] book, you can find that book at askralphpodcast.com/store. But the truth is it's easy to profit and make short-term gain. But I think about how often are you severing the potential for longterm relationships?

And number 10, pray for wisdom and discernment in your business. Dealings, ask God to guide you in building relationships that align with his will and purpose for your life. Truth is I probably should have listed this one first in our discussion because you need to put God at the beginning of all of it, but I put it here at the end, just to remind you. You got to make sure you check your ego at the door and always include God in the decision-making process and ask for his wisdom and discernment in building relationships,

 Friends. I can't stress enough.

Personal Reflections and Actionable Advice

How much implementing these principles has transformed my business journey. I remember when I first started out as an accountant. I was so focused on crunching numbers that I neglected the human element. But as I began to invest intentionally in relationships, [00:09:00] I saw incredible growth and opportunities. Open up a few years back. I hired a consultant to help me with marketing my business. He started by asking me a real simple question. He said, Ralph, what business are you in? And I told him, well, I'm an accountant. He quickly responded to me. No, that's not your core business. I said, okay, then I'm a consultant. He said again, Ralph. That's not your core business. I was perplexed. I finally said to him, so what is my core business? He said, it's relationships. And the more you can work to build relationships. The stronger your business will become, and that is the gospel truth. The best way to build your business is to build relationships with your customers.

One story comes to mind is when I met a fellow Christian entrepreneur at a conference a few years back. We hit it off right away. We started brainstorming ways we could support each other's businesses fast-forward today and we've collaborated on multiple projects. We've referred clients to each other and become close personal friends in the process. It's [00:10:00] a Testament to the power of genuine connection. And mutual support.

So listen folks, I encourage you. Take action on what we've discussed today. Start by reaching out to one person in your network and finding a way to add value to their life or their business. You never know where that one connection might lead.

 before we wrap up, I want to remind you to visit our podcast page. You do that at askralphpodcast.com for more resources and episodes. Just like this one. If you found value in today's discussion, do me a favor and share it with a friend or colleague who could benefit from it as well together, we can spread the message of faith based financial wisdom, far and wide.

Recap and Closing Thoughts

Let's do a quick recap of what we've covered today. Building effective business relationships is essential for financial success as a Christian entrepreneur. I can't say that enough. It's essential. Being authentic, offering value following through communicating well, showing appreciation. Seeking mentorship, networking, [00:11:00] collaborating, maintaining integrity, and praying for guidance are all key steps to cultivating strong connections. That is the secret sauce investing in relationships can lead to incredible growth. It'll lead to opportunities and meaningful friendships in your business journey. You need to take action by reaching out to someone in your network and finding a way to support them. Don't expect them to support you. Look for ways to support them

 thank you so much for tuning in today. I pray that you'll take these principles to heart and start building the kind of business relationships that honor God and lead to lasting success. Remember this? With faith and intentionality, you can achieve great things in your financial life. So as I always say friends, Stay financially savvy, and God bless you. Abundantly.

Thank you for joining us on the AskRalph podcast. And with a simple click to subscribe, we'll invite you back to our next episode. And remember, financial issues don't have to be complicated. [00:12:00] Just AskRalph. The information contained in this episode of AskRalph is based on data available as of the date of its release.

Saggio Accounting Plus and AskRalph Media Inc. is under no obligation to update this content if changes occur. Applying this information to your specific situation requires careful consideration of all facts and circumstances, and any information provided is not to be considered as financial, tax, or legal advice.

Please consult your tax advisor or attorney before acting on any material covered.