Effective relationship management helps entrepreneurs to build a strong network, which is invaluable for several reasons:
1. Customer Retention: Satisfied customers are more likely to return and recommend your business to others. 2. Trust and Credibility: Strong relationships with stakeholders enhance your businessâs reputation and reliability. 3. Resource Optimization: A good relationship with suppliers and partners can lead to better deals and resource sharing. 4. Innovation and Collaboration: Engaging with a diverse network can bring fresh ideas and collaborative opportunities.