Answer to Question #165900 in Management for Dela

Question

"Businesses are built on relationships". What do you think this statement means? what are the implications for management the external environment?

Answer 1

Relationships are foundational. You depend on a reputation which you build over years with your customers, clients, suppliers, regulators and employees. Presumably, with every transaction you make, you are hoping for a continuation of the relationship. Without this understanding, a business will fail.