The business-to-business industry is expansive and incredibly convenient for small to medium sized businesses who cannot otherwise afford in-house workers or feel using outside agents for certain needs is more effective.
However, for those seeking services, it’s important to find the right fit aside from targeting businesses that offer sought goods and services. Forming a relationship with a family-owned business provides a number of advantages.
Customer Service
Since most family-owned businesses operate much like a family, the owners and employees tend to treat customers like extended family members. Unlike cold and calculated treatment that customers may receive from large, corporate entities. Family businesses understand the value of customers and the need for injecting emotional intelligence into the business equation. Such understanding usually achieves a level of customer service that is unparalleled and optimal in forging long term partnerships.
Referrals
“What you do is a reflection on me,” is a common mantra of moms and dads who want their children to obey norms of society and become upstanding citizens. The same sentiment holds true for business-to-business interactions inspiring referrals. The success and feedback of customers is a reflection on how well the family business met the needs of clients. Referrals are great for curbing costs of marketing and advertising in addition to providing a genuine appeal that generic campaigns can’t replicate. Family-owned businesses rely on great word-of-mouth advertising and therefore treat customers accordingly.
Quality Assurance
Wanting to keep it in the family means that family-operated businesses prefer to keep outside agents away.Angel investors and outside funding is not preferred, so the business needs to assure the quality of offered products or services. Otherwise, businesses may need loans from banks or to form partnerships with other businesses, thus erupting the ‘family owned’ legacy. To maintain identity and business legacy, the quality of products and services is integral.
Low Turnover
Businesses with high turnover rates usually suffer the consequences regarding quality control and customer service. Because it takes added time and money in addition to factoring in a learning curve of new talent, companies like Midlake understand a high turnover rate deflates good business practices. However, family-operated businesses usually have low turnover rates because employees are treated like family, which goes hand in hand with good pay, benefits, and opportunity in addition to fair treatment and a sense of appreciation that larger, corporate businesses can’t provide or frown upon.
Pure Motives
Of course, every business exists to make money, yet family-owned objectives transcend those of other businesses. Yes, the business wants to make money, but as mentioned, it also wants to retain talent, endure a legacy, and inspire word-of-mouth marketing that takes precedence over impressing a corporate board of directors or public investors. Pure motives are adjacent to a great transparency and the ability to earn trust.
If you’re searching for a partnership that values long-term relations, feedback, and the intrinsic value of trust and respect, then seeking a family-owned business-to-business entity is likely for you. Of course, use the same level of diligence you would during any business interaction, yet you’ll find family-operated businesses are more personable and emotionally receptive.
Julie Shrum has worked at Midlake since 1996. The sales manager, she works alongside her sales team to create an exceptional customer experience. She has accumulated much knowledge on the new applications for sheet metal and hinges over the years. Julie loves sharing her know-how on business.
