I had a unique situation present itself in the past few weeks. It all started with an email dropped into my inbox about a company I knew, which led me to chase down their current status… And today, as a result, I’m sharing a cautionary tale with you.
This startup had an incredible product, huge potential, and a great team put together.
Within their first 3 months, they had made well over $300k – great by any standard.
But things started to take a strange turn from there. The relationships they had built to get them to $300k weren’t being respected. Some within the company thought they knew better, that the product would stand up on its own.
They thought they didn’t need relationships – that there was always someone else.
Time after time they lost partnerships, marketing opportunities, staff members, and sales because they didn’t respect their relationships.
They lost hundreds of thousands of dollars to bad contracts. Millions in potential sales to sabotaged marketing opportunities. They were even blacklisted by major brands, never to work with them again.
Their reputation began to precede them – and not in a good way.
I know that relationships are the most important part of any business. Every business is a sales business, and relationships are the foundation of sales. Unfortunately, they believed so blindly in their product that they thought they could succeed without anyone’s help. Today, as I just found out, they’re nowhere to be found.
I hear that they are technically still in business, waiting on something… But their phone is disconnected, their connections have abandoned them, and their team is all gone. There is nothing left.
Projected sales for their first year topped $1.7M – and they never reached it. Projected sales for 2014 are $0.
I’m telling you this for a reason.
This isabout making you aware of what can happen when you don’t respect relationships.
Nobody owes you anything.
Your product will not stand on its own.
Relationships are the foundation of every successful business, and a lack of relationships is the foundation of every failure.
I’ve made $100k+ just on relationships in the past two years – just from knowing someone, respecting them, helping them, and getting help in return. Clients, promotional partners, referral sources, and even people I refer to others.
You can do this too – if you respect the power of a relationship, if you understand the commitment of a partnership, if you give without expecting anything in return. You can do this if you genuinely form friendships, share from the heart, and be yourself.
Look at the most successful businesses online, and you will see one thing – they are all thriving on relationships. When they host a launch, everyone is promoting. When they mail to their list, 30k+ people are reading. Relationships are their business.
What will you do today to build a new relationship? Share in the comments!