It’s easy to
underestimate the value of business relationships, but in fact, they can make
all the difference when it comes to your ability to succeed. How you build and
nurture those relationships has an enormous impact on your business’s success
or failure, especially during times of hardship or rapid change. Building
strong business relationships is challenging and takes time, but if you follow
this guide, you’ll be able to create mutually beneficial relationships that
will last long into the future.
Business
relationships are like any other type of relationship: you have to put in the
time and effort if you want them to be successful and mutually beneficial, and
they require flexibility and respect from both parties involved. The secret to
building a strong business relationship isn’t any different than building any
other type of relationship—you just need to keep these five tips in mind during
the process.
A strong business relationship builds trust
Good business
relationships are built on honesty, support, integrity, humility, and
appreciation. When you want to ask for help from someone who is on your
team—your partner in this crazy endeavor of building a company—that person should
be willing to do whatever he or she can for you. There should be no hesitation
in agreeing, either verbally or through text/email. Agreeing helps to build
trust as well as develop respect between the two parties. This type of
relationship will lead them down the path of success when they share their
strategies and trade secrets with one another while working side by side day in
and day out.
A strong business relationship leads to success
It's who you
know. And in business, that couldn't be more true. As soon as you start
interacting with people outside of your own small circle, opportunities can
arise which are almost always related to the people you meet. In fact, up to
90% of all new jobs come from networking connections. The sooner you start building
these relationships, the better chance you have at maximizing your potential
for future success. So how do you go about doing this? Here are some tips for
building strong business relationships.
1) Focus on
others - Building strong business relationships starts by focusing on other
people, their skills, and their knowledge, instead of your own interests or
needs. Ask them questions about themselves, show interest in their
work/life/etc., and offer praise when warranted. Remember that most people like
being acknowledged for their accomplishments!
2) Practice
empathy - One of the best ways to build a relationship is by putting yourself
in someone else's shoes. Listen to what they're saying, take note of their
tone, and understand where they're coming from before responding.
A successful business relationship is measured
by relationships and respect, not profit alone
We often hear
of the importance of customer service when it comes to the success of any
business. But what is just as important? The answer is relationships with other
businesses! When you have a good relationship with one company, they will often
send work your way because they know you will do it right. Conversely, if you
have an adversarial relationship with another company in your niche, they will
not want their customers coming into contact with someone they don't respect.
In some ways, this can act as an automatic referral without ever having to pay
for advertising or offer discounts. Building these relationships is key to
establishing your credibility and making it in the business world. Consider how
much easier it would be to get new clients if you could say I've worked with
____ before. It's easy to think that we should only focus on our own company,
but those who have been successful acknowledge that building strong
partnerships can help them succeed too. And there are no shortcuts--the best
relationships take time, patience, and effort from both parties involved.
The first step towards building a strong
business relationship
1. Recruit the
right people. I'm not saying that you need to recruit only your most talented
employees; there's always a risk when you do this. Rather, I want you to
recruit the most people who are best for the position because it will be much
easier (and more efficient) for them to provide what you're looking for. This
may seem like an obvious point, but I assure you it's not something that
everyone thinks about before putting together their team.
2. Create job
descriptions. Once you have recruited the right people, create job descriptions
tailored to their skill sets. While this is an essential step in recruiting the
right person for any position, it is especially important in these situations
so that they know exactly what they'll be doing on a day-to-day basis.
3. Communicate
expectations clearly. When communicating expectations with your new hires make
sure to use specific terms and refer back to your original goals so they know
how they can contribute towards meeting those goals while working in the company
Tips for building a strong business
relationship
A strong
business relationship can mean the difference between success and failure.
- Create open
channels of communication.
- Don't work in
isolation or have tunnel vision - always be asking for feedback on your ideas
from other people, even if they're not experts in your field.
- Be generous
with your time. Often people will do things for you that they would not
otherwise do if you had asked them outright because they feel more like an
equal member of the team, rather than just someone trying to take advantage of
their skills.
- Collaborate
together on everything you are doing so you're both invested in the project's
outcome. (This also helps diffuse power.)
- Let go of
expectations. Doing what is necessary to get the job done instead of holding
onto some idealized version of how it should turn out is sometimes best for
everyone involved.
- Pay attention
to which relationships are working well and focus on building those ones, as
opposed to focusing on finding new partners every chance you get.
- Don't let
your ego get in the way. You may think that because you're talented at
something means others aren't and therefore don't need as much help, but this
isn't true at all! We all have our strengths and weaknesses; no one person has
it all figured out by themselves.
If you’re looking to build long-lasting relationships with your clients and business partners, you need to know how to build a strong business relationship. This piece will walk you through the importance of building strong relationships with your clients, when to add business partners, what makes up a strong relationship, and how to keep it that way over time.