I have a service or product. And I want to sell it. But I must not forget the bigger picture. Sales is only one part of an effective business formula. Building and nurturing strong business relationships, business partnerships and communication in teams is equally important for the long-term growth of the company.
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The owners of successful companies create lasting partnerships among all of their diverse groups—from members of their client teams, suppliers, and corporate partners to investors and mentors. They understand the value of cultivating long-term relationships with the businesses and clients they serve and those they rely on to sustain their business.
Always share information
Information is important because making the right decisions at the right time depends on it. In healthy business relationships, each party depends on keeping the other informed. Offering status reports on ongoing projects or other collaborative ventures means your partner doesn't have to ask for updates.
Considerably fewer things can surprise us then. It is always necessary to know in advance if there is a shortage of resources or some obstacle in the delivery. Likewise, information should go in the opposite direction – partners and suppliers must know how sales are going and whether there are problems in production.
Honesty is important
Privately, we all value honesty and transparency. We should appreciate that in business relations as well. With this, we create trust. All of us subconsciously feel when someone tries to change the truth. If someone feels that you are prone to lying, it isn't easy to get rid of it.
It is good to admit to ourselves and others that we do not have the answers to all questions. An honest "I don't know." each of us appreciates. Especially if after that sentence we promise to look for answers to the questions.
Fulfill the promise
Keeping your word increases trust. When you say you'll deliver your product by a certain date, it's extremely important to do everything you can to make it happen. Knowing that you will meet the promised deadline relieves your client of any worries that things might go wrong on your end; getting rid of that worry also builds a good reputation.
Share knowledge and resources
Knowledge and resources are worse when they are not used. That's why it's good to share them. To prevent losses and protect property, it is necessary to make good use of everything available. In a healthy business relationship, each party should be willing to share knowledge and resources. What you know can save your partner, supplier or team member. Likewise, their knowledge can make your business easier.
Cultivate contacts
Without proper nurturing, business relationships can wither and die just like any other type of relationship. Set up an automated system that reminds you to keep in touch with your partners regularly. Social media tools and platforms also make it easier to stay connected.
Remember the personal touch
Out of sight, out of mind, says the proverb. A business relationship that relies solely on email and texting does not have the solidity that comes with personal contact. You should always find time for coffee with business partners. At any social gathering or industry event, it's good to refresh connections. It is good to know and remember names, hobbies and other facts about these people.
A good relationship with a client or supplier is always an asset in an emergency or if a business problem arises where they can assist.
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