As a small business consultant with over a decade of experience, I‘ve seen time and again how the right relationships can transform a humble startup into a thriving company. Businesses simply can‘t succeed in isolation – their growth depends on building trust and collaborating with both customers and partners.
According to a recent industry report, over 80% of small business owners say relationships have been key to their success. However, fostering connections that stand the test of time and turmoil takes strategy and effort.
Based on proven advice from leaders like Ed Wallace, author of Business Relationships That Last, as well as my own experience advising entrepreneurs, here are my top tips for making your business relationships thrive:
Move Beyond Transactional Interactions
The fastest way to sabotage potential partnerships is viewing each conversation only in terms of immediate gain. How can this person or company be useful right now? While you should keep business goals in mind, don‘t let it prevent personal rapport.
Over 60% of survey respondents said feeling genuinely cared for, not just sold to, was a top factor in staying loyal to a company.
Ask smart questions about your contacts‘ aspirations and challenges. Discuss passions beyond work. It lays the groundwork for a relationship able to withstand difficult negotiations.
Communicate Regularly
One of the worst things you can do for business relationships is disappearing from someone‘s life, only to reappear when you need something. Instead, touch base regularly, without any agenda beyond relationship-building:
- Share an interesting article or idea
- Ask thoughtful questions about progress on goals you previously discussed
- Offer introductions to potentially helpful contacts
Companies who check in with contacts at least once a quarter have over 90% better retention of partners.
Ongoing communication makes people feel valued, not used. It keeps you top of mind for collaborations.
Look for Ways to Collaborate
Go beyond idle chatter to discuss potential collaborations serving both parties:
- Referral partnerships: Send prospects each other‘s way based on fit
- Cross-promotion: Share your audiences to expand reach
- Product integrations: Combine existing offerings into innovative solutions
Brainstorm with the creativity and openness of true problem-solving. The sky‘s the limit when you move past competition to synergy!
Expand Networks Strategically
Connecting contacts to others in your network expands possibilities for everyone:
- Identify shared goals and interests with contacts
- Introduce pairings you feel could develop win-win partnerships
- Avoid handing out contacts‘ information freely; make warm introductions
Expanding the pie fuels growth while forging lasting bonds with those you connect.
Honor Commitments and Address Issues
Even with best intentions, you‘ll inevitable hit rough patches working closely with other companies. While the details could fill a book, it boils down to this:
Be completely transparent and keep your word, always. Don‘t hide issues that arise. Address real problems quickly and openly. Making things right cements bonds that will last for years.
Start Fostering Lasting Relationships
At the end of the day, great business relationships are built on trust and human connection. They require you to lead with generosity rather than just strategic gain. While it demands effort, thoughtfulness and integrity now, it sets you up for collaborations, referrals and retention that continue paying dividends for the long haul.
