The effectiveness of business relationships can have a a profound impact on the overall health of any business. From a business perspective good relationships allow businesses to generate new revenue streams and establish communication protocols to accelerate the process of planning projects and policymaking. A lack of business relationships can have a negative effect on the reputation of a company, leading to unhappy clients and a decrease in growth potential. Building strong business relationships is a process that requires focus on detail and perseverance. While it can be tempting to not follow up when you are in the initial negotiation or sales phase, companies who are successful recognize that they must be focused on persuasive follow ups to maintain and build their relationships.
No matter if it’s a potential client, an existing partner or an acquaintance new to you, everyone deserves the same level of respect and reliability. It is important to be trustworthy when establishing lasting relationships because even one small mistake could end up destroying an existing relationship. Think about the last time you were disappointed by someone who pulled off of a deal or changed plans at last minute, or canceled a meeting. You’ll probably remember the event as a negative one, even though there may have been valid reasons for the person’s actions.
The process of building long-term relationships in business is also about prioritizing education and serving those you interact with in a consultative manner. It is crucial to show that you’re invested in your business relationships, not just interested in making money. Conducting surveys for customers or creating and sharing relevant thought leadership content, and regularly speaking with colleagues on what could be improved can make a huge difference. It’s equally important to request for feedback and incorporate it, because people want to see that you are willing to listen to them and take their input serious.
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