Stability In A Rapidly Changing World
With the rise of the internet, global communications and travel options, the business world and the economy as a whole is becoming fast paced and changeable. This has a number of advantages, to be sure, such as the huge amounts of markets available to sell your business’ products in, or in which to find local partners to work with.
However, this fast paced nature of the economy also has it’s downsides, which can include instability and unpredictability. This realisation is leading many businesses to focus on the fundamentals, such as building good relationships with their business partners, wherever they may be in the world, as this can be a source of stability in an otherwise changeable environment.
Tips For Building Relationships
Although, for many, building relationships may seem like second nature, there are a few simple things to think about that can make all the difference in having quality business relationships.
Here are a selection of important factors to consider:
− Focus on quality care – this is fundamental to building trust between business partners. If you’re a seller, make sure you provide the best quality products and services and, if you’re a buyer, ensure you are clear in your requirements and prompt in your payments.
Although it sounds simple, too many businesses fall down on these simple steps and once you lose the trust of your partner, it is very hard to build it back up.
− Make a personal connection – whenever possible, get to know the people you are working with on a personal level. A genuine interest in the other person, not just the deal in question, is something that can be felt by anyone. This makes business lunches a real opportunity to build relationships, but don’t see it as a “trick” to having a more profitable business, as an underlying motive is also easy to detect and will do no favours for your relationships.
− Listen to their concerns – nobody likes dealing with complaints or difficult partners, but they should really be seen as learning opportunities. By taking the time to hear why your business partner’s requirements aren’t being met, you gain a real chance to put things right and learn for future relationships. When people feel their concerns are being taken seriously, this also builds trust between partners.
With the above tips in mind you can be sure to make a big difference in building quality and long lasting business relationships, which can offer a great deal of stability in a turbulent economy. Keeping these tips in mind you may want to think about the specifics of how to entertain business partners when they visit your company.
These can include business lunches at your favourite restaurant or even how to make your company offices more inviting. Small investments in things, such as beautiful tea glasses, can be a great touch for entertaining both international and local business guests. Whatever way you decide to entertain your business partners, remember that by focusing on the relationship you can make a big difference to your business.
The author is a CEO of a internationally renowned company. She is also a public speaker and experienced trainer of executives in a variety of business fields, with a focus on team building and relational leadership styles. She is also a regular writer for a number of industry-related blogs and magazines.