How can you build resilience in business relationships to weather disruptions?

1 Assess your current relationships

The first step to building resilience is to understand the current state of your business relationships and identify any gaps, risks, or opportunities. You can use tools such as the BRM Relationship Maturity Model or the Stakeholder Analysis Matrix to evaluate the level of trust, value, and satisfaction in your relationships, as well as the impact and influence of each stakeholder. This will help you prioritize your actions and allocate your resources accordingly.

2 Communicate effectively and frequently

Communication is key to maintaining and enhancing your business relationships, especially during times of uncertainty or change. You should communicate clearly, honestly, and empathetically with your stakeholders, partners, and customers, and listen to their needs, concerns, and feedback. You should also communicate frequently and consistently, using the appropriate channels and methods for each relationship. For example, you may use email, phone, or video calls for regular updates, and virtual workshops, webinars, or podcasts for more interactive and engaging communication.

3 Adapt to changing needs and expectations

Resilience also means being flexible and responsive to the changing needs and expectations of your business relationships. You should monitor the external environment and the internal performance of your organization, and adjust your strategies, goals, and plans accordingly. You should also seek feedback and input from your stakeholders, partners, and customers, and involve them in the decision-making process. This will help you align your value proposition with their current and future needs, and create a sense of collaboration and co-creation.

4 Leverage technology and innovation

Technology and innovation can help you enhance your business relationships and overcome some of the barriers and challenges posed by disruptions. You should leverage the available tools and platforms that can help you improve your communication, collaboration, and delivery of value to your business relationships. For example, you can use cloud-based solutions, digital platforms, or artificial intelligence to streamline your processes, automate your tasks, or provide personalized solutions. You should also explore new ways of creating and delivering value, such as using gamification, virtual reality, or social media.

5 Nurture a positive and supportive culture

Finally, resilience also depends on the culture and mindset of your organization and your business relationships. You should nurture a positive and supportive culture that fosters trust, respect, and mutual benefit among your stakeholders, partners, and customers. You should also encourage a growth mindset that embraces learning, feedback, and improvement. This will help you build a strong and lasting bond with your business relationships, and cope with any challenges or changes that may arise.