How to Build Great Business Relationships

Throughout my career, I have been blessed with success in a variety of roles that allow me to share my passions: entrepreneur, mentor, financial literacy advocate, philanthropist and author. Working in these different capacities has been deeply rewarding. And it has also shown me that some principles are indispensable regardless of the field you are in. One very important principle relating to all fields is building and maintaining great business relationships.

Great business relationships have tremendous value for both your personal growth and your business’ bottom line. Here are five tips to building vibrant, long-lasting business relationships:

Rule #1: Mutual Respect

Most relationships won’t last very long if one or both parties are hostile or indifferent. But this doesn’t mean you have to have perfect chemistry with people you are trying to forge alliances with. As long as you make an effort to be respectful, professional and easy to work with, you will be on solid footing.

Rule #2: Thrive on Reciprocity

To build and maintain a relationship, it is essential to ensure it is a two-way street. Never let the other person feel the relationship is simply a means to an end and that you are not willing to help them without something in return. Giving is its own reward and you will reap double the benefits when you help others.

Rule #3: Get Personal

Even the best business relationship can be strengthened by getting to know one another better. Sharing a cup of coffee or grabbing lunch is a great way to connect on a deeper level with a business ally. This will allow you to make a personal connection and with an opportunity to learn more about their business practices.

Rule #4: Share Values & Goals

The most fruitful relationships are those with shared values and goals. By identifying and cultivating like-minded partners, you can work toward shared objectives and reach favorable outcomes that wouldn’t necessarily be achieved alone.

Rule #5: Be Open

Sometimes, the most beneficial relationships are the ones you would not expect. Your most valuable relationships might not end up being with colleagues, vendors, partners or customers, but with people in an entirely different industry. You never know who will be in position to help advance your business, so keep an open mind. 

The Bottom Line

Strong, healthy business relationships are essential to long-term success. By being open and fostering respect, reciprocity and shared values in all your business relationships, there’s no telling what heights you can achieve.

Contact me today to gain more competitive business insights and explore mentor opportunities.

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