Why Relationships in Business Matter

Building and maintaining relationships and working well with others is valuable currency in today’s business world. People who are able to build and maintain strong, lasting relationships are more likely to achieve greater success than those who struggle with this element of business.

It is somewhat surprising that a critical factor such as relationships is left to personal capabilities of individuals rather than something organizations foster and develop as part of their corporate ethos. The opportunity to streamline the process of cultivating relationships is often not considered at all by senior management. Effective relationships will not simply happen because we want them to, they need to be managed appropriately to ensure they are a factor of business success and not a cause for failure.

Despite the advancement of technology, it is still people that make organizations function and create business. Presumably then, the relationships formed by individuals within an organization are critical to business success.

Take networking events for example. Many people believe it’s about how many business cards they can collect and how they can build themselves up. However, the true value of these events lies in the ability to connect with and understand that there is something to learn from others. These events are simply one example of opportunities to build meaningful, lasting relationships that are beneficial to both the business and the customer.

By developing strong relationships with clientele, businesses transform themselves into a trusted brand. With so many people shifting online to make their purchases, being that “trusted brand” to them is critical because they’re more willing to make a purchase from a brand they trust. This also impacts customer service because a loyal customer is more likely to look past a minor mistake from a trusted source than they would with a company they’re getting acclimated with.

Shifting the focus inside a business, there are four types of people in business life. An ally is behind you no matter the circumstances. A supporter is on your side until the going gets tough. A rival is in direct competition with you. An adversary seeks to undermine any chance possible. Given this knowledge, it’s important to approach work relationships with the mindset of being an ally. Relationships start one conversation at a time and it’s not important who initiates them.

Aside from friendship and satisfaction, such close alliances have clear benefits. The first centers on creativity. When people are close with others, innovation often follows through collaboration. Secondly, if people feel confident, supported, and trust others, they’re more likely to take risks. Lastly, having two people work on one thing generally leads to better results.

Relationships can increase the tempo your business functions at. People are typically more responsive when something is being asked of them from someone they know. Even with something as tedious as email can be. Some research has shown that employees with cohesive relationships are 10% more productive than others.

Strong, lasting business relationships are a result of a commitment made by a company or individual to become the trusted resource for others.

If you’d like to discuss other strategies to build these relationships, contact me for a free, no-obligation consultation.

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