Why relationships matter in business

We all know the stories of great relationships that launched successful businesses. Think about the ones we know best . Steve Jobs and Steve Wozniak teamed up to create the now-iconic Apple Computers. Ben and Jerry formed Ben and Jerry’s out of a gas station. Brothers-in-law William Procter and James Gamble formed what is today one of the largest packaged goods companies in the world.

Whether you have a billion-dollar international business or you’re running a small one-person shop, these brands are great reminders that relationships are incredibly important in business. The right relationships can lead to great success, which is why it’s important to leverage them authentically .

Fortunately, creating authenticity within your business may be easier than you realize. In fact, you already may be doing it if you’re running a successful business. Here are a few ideas to consider as you think about your own business relationships.

?Focus on the relationships outside of your business

Social psychologists have a term, reciprocity , which refers to mutually beneficial exchanges between two parties. If you think it sounds familiar, you’d probably be right, because reciprocity is commonly used in fundraising. For example, a hospital may ask for donations after a person receives a life-saving procedure, and the former patient happily gives. It may even be as simple as picking up the check for a friend, who returns the favor the following month.??

Reciprocity can help you build strong relationships in business , too. And like any other relationship, building reciprocity starts with authenticity. You should never approach another business relationship thinking, “What can I get out of this?” Instead, find other leaders who can inspire you within your own business.?

In addition, think about your customer base. The data that explains what unhappy clients can do to a business are staggering. Dissatisfied clients will not only refuse to return to a business—these unhappy individuals can damage a business thanks to word of mouth alone. Clients and customers can literally make or break a business. Since your entire business is built based upon the needs of others, focus on what they need, and if something is broken, fix it.

Here are a few ideas for leveraging and building relationships that will last:

• ?Get creative with the relationships you want to build outside of your business. For example, maybe you’re a fan of an up-and-coming business that you’d love to help get off the ground. Consider partnering with them in some way. Read these case studies about how groups like Mcdonalds and Burger King partnered, or Kanye West and ADIDAS, and you might just find some inspiration to reach out to some of your favorite brands to see how you can support them.
• Consider building a loyalty program or word of mouth thank you program for customers. When you’re grateful for your customers , let them know. Not only will you increase customer loyalty, but you’ll also feel great about taking care of the people who help your business flourish.
• Connect others within your network. If you can identify people from your circle who might benefit from being connected, make the introduction. You never know where that relationship can go.

?Create great relationships within your business

As I’ve said before, there are effective ways to build the right team, and that includes ensuring your team is empowered, that they have the tools they need to succeed, and that you’re hiring them for their skills. But you need to continue building relationships with your team, too.

Relationships build trust and create loyalty to a business. That includes for your employees as much as it does for those within your professional network. After all, your employees are looking to you as the leader to help drive their success as well as the success of your business. They deserve to know that you are their advocate and that you have their interests in mind, too. And you deserve a team that has your best interest in mind, too.?

Strong relationships are the basis for any great business. How you build them can work wonders for you, both now and well into the future. Do you have tips for building authentic relationships in business? Post them in the comments!

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.