7 Keys To Successful Business Relationships

Relationships are essential for business success and require an investment. With that knowledge, how much time do you invest in understanding the keys to successful relationships?

Business relationships are created between partners and coworkers. We establish career-enhancing connections such as mentor/mentee, sponsor/protege, and coach/student. Our relationships may reach out to customers and clients. We may even develop mutual and strategic relationships with competitors. I can feel you cringe but the emphasis is on the word strategic. Remember, it is business. Not personal.

Regardless of the relationship, we all want the connection to be productive. However, while we all agree business relationships are important, many do not invest the time and effort to make them successful. Effective leaders take time to understand and leverage the attributes that foster successful business relationships. This is especially true when we consider the benefits.

Benefits of successful business relationships

It’s probably unlikely, but someone (not an empowered leader like you – wink, wink) may wonder why they need to think about the keys to successful business relationships. After all, they are ok with their relationships by default; i.e., just letting it happen. Here are a few thoughts on the benefits.

• Drives improved Satisfaction (self, partners, customers, and employees)
• Increases our Influence
• Accelerates personal development
• Enables increased efficiency and productivity

Some of these relationships may have a short lifespan. Others may last well beyond our careers. Regardless of the situation, there are certain elements that will guarantee productive and successful business relationships – if we pay attention to them.

7 Keys to Successful Business Relationships

1. Communication. This means we take time to listen, not just be heard. Communication is the bedrock of the success of any relationship. We should be clear when communicating (no one reads minds yet) and addressing issues and disagreements.

2. Trust and mutual respect.  Successful relationships are built on trust and respect. It starts by being authentic, valuing the differences the other person brings to the table, and treating them as we want to be treated. This builds commitment to the relationship.

3. Time and effort. In personal relationships, love is spelled T-I-M-E. The success of business relationships is defined by the quality of TIME and EFFORT. It is generally said that relationships should be 50/50. Well, unless I expect a 50% chance of success, I provide 100% of my effort in my relationships and expect 100% of what my partner brings to the table. Similarly, I provide 100% mentoring and expect my mentees to follow up 100% of their commitments. The concept of a 50/50 relationship is limiting. However, if I’m putting in all the effort and it’s not being reciprocated, the relationship will eventually fizzle out.

4. Collaboration. The best relationships are when both parties work for the benefit of the relationship. This is beyond just working together. It’s focused on win-win solutions, understanding that we can do more together than apart. This is a particularly critical attribute for partnerships.

5. Mutual benefits and compatibility. While it is said that opposites attract in personal relationships, compatibility attracts in business relationships. This is different than the diversity of thoughts and approaches we bring to the relationship as individuals. It is about having common goals and visions. We both benefit from the relationship. The benefit does not have to be tangible.

6. Consideration. It’s important to have the other person’s best interest at heart. That means being considerate and not abusing the relationship. Understand the other person’s needs in the relationship and help meet those needs where possible.

7. Gratitude. Take time to show gratitude. Affirmations and appreciation go a long way in nurturing a relationship. Consider a business relationship you really benefit from. When was the last time you shared your gratitude with that person?

Take time to nurture your business relationships. Network with others with the intent of building a relationship first. Not to sell or get something. Think of relationship building as an investment versus something that develops by chance. With just a paradigm shift from “relationship by chance” to one of “relationship by investment” you will experience more doors opened to you and enjoy a greater impact on others.

Empowered Leader Reflection

Consider one business relationship you appreciate the most. What makes that relationship work so well?

Join in the conversation and leave a reply below. What is one thing you have done to ensure a business relationship is successful?

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