6 Ways to Build Strong Business Relationships

Blog post by: Kaelen Bailey, Baer Performance Marketing Intern

There is a thought-provoking philosophical idea that suggests “life imitates art.” Today, let’s consider the inverse: when “art imitates life.” What do we mean, exactly? For almost all of us in the modern day, our lives are built around relationships. It’s the way the world works. We have families, friends, coworkers, and others who hold some kind of orbit around our lives. Cultures may differ on what aspects of these relationships are emphasized and valued, but there is one constant everywhere you go: People get by in life because of other people. If applied to the business world, this means that any company, regardless of size or specialty, benefits immensely by the relationships it builds and maintains. If you consider a business to be the “art” of the analogy, then it becomes clear that their relationships form the bedrock upon which a successful enterprise is built.

 

What Are Business Relationships?

Business relationships are the connections made between different entities, be it customers, employees, suppliers, partners, competitors, and the wider community as a whole.

As in the personal world, these relationships are often based on trust, mutual benefits, and shared objectives. They can be formal, held together by a contract, or informal, based on long-standing cooperation. The quality of these relationships can have a major impact on a company’s reputation, operations, and overall success.

 

Types of Business Relationships

Pamela Rucker, an instructor for Harvard’s Professional Development Program, organizes business relationships into four distinct categories, each playing a crucial role in organizational success.

  1. Team and Stakeholder Relationships refer to the relationships you build with the individuals you work with every day.
  2. Ecosystem Relationships are needed to deliver for your customers. Typical ecosystem relationships are suppliers, developers, and operational support.
  3. Industry Relationships keep you informed about the latest trends, competition, and developments within your industry. They help keep your business relevant and adaptable in a changing market.
  4. Client Relationships require you to understand their needs and tailor your goods/services accordingly. Working on these relationships can ensure customer satisfaction and create long-lasting loyalty.

 

Six Tips for Success: The Toolkit for Building Better Relationships

  1. Embrace Authenticity: Being your genuine self fosters trust and rapport in any relationship, personal or professional. By staying true to yourself, you’re creating an environment where others feel at ease and comfortable interacting with you.
  2. Harness Your Existing Networks: Your established networks are prospective goldmines that lead to new potential partners or help you evaluate the potential that exists outside your current circle. Leveraging these connections can open doors to new opportunities for your business.
  3. Seek Constructive Feedback:The previously-mentioned Pamela Rucker (from Harvard University) highlights the importance of seeking feedback as a way to show how willing you are to listen and improve. Being proactive about getting better demonstrates a commitment to growth that will strengthen your relationships.
  4. Engage by Asking Questions: Displaying a genuine interest in others shows you’re engaged. As Forbes points out, this can be a subtly powerful way to deepen connections in a business context.
  5. Leverage Empathy: Forbes also describes three forms of empathy: Cognitive Empathy, understanding others’ perspectives; Emotional Empathy, feeling and demonstrating concern; and Empathic Concern, being motivated to aid others’ success. All can be used to build impressively strong bonds in the business world.
  6. Communicate Frequently and Openly: Consistent, transparent communication is the cornerstone of successful relationships. If that sounds like dating advice – trust us – it works for businesses, too! Open communication demonstrates you have nothing to hide and acts as the foundation of trust with your customers.

By utilizing these tips, you’ll be well on your way to building stronger, more productive business relationships.

 

Don’t go it alone

Building positive business relationships is fundamental to your company’s success. If it feels like your business could use a little life, it might be time to consider mastering the art of nurturing these connections. To delve deeper into strategies for strengthening your business relationships, reach out to Baer Performance Marketing today.

 

Sources:
How to Build Business Relationships – Professional Development | Harvard DCE

How to Build Strong Business Relationships — Remotely (hbr.org)

12 Ways To Build Positive Business Relationships | Indeed.com

11 Tips To Help Leaders Build Stronger Business Relationships (forbes.com)