Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A major part of business is the relationships. Forming relationships with partners is critical in forming lasting business partnerships. The following contributed post is entitled, How To Find Corporate Relationships That Will Last.
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A business relationship is the same as a personal one – you want it to last a lifetime. However, living in consumerist bliss isn’t guaranteed. Similar to dating, you may find that they have small traits that mean you aren’t compatible. And, you may also pass these relationships off as experiences that you couldn’t control.
Before you move onto your next conquest, though, it’s essential to understand that your initial interactions impact how long your relationship will last. If you don’t spot the signs fast enough, it could be a whirlwind romance with the potential to be lucrative and drama-filled.
Here’s how to ensure you find the partners and clients you can trust for the long-term.
A partnership is probably the most common example of a business relationship. Two people come together to use their different skills and characteristics to push the company forward. So, it’s tempting to assume that opposites attract, yet this isn’t the case. Sure, the way you operate should complement each other nicely. Still, you’ve got to like the person and be able to compromise. With that in mind, it’s vital to match your personalities to avoid small and regular conflicts from killing productivity levels.
Set Out Commitment Expectations
You and your partner, or an outsourcer who is taking care of a task, expect to share profits/be paid a lot of money. Of course, cash divides people, especially when one party isn’t putting in the same amount of effort. Therefore, it’s crucial to set out what you expect from each other before signing on the dotted line. It may be as basic as hours spent in the office, or it may include speaking to customers and boosting employee morale. Regardless, it’s worth considering as you don’t want feelings of bitterness to break up a happy couple.
Find Out What Makes Them Tick
Understanding the reasons why partners, clients, or anybody does what they do is essential. What makes them tick is going to affect everything from their commitment to how much money they are willing to pump into the organization. In a world where consumers are driven by morality, it’s particularly important to touch base with suppliers. Part of the supply chain, such as natural stone sustainability, will especially impact construction companies if buyers realize that the goods aren’t sourced properly. The same goes for any enterprise whose shoppers take the environment seriously.
Have An Exit Plan
Sadly, relationships aren’t meant to last, even if you love the person and want to stay with them forever. In this scenario, an exit strategy is imperative as it provides a level of flexibility. After all, the scope for growth may suddenly come to an end, in which case you must switch up suppliers. Otherwise, the business will suffer and potentially tank. As a result, you should consider running a trial period and only signing a short or medium-term agreement. Then, you aren’t tied down if the relationship goes south.
Do your business relationships last? What’s your secret?