What you should know about business relationships

What you should know about business relationships






January 8, 2019

Although you may be good at building and maintaining relationships in your life, it can be very different when it comes to business. In effect, relationships between business partners are very specific relationships. As most relationships, they are based on a contract.

The contract is the cornerstone of any relationship (personal or professional), but each contract can be very specific, although some basics exist, according to the area or sector concerned.

Let us have a look at the example of marriages. When people decide to marry each other, they usually thought about it for a long time. They sign a contract, which determines their rights. Likewise, in business relationships, there are contracts, which also determines the rights and obligations of each party. However, when people start projects in businesses and start building relationships, they usually do not take enough time to think about it. In effect, they do not see it as they see the marriage, whereas they should.

It is not about their personal feelings, so they do not realize how important this is. They must take it as a marriage between several organizations, which is the same as marriage between people. That is the reason Vivek Sood underlines the importance of the selection of the provider in his book The 5-STAR Business Network.

Comparing business partnerships to marriage may make its importance more understandable. Now that we talked about real marriage, all the criteria of a successful partnership make much more sense than before.

In fact, when we say preparation is essential, it is also true for marriage. People get to know each other, live together, and then they decide to marry each other, when they are ready and when they are hundred percent sure about their feelings. The same should happen in business partnerships. The preparation step is crucial to choose the right partner, and to establish the terms of the future relationship.

Besides, long-term relationships are necessary to build a great global business network that will work for you. In order to do so, you must prefer long-term and sustainable relationships. That is the reason why it is important to choose a partner who will match the requirements and fit for your business strategy. He must be able to provide the expected outcomes.

Moreover, this relationship will give you advantages you cannot even imagine before. Networks are the key to successful businesses. In a marriage, you will get to know your partner’s friends and family and your network will grow. The same happens with businesses! And this is the beauty of partnerships. In effect, as soon as you will set up sustainable relationships with your best partners, it will help you expand your business network, through your partners’ relationships. Consequently, the power of business networks comes from its very essence. Networks are what help build bigger networks. You have to nourish your business network with always more sustainable relationships to make it last and success.

Therefore, it is obvious that partnerships are the key. Your business network is your main weapon and you must pay attention to the partners you choose in the first place. Although it is not about your feelings, it is about your business survival and success. Thus, do not miss the preparation step and analyze the more information you can about your potential partners. Like in a marriage, the contract will frame the relationship, but the most important is what happens before the contract is written and signed. However, although you may be sure about your choice, keep in mind that divorces can still occur.

by Anais Lelong

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  • It’s often said that business owners are married to their work. It’s true.

    Running a company requires amazing quantities of time, energy, and devotion. But there is one big difference: while matrimony is all about maintaining a healthy relationship with another person, being married to a business requires you to maintain healthy (and profitable) relationships with multiple groups of people.

    Smart entrepreneurs never forget their own success is intertwined with a complex network of other people and organizations. All of those relationships must be constantly tended and nurtured. Even though your interaction with each of these five groups will be different, your reason for creating positive relationships with them will be the same building a successful business.

  • It takes a dedicated amount of time and energy to build good, strong, lasting business relationships today. They are such an integral and necessary part of success but people don’t seem to want to put in the work.

  • After studying your above blog post the conclusion what I got is of Business Relationships is as below:
    An essential part of business success is having a strong network. In fact, a Harvard study found that 85% of professional success comes from people skills. Though it certainly must be easier to build a network if you’re inherently part of a world of business and money, all you really need to build a good network is to be willing to meet new people and step out of your comfort zone.

    Networking also doesn’t have to be as soul-stealing as its reputation suggests. Networks are really just a collection of friends, teammates, and acquaintances. And in good networks, relationships are balanced. People help each other equally and genuinely care about the well-being and success of each other.

    I know how easy it can be to hesitate, hedge and hope someone guesses what you want. It can feel uncomfortable to ask for help from someone.

    But in order to get what you want, you have to ask for it. It’s better for the other party too because they don’t have to guess what you need and the relationship is more open.

    Well after reading your articles I came to know that you are so good at writing Blogs on Business, Supply Chain,

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