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What You Should Know About Business Relationships

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What You Should Know About Business Relationships

About Business Relationships

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.

Learn More About Business Relationships

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.

The Shocking Revelation of Business 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.

Simple Guidance For You In Business Relationships.

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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Copyright - These concepts, frameworks and ideas are copyright of GLOBAL SUPPLY CHAIN GROUP from the time of their creation. Do NOT copy these without permission and proper attribution.

Notes:

1. These ideas and concepts will be usually expressed by our thought leaders in multiple forums - conferences, speeches, books, reports, workshops, webinars, videos and training. You may have heard us say the same thing before.

2. The date shown above the article refers to the day when this article was updated. This blog post or article may have been written anytime prior to that date.

3. All anecdotes are based on true stories to highlight the key points of the article - some details are changed to protect identification of the parties involved.

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ABOUT THE PRINCIPAL AUTHOR

Today, Vivek and his partners are among 20-30 people on the planet earth who have this deep understanding of supply chain systems, practices and tools. CEOs, COOs, executives and Boards call them in most challenging situations once they know the full potential of supply chain based transformations. Following are key milestones in Vivek's journey:

  • Started in 1983 as a merchant navy cadet at 18 years age, worked his way to qualify as a Captain – qualified to take command of any merchant ship, worldwide.
  • Earned a top tier MBA from UNSW at the top of his class.
  • Joined highly regarded strategy consulting firm Booz Allen & Hamilton, consulting to the CEOs, Boards and senior management of global corporations within Australia.
  • To learn and specialise in supply chain – against all odds, sought out the co-inventor of supply chain in Germany and convinced him to be a partner in his firm, GLOBAL SUPPLY CHAIN GROUP, launched in January 2000.
  • More than 500 successful blue chip projects with high impact business transformations in large corporations using the full power of SUPPLY CHAIN MANAGEMENT.
  • 4 Seminal and path breaking business books IN SUPPLY CHAIN MANAGEMENT – these are available in bookstores and universities and libraries worldwide.

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THE 5-STAR BUSINESS NETWORK

If you are deeply passionate about the world of business and supply chain networks as I am, and enjoy digging answers to critical questions that will help build and steer your business with wisdom, then join me. This book is a journey of exploration through the world of business networks that run along the veins of today’s commercial world.

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OUTPERFORM OUTSOURCE OUTPROFIT

The trend of outsourcing continues to grow unabated with the whole gamut of services, from simple to mission-critical tasks. There is not a single company on earth that does not outsource anything. It is not just about cost arbitrage, it is also a finer expression of division of labour at the organisational level. Like all leverage, outsourcing is a double-edged sword too. On one hand, it allows you to do more, faster. On the other hand, if it goes bad, it can easily kill your business. If you do not believe that is possible – you can google the Fox Meyer saga from the 90s and see for yourself.

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UNCHAIN YOUR CORPORATION

Businesses Are Chained By Unseen Chains. If You Are Looking For Ways To “Unchain Your Corporation” A Successful Business Transformation Is Required.

Successful Business Transformations Are Difficult, Yet Rewarding.

Business Transformation Is Fast Becoming A Question Of Survival In The Modern Globalised Era.

Modern Supply Chains Integrate Businesses And Economies Faster By Systematic Information Sharing From Internal And External Sources.

Companies Can Multiply Profits By Progressively Ramping Up Cohesion And Collaboration Of All Moving Parts In B2B Network To Achieve Tighter Integration.

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GREEN SUPPLY CHAIN – AN ACTION MANIFESTO

It is generally accepted that environmental consciousness is now changing to environmental proactiveness as organizations are discovering that it makes good commercial sense.

Boards are asking the management to review their policies related to environmental norms, not only to bolster their corporate social responsibility aims, but also because consumers are asking for greener supply chains

It is also widely agreed that consumers will increasingly prefer to buy more and even pay more for products or services provided in an environmentally sound manner.

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