5 Keys to Creating and Sustaining Successful Long-term Business Relationships

Are you tired of constantly searching for new business partners? Don’t you wish you could just stick with the ones you’ve got and ride off into the sunset together? Well, good news! We’ve got the secret recipe for creating and sustaining successful long-term business relationships. Follow these five key ingredients and you’ll be cooking up a storm in no time:

Key #1: Communication is the spice of life (and business). Make sure to listen to your partners, ask questions, and express your needs and concerns openly. Of course your views and input are important, but taking the time to listen can provide a better understanding of the situation at hand and pave the way for an optimum solution.  Also, set up regular check-ins to keep the lines of communication flowing smoothly and mitigate the likelihood of a long-term downward communication spiral.

Key #2: Trust is the foundation of any good relationship. Be consistent, reliable, transparent and honest, and follow through on your commitments to earn and maintain trust.  If for some reason you are unable to meet a prior commitment or deliverable, then provide notification to the other party as soon as possible.  Keep in mind that last-minute changes or exceptions should be few and not the norm.

Key #3: Flexibility is key in a fast-paced business world. Be open to new ideas and approaches, and be willing to negotiate and find mutually beneficial solutions when conflicts arise.  No relationship, business or otherwise, is without conflict; when it happens try focusing on the solution instead of on who’s to blame.  Besides, getting the other party to admit fault rarely occurs and tends to only sour the relationship as well as delay the progress towards a solution.

Key #4: Collaboration is a must for long-term success. Share resources, listen to each other’s ideas, and work together to achieve common goals.  Each party has the ability to bring valid ideas and perspectives to the situation.  The solution is often found somewhere within a hybrid of the ideas presented.

Key #5: Consistency is crucial for building trust and creating a stable working environment. Follow through on commitments, meet deadlines, and maintain open lines of communication.   Be the person or party that has a reputation of dependability and accountability, and the other party will value those characteristics and become more willing to continue the relationship.

Remember, building and maintaining these relationships takes time and effort, but the benefits are worth it.  These 5 keys also work extremely well for individual relationships too!  So go forth and nurture those business partnerships and personal relationships!

Find out more about creating successful win-win business partnerships at Vested.