The strength of a company’s business relationships can have an enormous impact on the overall health of the company. Strong relationships are important from an operational point of view. They enable companies to develop new revenue streams, establish a communication protocol and accelerate planning projects and policymaking. From a financial point of view bad business relationships could lead to unhappy customers, negative reputations and decreased potential for growth. It takes perseverance and attention to detail to establish good business relationships. Although it can be tempting to neglect follow-ups during the initial contract negotiations or sales, successful businesses realize that focusing on persuasive follow-ups is crucial to keeping and enhancing their relationships.

It doesn’t matter if you’re a prospective client, an existing partner or someone who’s just met for the first time, everyone deserves the same level respect and trust. Reliability is essential in long-term relationships as one mistake could end up souring the relationship. Think about the last time someone backed off of a deal, altered plans at the last moment, or cancelled the meeting. You’ll likely recall that experience as a bad experience, even though the person may have valid reasons for their actions.

To build lasting relationships, you need to focus on education and provide consultation services to people you have a connection with. Involving customers to distribute surveys, create and distribute relevant thought-leadership content and constantly communicate with business partners on how you can do better can be a significant step in showing that you’re invested in your relationships beyond simply making money from them. Making sure to solicit feedback and incorporate it is equally important, as people want to know that you’re prepared to listen and take their feedback seriously.

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