We are a disposable society and it’s easy to simply toss away partner relationships that aren’t working or require some effort to make them work well. Just look at the divorce rate and you’ll see this is true. I often say that how we chose to be in relationships with other human beings says a lot about us.
There is no right or wrong here. It’s simply that if we believe that people and relationships are important we invest in them differently than if we see them as disposable.
When you place a high value on relationships you don’t make a distinction about the type of relationships. It doesn’t matter if it’s a customer or a vendor, everyone is treated the same. These people tend to build high trust relationships that serve them and their business well.
How does this impact your business?
Let’s first explore the issue of trust. When people know that you care, it builds high trust partner relationships.
High trust relationships have several benefits to your business:
1. People are more likely to share information with you that allows you to know how to work with them more effectively
2. Perception is reality and if they believe you care then when there is a challenge or problem you are given the benefit of the doubt. They don’t assume something bad.
3. Problems are just likely to occur and when they do they typically are easily handled.
4. Referrals come your way
5. Relationship retention exists which can have a huge dollar impact on your bottom line with clients and employees.
How else does it impact your business?
Let’s explore some of the other ways these relationships can impact your business.
1. There is a direct cost to you to replace relationships. It takes time to identify other options and make the decision. It takes time to build the new relationship. And you may not know for months if this new one will be more successful than the other one.
2. People look for ways to help you whether its customers referring potential new customers, employees referring someone or an affiliate connecting you to someone for possible business opportunities.
3. Should you want testimonials for your website or marketing materials or references it’s easier to have people say yes to your request when they know you care.
Think about the many reasons to pay attention to these relationships as it can have a huge impact on your business. You don’t have to invest in relationships or show how much you care.
Each of us is different and feels differently about business partner relationships. However, the benefits to you and your business are tremendous if you chose to partner with others.