Solid business relationships are entirely built on trust. But occasionally, some of these relationships can get frayed. How do you repair a business relationship that’s losing its trustworthy nature? Here are several solutions from our Corporate Business Solutions consultants:
Keep Communication Lines Open – Trust can erode when the communicating stops. Therefore, keep in touch with the client or the business partner to make sure the relationship is retaining the trust it is based on. For example, keep partners informed of critical developments happening at the company that may be relevant to them as well. Answer questions honestly. Communication is the key to building trust, as well as preserving it.
Aim for Cooperative Contracts – Instead of signing for-profit contracts, aim to sign long-term cooperative contracts that offer benefits to both sides equally. If a small business wants to retain important partners, expect that these partners will seek more than financial gain from contracts. Most businesses do not enter into lucrative long-term contracts with entities they don’t trust. Therefore, cooperation is the key to stable business relationships that reap major profits over time.
Own up to Mistakes – One of the biggest reasons small businesses lose the trust of partners and clients is the blame game. It’s normal for mistakes to be made during everyday business transactions. However, how these mistakes are handled is what matters for long-term trust. If a mistake is made, and it’s the fault of your company, then do own up to the mistake. Do not deflect blame or try to pin it on something else. That shows irresponsibility. Businesses don’t like irresponsible partners that cannot be trusted. Therefore, be an empathetic and responsible partner.
Directly Address Sources of Conflict – If another business or a client is losing trust in your company due to a particular issue, do talk about it. If there are causes of tension in the business relationship, take time and initiative to address these problems head-on. Don’t let small issues snowball into big ones that result in broken partnerships.
Overall, be proactive when it comes to building trust in business relationships. To know more, visit CBS-CBS.com.