Business relationships are just as important as friendship relationships and need to be properly handled with great care. When experts in the business are given 59 seconds to answer the question on who is considered the best business manager, their answer is short and consistent. It is he who is best in building and enhancing business partnerships. This answer reflects the level of their understanding of how business can easily flourish in profit at lower risks when in partnership. In the past, business partnerships were not as valued as it is the case today. This is so today due to the deep research by experts which proved that partnerships often turn to be beneficial to both parties. From normal life, we all agree that the work that a single person can do can never worth that done by two persons under normal circumstances.
The different successful businesses regardless of the goods or services they sell all have one main thing in common which is the fact that their owners are capable of building and maintaining relationships. With this, we can say that behind any successful business, there are solid partnerships which are properly valued and enhanced. Relationship building and maintenance has been the tool of successful business men and women since the industrial revolution. Nevertheless, some entrepreneurs are just too busy in the details of the kinds of services or products they are selling to notice that there are greater benefits awaiting them if they decide not just to build relationships with customers but also to carry out relationship building with vendors, employees, and up to some extent competitors.
It is worth noting even if you like it or not that without strong partnership relationships, it is impossible to experience flourishing success in a business. So many people might argue but the fact remains true for researches have been conducted in the major leading businesses around the world and conclusions made. No matter how big a business might be, it is still susceptible to face challenges and tough times which in most cases are involuntary and unplanned for. Thus a business is supposed to have long-term customers alongside good vendor relationships that will be of great assistance in carrying you through tight datelines or challenging periods. A correct partner relationship management with another business owner will assist in properly sharing resources, struggles, and best practices that can actually give you a stand during tough moments. In such relationships, when times are good, they all share the pleasure and when times are bad, they all share the effects. In addition of being mutually beneficial, business relationships must be catered for.
There are three things that make a relationship firm be it a friendship relationship or a business relationship. They are giving, sharing, and supporting. Giving awakens a relationship, sharing confirms a relationship and supporting seals a relationship to last long be it in tough or good moments. When these three things are done by both parties in a business relationship, their chances of lasting for long are very high and they will equally make extraordinary benefits which they won’t on their own. Worth noting is a factor that should be eliminated in a partner relationship management, that is only taking or being at the receiving end. At the beginning, it might work but as time goes it will fail. In a relation, one part can’t be reputed only for receiving while the other is reputed for giving.
A business which is not in partnership when stroked by an unforeseen situation can immediately die down never to be heard of again. We’ll present to you the different types of partnerships that a business can build in order to secure it success, we’ll also present to you the characteristics of a partner relationship management and how to properly enhance partnership firm relationships.
How to build relationships: Encourage honest feedback
People perceive an honest person with great esteem so is the same case in business relationships. In any partner relationship management, there must be an open and clear communication line. One which welcomes constructive criticisms and takes proper measures to adjust these issues. Every honest partnership firm relationship demands a clear communication on how each party is performing or operating in the domain. In such relationships, constructive criticisms should highly be encouraged. In addition, you should all be brave enough to suggest the different ways by which clients can help your firm to boost its performance. This will help you best understand how to proceed for efficiency. There exist a famous saying which goes thus ‘’if you know where you are sitting, then you’ll be able to sit firm in order to resist the wind’’.
How to build relationships: Listen more than you talk
Among the behaviors that lead to long term business success is the practice of listening more than talking. However, it is not only a question of listening but actively listening. Several researches have been conducted and conclusions showed that so many clients often turn to follow the business manager who can actually listen to them actively, that is fit himself/herself in their place, feel the way they feel and think the way they think. A listening ear is worth more than a loud speech trying to demonstrate your know how and capacity. People want others to be able to understand how they feel, think, see things, and why they behave the way they do. Thus, we can conclude that in a partner relationship management, it is worth listening with more than ‘two ears’ from the other party.
How to build relationships: Take notes and make a routine
As a business manager, there are several business meetings that you’ll assist in. In these meetings, you’ll come into contact with, probably business managers and directors as well. It is worth noting down their contacts whenever possible. This is because you can think someday of getting into a domain and being in possession of a contact will be of great help for you. Always figure out time to make a routine through all your already existing contacts. It should be noted that relationships are to be enhanced and watered so that they can grow up to maturity.
How to build relationships: Give more than you receive
If you wish to have more partners that can stand by yourself when things are rough, learn to give without receiving. Do not contact people only when you need their help or assistance. This will be wrongly presented. That’s why it is advisable to get to your contacts more often. Learn about their business and if you find an opportunity for them somewhere, call and inform them even if you gain nothing from doing it. Surely, they’ll be happy to realize that you care for them and are interested in what they are doing. You can also build relationship by forwarding those articles, links, and some other vital information that you judge it will be beneficial to them. Immediately you come across interesting stories, forward them to those you believe will find it relevant. If you take only 15 minutes to do these things every morning, you’ll realize that your network and connections are well fed and alive. At some point in time, you’ll realize that you are just well equipped to face any business challenge.
How to build relationships: Meet face-to-face
The process of meeting face-to-face in partner relationship management is very important. You can do this by figuring out the different activities or events that your contacts enjoy that you also enjoy. Send them invitations to meet with you in such occasions which could be a feast celebration, musical presentation, exposition, or some sport activity. They will be very impressed and this will strengthen your relationship and grow it deeper again. You can also make suitable plans that will permeate you to catch up with someone at a networking event.
How to build relationships: Learn to make things personal
When you show your contacts how important they are to you personally, they’ll appreciate it much thus your relation will be reinforced. You can do this in several different ways. Say for example instead of sending an e-mail to congratulate a contact who just had promotion, you decide to send an actual physical letter or card which says ‘’congratulation for your new post’’. I assure you, they’ll accept it with lots of joy.
Let us now look at how to better enhance a relationship after building it. This is very important in partner relationship management for business managers.
How to Enhance a Business Relationship
Being authentic might seem very simple but difficult to put into practice. It is completely unavoidable when it comes to partner relationship management. Here, you are not asked too much. All that is required of you is to perceive all those around you the way they are without passing judgment on them. It is impossible to accept others without first accepting yourself. Be very simple and natural. Simply be who you are; that’s all. Creating a false personality is something very easy to do and highly tempting. But it is worth noting that in most cases, you can’t mask the truth for a very long time. Present yourself as you really are. In an already existing relationship, make sure things are simple and clear. Do not try to mask anything for when it shall be discovered by the other party you won’t be able to preserve the relationship any longer.
Develop mutual respect
As the saying goes ‘’if you respect, you shall be respected in return’’. This saying is absolutely true; simply do for your partner what you want them to do for you. Building mutual respect might actually take time but not impossible. Simply show concern and esteem to all your business partners and wait patiently while observing how things unfold. Note that once you’ve won their respect, you’ve achieved something very great.
Plan something to do together
It is often said work without play makes you dull. Reinforce your relationship with your partners by finding something that you both enjoy doing. Program an outing where both of you will have a closer meeting in order to better know yourselves.
Offer something before asking for something
In partnership relationships, offering and asking move together. Do not contact your partner only when you need something. Learn to show your concern and interest about their success. In this way, when you contact them in hard times, they won’t use it as a way out of the partnership.
Due to the need and importance of partnership firm, we had to start by looking the different ways on how to build a relationship. Now let’s move on to the presentation of the different types of partnerships that can be built within and out of the organization to enhance business.
Partnering with direct reports
Initially, employees were highly secured with various organizations which is no longer the case today since organizations no longer secure jobs for their employees. Because of this, the blind loyalty that was previously demonstrated to these organizations as a by-product of the job security is gradually disappearing. High potential agents in the different business organizations do see themselves as free agents and not employees. Meaning that they are looking at the future leader as someone with whom they can collaborate in order to move ahead and not as their boss. They go up to the point of defining a knowledge worker as someone who truly masters what they are doing more than their manager does. This therefore calls for a pretty nice relationship between those who directly report and the manager of the business. This partnership can be build inside the company.
Partnering with co-workers
Studies have revealed that partnering with co-workers is one of the internal partnerships which shall be adopted in a nearby future for greater yields. However, it is already being practiced and its applications keep growing daily. It is clear that leaders of the future will be forced with the challenge of breaking down boundaries. The one that people shall perceive as an effective leader as the world keeps on becoming complex will be the one who will be capable of sharing capital, people, and ideas all through the organization. All these things which shall be shared will lead to the success of the company.
Partnering with managers
Partnering with the manager is very vital for the success of the company as the gap is being broken and issues solved easily. Studies have shown that the future manager will have to get down to the field and work with the others as he observes the different phenomena which need modifications and changes.
Partnering with customers
Customer partnership represents a shared journey which leads to a successful future of both parties than either could have personally developed. The customer represents the foundation of your business success as he influences every aspect of your business. There exist no force as grounding as partnering with your customers. The term customer partnership might be a little exaggerated for it does not fully move to the legal definition of co-ownership. It is rather in the sense of sharing profits, benefits, and loses of the company.
Partnering with suppliers
This is another external partnering relationship whereby entering in to partnership with the supplier of raw materials is needed for the functioning of the organization.
Partnering with competitors
This is an external partnering business relationship which can turn to be fruitful to both parties if they are honest and work together.
Concerning the need and importance of partnership firm, we can start by saying that partners are persons who deliberately come into trust with one another to carry out a business. The firm’s name is referred to as the name under which this particular business is being carried under. It should be noted that a partnership firm does not represent a separate legal entity which is distinct from its members. It simply represents a collective name that is given to the different individuals making up the group. It is different from a company which has a separate legal entity distinct from its members. It should be noted that a firm cannot employ servants or own property. In addition, it can neither be a debtor or a creditor nor it sue or be sued. If you hear any terms referring to the firm, then the term is used only for commercial purposes and nothing else.
The five essential elements, need and importance of partnership firm
Being five in number, they must all unite before constituting a partnership. Without one, nothing can move ahead.
Contract for partnership
Here, a partnership can only result from a contract. There is no way it can raise from inheritance or from status. This is to say that in the case were a man dies, his son can only claim share but cannot claim partnership unless he decides to enter in to contract with the other persons concerned.
Maximum number of partners in a partnership is 20
When need and importance of partnership firm is observed, at least a minimum number of 2 persons can constitute the partnership. It should be noted that only persons competent for contract can enter the contract for partnership.
Carrying on of business in a partnership
When the need and importance of partnership firm has been agreed by two or more persons, there is an essential element which they must stick to; that is carry on a business. This includes every trade, occupation or profession that can come their way.
Sharing of profit
Sharing of profit indicates a need and importance of partnership firm. If there is an agreement on how to carry on a business, there must be another on sharing profit among the members. In such businesses, the partners are free to share their profits in a ration that pleases them. However, the manner on how the profit and loses are being shared should fully be stated in the partnership deed.
Mutual agency in partnership
Whenever the need and importance of partnership firm has been established, there must be mutual agency. That is the business must be carried on by all the partners or the person/persons delegated to act in the place of all the others.
The Role of Business Relationship Manager
The business relationship manager plays a vital role in creating and enhancing relationships with business partners thus it is important to look at his qualities. He works as the strategic line alongside one or more assigned business services groups in order to assist in defining an efficient business strategy. They are also responsible for mounting business-technology roadmaps in IT demands. In shaping projects and initiatives, business relationship managers play a very important role.
The Business relationship manager is responsible for properly establishing and managing relationships at all heights of the firm. This is someone who perfectly understands the firm’s overall business strategy, current technology used at the firm, and administrative groups.
There are times when the business relationship managers operate as internal consultant towards developing and improving on already existing processes. They are also reputed for enhancing relationship building and productivity.
Practices adopted by business relationship managers to enhance client relationships
Every successful business tends to pay its attribute to the high quality client relationships which was properly built and enhanced by the superior skills of their business relationship manager. Below is a list of practices which most of these business relationship managers did adopt for greater success in their firms.
Be patient in building new relationships
Successful client relationship building tends to take time. So wait patiently and learn to know your client in a better way. This will pay off at the end in a great way.
Know your client’s industry and company
Although you do not need to be an expert, you need to have sufficient knowledge about your client’s company. This will permeate you to talk the same language with your client. Learn to understand those things that matter to your client most.
Treat each client as the most important Cherish all your clients and treat each as the most important. In this way, you’ll be able to maintain a long lasting and fruitful relationship with them. Regardless of whether your client is from a large or small company, make sure that you provide them with the best of your services. This is because today’s small companies could be the big companies of tomorrow and you can imagine the benefits you’ll get if you are regarded as one of the trusted partners fueling that growth.
Successful business relationship managers have always taken the good habit of responding to the emails of their clients immediately they receive them even if they are not in possession of the solution, they acknowledge reception of the email that they are working on. By so doing in relationship building, they give great comfort to their clients and not leave them waiting for too long.
After looking at the different ways on how to create and better enhance relationships with business partners, we can conclude that this practice although challenging is achievable and also represents the success of your business.