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Business partnerships can determine the success of your company. Strong business partnerships lead to greater efficiency, innovation and employee loyalty, thereby promoting long-term success.
I watched my brand rank in the top ten for RTD spirits sales in the U.S., even though it was only sold in eleven states. Many of our “unprecedented” successes are by no means unprecedented. It is based on a consistent focus on investing in building meaningful business relationships. We launched in 2019 and thrived even when most restaurants and bars didn’t stock our products. While many other factors helped us through these uncertain times, our thriving business relationships proved crucial.
Although no one can predict the future, it is important to build pillars that will help your business remain stable and scalable in uncertain times. Read the following four tips for building long-term business relationships to lay a solid foundation for the success of your startup, small business, or freelance endeavors.
Related: Why These 5 Traits of Self-Reliance Will Guarantee Your Success
Tip 1. “Expect ingratitude.” – Dale Carnegie.
My first tip might seem counterintuitive to the untrained eye. But my years of trial and error have opened my eyes to the truth about Dale Carnegie’s famous quote: “Expect ingratitude.” This first tip is the basis for my further suggestions and a thought that all professionals and entrepreneurs appreciate and understand must. Expecting ingratitude is not as pessimistic as it seems. It is pragmatic and realistic and avoids disappointment by not exaggerating your expectations.
Managing expectations goes hand in hand with business success. This way, if something goes wrong, as it inevitably does, there will be no blame. There will only be a concentrated focus on solving the problem, taking full responsibility for our actions and moving the business forward. Instead of being confronted with a series of disappointments, with wisely managed expectations you can find a balance between unbridled ambition and down-to-earthness and thus stay on the way to the top. Stay grounded but aim high and ensure everyone wins when results exceed expectations.
Related: Successful companies have one thing in common
Tip #2: Take responsibility
If something doesn’t work, take responsibility for the outcome. For example, while many across the industry complain that distributors and retailers aren’t doing enough to sell, at my company, Carbliss, we take a different approach.
Our philosophy is reality: dealers provide logistical services for transporting products from “A” to “B”, while retailers provide the platform for sales. It is not our partners’ job to remove the products from the shelves; It’s ours. When products don’t sell, we don’t point the finger at our partners. Rather, we look within and ask how we can improve. We take responsibility and responsibility for product sales.
By taking these burdens off our partners’ shoulders, we can build a symbiotic relationship with them. We support them by letting them do what they do and expecting nothing less, and they support us by doing their work and more. It is collaboration in its purest and most productive form. Stay accountable to improve your collaboration.
Tip #3: Offer substance rather than empty gestures.
Strong business partnerships don’t require glamorous dinner parties or thank-you galas. Maybe it can mean elbow grease, Facetime and handshakes. Be involved beyond emails and phone calls. Get involved and prove that you are a partner willing to roll up your sleeves and get involved, and not just “another brand.”
Your business partners care much less that you have a good dinner and drink. Like our distributors and retailers, they respond best when you make them feel supported, valued and part of something bigger.
Tip #4: Be honest and transparent
How can your company demonstrate its commitment to your partners’ success? It starts with honesty and transparency about your offerings and expectations. Setting expectations immediately and sticking to them builds trust and respect. These efforts often produce pleasantly surprising positive results. Even if the results are not achieved, you should involve your business partners and remain honest because it will pay off in the long run. These efforts go a long way toward building lasting relationships.
Related: Stop lying and be radically honest with your team
If your products can function as commodities, the partners who bring them to market (e.g. distributors and retailers) are as critical to your success as your customers. Therefore, your partners need a brand experience that is similar to what you offer your customers. Try these suggestions to build successful business relationships, cultivate loyalty, and promote success.