We are living in uncertain times here in 2021, but companies can face adversity at any time. How business partners (either in business together or have a working relationship) handle these challenges will often be the difference between flourishing and the worst-case scenario of floundering for a while or closing up shop. Regardless of the business, companies must remember that they do not operate in a vacuum. There are supply chain companies, contractors, vendors, tech support, media professionals, and retailers. These business relationships often start with a handshake or a verbal commitment and evolve into human relationships where everyone helps each other.
How do you foster this support?
One business expert cites three things as needed for fostering mutually beneficial business relationships:
- Transparency: Being transparent and honest about your company’s needs enables them to better help. Conversely, you can ask your partner what they need from you to move forward.
- Collaborate: Businesses have a better chance for success when they work together to resolve a problem in the supply line or some other issue that bottlenecks the production. An important benefit of a partnership is drawing upon their skill set to help solve problems. Communication starts the process.
- Deliver: You don’t want to shower friends or family with false promises. The same is true in business. It may not be in your best interest to deliver what they need when they need it, but their success is your success. Good business partners do not forget those who deliver on a promise.
Good relationships have good contracts
All valuable business partnerships should have arrangements put in writing. The two sides can work with a knowledgeable business law attorney to draft a fair and equitable agreement that is mutually beneficial to both partners. These agreements are built for the long run and will see partnerships through ups and downs over time.