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Business partnerships can make or break your organization’s success. Strong business partnerships lead to increased productivity, innovation and staff retention for long-term success.
I have witnessed what my brand has grow to be among the top ten in RTD spirits sales throughout the United States, despite sales in only eleven states. Much of our “unprecedented” success is not unprecedented at all. This is due to a strong focus on investing in building meaningful business relationships. We launched in 2019 and thrived even when most restaurants and bars were unable to stock our products. While many other aspects have helped us navigate these uncertain times, our thriving business relationships have proven essential.
While no one can predict the future, it is important to build pillars that can help what you are promoting remain stable and scale in uncertain times. To build solid, foundational success for your startup, small business or independent ventures, read the following 4 suggestions for building long-lasting business relationships.
Tip 1. “Expect ingratitude.” — Dale Carnegie.
My first tip could seem counterintuitive to the untrained eye. However, years of trial and error opened my eyes to the truth of Dale Carnegie’s famous quote: “Expect ingratitude.” This first tip is the foundation of my remaining suggestions and is a concept that each one professionals and entrepreneurs need to appreciate and understand. Expecting ingratitude is not as pessimistic because it could seem. This is pragmatic and realistic, stopping disappointment because you do not overestimate your expectations.
Managing expectations goes hand in hand with business success. This will eliminate the need to blame yourself when something goes fallacious, which is inevitable. We will only focus on solving the problem, taking full responsibility for our actions and further development of the company. Rather than facing a series of disappointments, rigorously managed expectations strike a balance between unbridled ambition and staying grounded, maintaining your upward trajectory. Keep your feet on the ground, but aim high, ensuring victory for all involved when results exceed expectations.
Tip #2: Take responsibility
If something doesn’t work, take responsibility for the consequence. For example, while many in the industry complain that distributors and retailers aren’t doing enough to increase sales, at my company, Carbliss, we take a different approach.
Our philosophy is reality: distributors provide logistics services to transport products from “A” to “B”, while retailers offer a platform for sales. It is not our partners’ job to move products off the shelves; it is ours. When products don’t sell, we do not point fingers at our partners. Rather, we glance inside ourselves and ask how we will improve. We take responsibility for selling products.
Taking these burdens off our partners’ shoulders has enabled us to cultivate symbiotic relationships with them. We support them by letting them do what they do and expecting nothing more, and they support us by doing their job and much more. This is cooperation in its purest and best form. Stay accountable to increase your cooperation.
Tip #3: Offer substance as a substitute of empty gestures.
A powerful business partnership does not require lavish parties or recognition galas. Perhaps that might mean elbow grease, facetime, and handshakes. Engage beyond emails and phone calls. Get in on the motion and prove that you simply are a partner willing to roll up your sleeves and get involved, not only “another brand.”
Your business partners care much less about wine and food. Like our distributors and retailers, they’ll respond best when you are feeling supported, valued and a part of something larger.
Tip #4: Be honest and transparent
How can your organization exhibit its commitment to your partners’ success? It starts with honesty and transparency about offers and expectations. Setting expectations immediately and sticking to them builds trust and respect. These efforts often produce pleasantly surprising positive results. Even if results are not achieved, keep what you are promoting partners engaged and honest, and it’s going to repay in the long term. These efforts go a great distance towards building lasting relationships.
When your products could be commoditized, your go-to-market partners (e.g., distributors and retailers) are just as critical to your success as your customers. That’s why your partners require a brand experience similar to what you offer customers. Try these suggestions to build thriving business relationships, cultivate loyalty, and foster success.