Running a successful business is not a always easy. It requires knowledge, commitment, patience, and above all, the ability to build and sustain trustworthy business relationships. At Inflection 360, our managing partner, Michael Roub, shares insights from his years of experience in the healthcare services industry, helping to demystify the dynamics of developing effective relationships in the business world.
Michael was recently a guest on the Future of Influence podcast, hosted by Raj Singh. He shared his journey, shed light on the pivotal role of trust in business partnerships, and gave tips on maintaining rewarding relationships. This article incorporates these insights and provides an in-depth look at how to create and foster trustworthy business relationships.
1. Understanding Your Goals
Before diving into the mechanics of relationship-building, you need to understand your business goals. Knowing what you want to achieve helps guide the kinds of relationships you need to foster. Michael emphasizes the importance of aligning your interests and goals with your partners. “It’s about understanding what really motivates them and what drives the business. Only then can you direct them down the right path to find the right partner or move forward with the right transaction,” he shares.
2. Being Authentic
In the world of business relationships, authenticity is critical. You want partners who align with your values, goals, and vision. Michael underscores the importance of authenticity when pitching to potential partners. He advises businesses to be comfortable in sharing both their strengths and weaknesses. Acknowledging your limitations does not diminish your business value; rather, it presents opportunities for growth and collaboration.
3. Knowing Your Client Base
Understanding your clients’ needs and desires is fundamental to forming and nurturing business relationships. Your ability to provide solutions to their problems directly influences their trust in you and your business. Michael’s approach to client relationships is underpinned by this principle, as he seeks to provide higher-level, personalized consulting and advisory services.
4. Leveraging Professional Networks
Networking is a crucial aspect of business development. Michael credits the power of networking for much of his business success. Your relationships with other industry professionals can significantly influence your ability to land new clients, develop partnerships, and expand your business. Your professional network is a treasure trove of potential partnerships, client referrals, and advice.
5. Being Approachable and Open to Communication
Communication is vital in all relationships, and business ones are no different. A willingness to listen more than you speak is a significant attribute in developing and maintaining trustworthy business relationships. Michael shared that he learned the value of listening over the years, highlighting that “if you’re not listening, then it’s cookie-cutter. You’re spilling information versus understanding the business and the person.”
Building trustworthy business relationships doesn’t happen overnight. It requires time, effort, authenticity, effective communication, and a deep understanding of your business goals and client needs. It is a journey filled with learning and growth, which can potentially lead your business to new heights of success.
Want to learn more about Inflection 360 and how we can help you navigate this journey? Please visit our website, inflection360.com, and connect with Michael Roub on LinkedIn. Let’s start building not just business relationships, but lasting partnerships based on trust and mutual growth.
The principles highlighted in this article were drawn from Michael’s insightful discussion on the Future of Influence podcast. For more tips, strategies, and insights from industry professionals, be sure to tune into the podcast regularly. As Michael said during his interview, “My goal is just to help clients get to where they would want to be and where they’re happy.” At Inflection 360, our aim is to do just that, one trustworthy relationship at a time.