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Business partnerships can make or break your company’s success. Strong business partnerships lead to greater efficiency, innovation and staff retention, driving long-term success.
I saw my brand become top ten in ready-to-drink liquor sales in the United States, despite only selling in eleven states. Much of our “unprecedented” success is not unprecedented at all. It comes from an unyielding focus on investing in building meaningful business relationships. We launched in 2019 and flourished even when most restaurants and bars couldn’t supply our products. While many other factors helped us navigate those uncertain times, our thriving business relationships proved vital.
While no one can predict the future, it’s important to build pillars to help your business remain stable and expand during uncertain times. To build solid foundational success for your startup, small business, or freelance business, read the following four tips on how to build lasting business relationships.
Related: Why These 5 Characteristics of Self-Reliance Will Ensure Your Success
Tip 1. “Expect ingratitude.” —Dale Carnegie.
My first piece of advice might seem counterintuitive to the untrained eye. Yet, my years of trial and error have opened my eyes to the truth about Dale Carnegie’s famous quote, “Expect ingratitude.” This first tip forms the basis for my remaining tips and is a concept that all professionals and entrepreneurs need to appreciate and understand. Expecting ingratitude is not as pessimistic as it might seem. It’s pragmatic and realistic and prevents disappointment because you won’t overinflate your expectations.
Managing expectations goes hand in hand with business success. That way, there will be no blame game when things go wrong, as they inevitably will. We will only focus on solving the problem, taking full responsibility for our actions and developing the business. Instead of facing a series of disappointments, insightfully managed expectations strike a balance between unbridled ambition and staying grounded, maintaining your upward trajectory. Stay grounded but aim high, ensuring a win for all involved when results exceed expectations.
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Tip no. 2: Take responsibility
If something doesn’t work, take responsibility for the outcome. For example, while many in the industry complain that distributors and retailers don’t do enough for 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 provide the platform to sell. It’s not our partners’ job to move products off shelves; it’s ours. When products don’t sell, we don’t point the finger at our partners. Instead, let’s look inward and ask ourselves how we can improve. We assume ownership and responsibility for product sales.
Removing these burdens from our partners’ shoulders has allowed us to cultivate a symbiotic relationship with them. We support them by letting them do what they do and not expecting anything more, and they support us by doing their job and more. It is collaboration in its purest and most productive form. Stay accountable to increase your collaboration.
Tip no. 3: Offer substance instead of empty gestures.
Strong business partnerships don’t require glamorous dinners or appreciation galas. Maybe it can mean elbow grease, Facetime and handshakes. Engage beyond emails and phone calls. Insert yourself into the action to demonstrate that you’re a partner willing to roll up your sleeves and get involved, not just “another brand.”
Your business partners care much less about being wined and dined. Like our distributors and resellers, they will respond better when you make them feel supported, appreciated and part of something bigger.
Tip no. 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 when results aren’t achieved, keep your business partners involved and stay honest – this will pay off in the long run. These efforts go a long way towards building lasting relationships.
Related: Stop lying and start being radically honest with your team
When your products can double as raw materials, the partners who bring them to market (e.g., distributors and retailers) are as critical to your success as your customers. Therefore, your partners demand a similar brand experience to the one you offer customers. Try these tips to build thriving business relationships, cultivate loyalty, and foster success.