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Business partnerships can make or break you the success of the company. Strong business partnerships lead to increased efficiency, innovation and staff retention, driving long-term success.
I have witnessed the transformation of my brand among the top ten in sales of RTD beverages across the US, despite only being sold in eleven states. Much of our 'unprecedented' success is not unprecedented at all. It stems from a hard-line focus on investing in building meaningful business relationships. We launched in 2019 and thrived even when most restaurants and bars couldn't stock our products. While many other factors got us through 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 company stay stable and scale during uncertain times. To build a solid foundation for success for your startup, small business, or freelance endeavor, read the four tips below for building long-term business relationships.
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Tip 1. “Expect ingratitude.” – Dale Carnegie.
My first tip may seem counterintuitive to the untrained eye. However, 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 the rest of my suggestions, and it's a notion that all professionals and entrepreneurs should appreciate and understand. Expecting ingratitude is not as pessimistic as it may seem. It is pragmatic and realistic, preventing disappointment because you will not exceed your expectations.
Managing expectations goes hand in hand with business success. By doing so, there will be no blame game when things go wrong, as they inevitably do. There will be only one simple focus solving the problem, taking full ownership of our actions and driving the business forward. Instead of facing a string of disappointments, smartly managed expectations strike a balance between rampant ambition and groundedness, keeping your trajectory upward. Stay grounded but aim high, ensuring a win for all involved when results exceed expectations.
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Tip #2: Take responsibility
If something doesn't work, take ownership of the outcome. For example, while many across the sector 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 is not the duty of our partners move products from shelves; it is ours. When products don't sell, we don't point the finger at our partners. Instead, we look inward and ask how we can improve. We take ownership and responsibility for product sales.
Taking these burdens off our partners' shoulders has enabled 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 then some. it's COOPERATION in the cleanest and most productive way. Stay accountable to increase your cooperation.
Tip #3: Offer substance instead of empty gestures.
Strong business partnerships don't look for glamorous dinners or appreciation galas. It might mean elbow grease, face time and handshakes. Be involved beyond emails and phone calls. Put yourself into action to prove you're a partner willing to roll up your sleeves and get involved, not just “another brand.”
Your business partners care a lot less about being wined and dined. Like our distributors and retailers, they will respond best when you make them feel supported, valued and a part of something bigger.
Tip #4: Be honest and transparent
How can your business prove its commitment to the success of your partners? It starts with honesty and tRANSPARENCY about your offers and expectations. Setting expectations right away and meeting them builds trust and respect. These efforts often yield surprisingly positive positive results. Even when results are not achieved, keep your business partners involved and stay honest, and it will pay off in the long run. These efforts go a long way in building lasting relationships.
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When your products can double as merchandise, the partners who bring them to market (eg, distributors and retailers) are just as essential to your success as your customers. Thus, your partners are looking for a brand experience similar to what you offer customers. Try these suggestions to build thriving business relationships, cultivate loyalty, and drive success.