The Importance of Relationships in Building a Business

Article 05 | Business perspective | By Steven Fishoff

Businesses operate through agreements, but relationships determine how many of those agreements work in practice. Customers, suppliers, employees and partners all need reasons to trust one another.

Early in my career, I saw how much depended on listening carefully and following through. A customer may remember a competitive price, but they are more likely to remember whether a problem was handled responsibly.

Good relationships do not eliminate difficult conversations. In fact, they make those conversations more important. When expectations cannot be met, being clear about the problem and the next step is better than offering reassurance that cannot be supported.

I also learned that relationships should be maintained outside moments of immediate need. A network built only when a company wants something is usually less durable than one developed through years of mutual respect.

Technology has changed how businesses communicate, but the underlying principle has not changed: reliability compounds. A reputation for doing what you say you will do remains one of the most useful assets in business.