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How to Build Strong Relationships in Business for Long Term Success

Good relationships that you can trust are at the core of great businesses.

Business relationships often begin with a simple connection and an initial sense that there may be value in working together. From there comes the research: each side learning more about the other, exploring where interests overlap and whether a collaboration, partnership or transaction actually makes sense.

If there is still mutual interest, the conversation moves toward structure and negotiation. Eventually the ideas make their way onto paper and, if everyone remains aligned, a deal is signed. But the signature is not really the finish line. In many ways, it is the beginning of the relationship.

Trust compounds

I have found that mastering negotiation is closely connected to trustworthy relationship building. A clever deal that leaves one side feeling burned may produce a transaction, but it rarely creates the kind of long-term relationship that opens bigger doors later.

The better objective is to understand what each party needs, communicate clearly, do what you say you are going to do and create enough alignment that both sides want to work together again.

Relationships become strategic assets

Over time, strong relationships create access to people, ideas, opportunities, capital, projects and partnerships that are difficult to manufacture on demand. That is one reason I consider relationship building and dealmaking fundamental skills for entrepreneurs, executives and anyone operating in venture capital or business development.

For a deeper look at the negotiation side, watch my discussion below:

Keep going

Next, read My Top 5 Negotiation Techniques or explore How to Build World-Class Companies, Products, and Ventures.

If you are working through a partnership, transaction, negotiation or strategic decision and want another experienced perspective, book a 1-Hour Strategy Call →

Chad McMillan

Chad McMillan is a creative entrepreneur and strategic advisor with over 20 years of experience in and around the capital markets, focused on finding hidden potential in companies, ideas, markets and people, and advancing what they can become.