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When it comes to business partnerships, the right one can often lead to a whole host of new opportunities, such as attracting new customers, diversifying your revenue streams or helping your teams innovate through challenges.
When working with someone new, however, there must be a level of trust involved so that each partner feels as though they have skin in the game. Establishing trust takes time, but there are steps leaders can take to help foster that trust from the very beginning. To help, a group of Rolling Stone Culture Council members share their best advice below.
Spend In-Person Time Together
I’ve found that the best way to build a relationship with a new business partner is to spend in-person time together. If the relationship is an important one for your business, the investment of spending quality one-on-one time together can really pay off. Humans need to see facial expressions, watch body language and feel a person’s energetic field to truly understand and trust another human. – Maureen Smithey, CastleWare Baby
Have Open and Honest Conversations
Be transparent and comfortable when discussing margin. Relationships are built on trust. Trust is built on a willingness to have open and honest conversations. A great partner is not afraid to share business aspects such as operational cost and margin. Focus on value and ROI to justify profit because a business without profit isn’t business — it’s just work. – Marshall Ogen, CannabisBPO
Follow Through on Commitments
Be open and upfront about your goals, motivations and any potential conflicts of interest. Additionally, it’s important to follow through on your commitments, as this will show your partner that you are reliable and trustworthy. Trust is not something that happens overnight. By being transparent, honest and reliable, you can lay the foundation for a strong and enduring business relationship. – Jason Saltzman, Relief
Make Trust a Part of Your Company’s Mission
Be trustworthy yourself. Focus on your own integrity by leading with it as part of your company’s mission and value system. Be the example and set the standard for moral integrity in your own industry, then expect nothing less from anyone else. By building your own reputation as trustworthy, you don’t have to gain or build trust with anyone. – Stephanie Dillon, Stephanie Dillon Art
Work Toward a Common Goal
Bring your authentic self to the conversation and be open to the different directions it may go. It’s useful to go into it with an intention and an ideal path forward for your company, but a partnership is a two-way street. Be open. Listen. Work toward a shared vision of success for both parties and align your interests. – Dan Giuliani, Volt Athletics
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Give It Time
As they say, “Rome wasn’t built in a day.” I feel the same is true with business relationships. If you’re looking to forge a relationship with a new partner, be sure to give yourself time to court the individual. Make sure that values align, and monitor the benefits you’re offering to the other person. In time, you will see the whole picture. – Kelly Schwarze, Indie Film Factory
Set Expectations Upfront
Invest as much time as you can into understanding expectations and assumptions for the partnership upfront. It’s easy to bask in the glow of new possibilities and assume that you’ll be able to work everything out in the long run, but those early days are the best time to work out differences in culture and learn each other’s core values, which can help you navigate future bumps in the road. – Aili McGill, Nickel Plate Arts
Focus on Transparency
Trust takes time to build, and in business, time is extremely valuable. Focus on transparency and communication, which is the foundation of every healthy relationship. What are their needs and goals and what are your needs and goals? How do you openly support each other in achieving those goals? Building fellowship through communication and mutual goal-setting is a great way to win trust. – Sonia Singh, Center of Inner Transformations
Connect on a Personal Level
One great way to begin a business partnership is to focus on getting to know the person so that you can truly enjoy each other’s company. If you’re connected on a level that’s deeper than just business, the partnership will remain healthy and trusting. – King Holder, PROCUSSION
Share the Wins and Losses You’ve Experienced
Communicate openly and transparently. Showcase the expertise that you’ve gained from both wild successes and failures. Being vulnerable enough to share the lows as well as the highs is a great start to gaining trust and establishing a symbiotic relationship in which you can both learn from and benefit from each other. – Dan Serard, Cannabis Creative Group
Give More Than You Receive
Be willing to give more than you are getting to get that initial impression headed in the right direction. We are defined by what we do, not what we say. Put this into practice and, if they are a good fit, you’ll get back the same — or more — in return. – Michael Newman, The Bureau of Small Projects
Remain Authentic
The best way to establish trust in any relationship is to be completely transparent about your intentions and always remain authentic to who you are. Relationships are like plants — they need constant nurturing. – Red Rodriguez, GRAV
