Building trust and mutual respect in your professional relationships can help you leverage new opportunities for your business.

In today’s competitive business landscape, it’s more important than ever to nurture strong relationships with other professionals. This means being more than just another contact, instead taking it one step further to become a dependable resource and trustworthy ally. Here are some fundamental ways to create more value in your strategic partnerships.

Know your unique selling proposition

Delivering value starts with having a clear understanding of what you can and want to offer, then outlining your long-term goals and a road map for achieving them. You may wish to create synergistic relationships with professionals from various industries within your network to build connections for potential future collaborations. Alternatively, you could concentrate on forming lateral connections—linking with individuals in similar roles as you—to jointly explore new concepts and work together on projects. Once you know your purpose, providing value and receiving it in kind will be much easier.

Diversify your network

Partnering with fellow business professionals provides a platform for both sides to exchange their knowledge, experiences, and effective business strategies. To thrive personally and professionally, you must step outside your comfort zone to establish new relationships rather than rely solely on familiar and comfortable connections. Begin by actively seeking meaningful conversations with individuals you don’t know, initiating interactions during a meeting or event, reaching out via LinkedIn, or working with professional groups on social media. Doing so can help you significantly expand your network: every new person you meet has the potential to introduce you to their sphere, and you can do the same for them in turn.

Become involved in your community

Engaging with individuals in your local community can produce positive results for your business. When you contribute to the well-being of those around you, you’re not only building connections with professionals in your area but also actively participating in corporate social responsibility (CSR). It’s worth noting that, according to the consulting firm Accenture, a significant 74 percent of consumers express a greater inclination to support businesses involved in CSR initiatives.

Build trust and respect

First impressions are everything in business—these initial interactions can make or break a relationship. You need to lay a foundation of trust and respect right away, which requires being genuine. Focus on getting to know each person as an individual by actively listening and displaying interest in what they have to say. In addition, be as open and honest as possible, and share your experiences so they feel more comfortable doing the same.

Additionally, it’s imperative to demonstrate your reliability as you continue to nurture these professional relationships. For instance, if one of your contacts expresses an interest in meeting the CEO of a company with which you have a strong relationship, offering an introduction is only valuable if you can follow through and fulfill your commitment. This demonstrates your reliability and trustworthiness in keeping your word. Also, while many genuinely want to help others, it’s prudent to exercise caution when seeking advice or requesting favors from your professional network. For example, phrases like “Can you introduce me to so-and-so?” or “May I seek your guidance on a specific matter?” should only be employed once a foundation of rapport and respect has been established to avoid prematurely calling in favors.

Engage in face-to-face interactions

Meeting others in person offers significant advantages. According to Forbes.com, face-to-face networking remains the most effective means of sealing deals and expanding your professional sphere. Remarkably, 95 percent of professionals believe that in-person meetings are pivotal for business success and such interactions boast a close rate of 40 percent.

Furthermore, in-person networking allows you more opportunities to exchange physical business cards, a key element in establishing robust connections. Something as basic as business cards can leave a strong initial impression and are frequently retained and referenced later by many individuals. (Keep in mind, though, that while digital versions can be practical, physical cards have a more enduring impact.) Finally, maintaining contact and extending casual invitations for coffee or lunch, even without a specific agenda, can be highly beneficial for nurturing relationships.

Find opportunities to collaborate with others

Connecting with fellow business professionals provides an avenue for both sides to exchange their knowledge, experience, and business strategies, which in itself can be immensely beneficial. It also allows you to see where your objectives align so you can determine if working together would offer mutual benefits. For example, let’s say you’re a financial advisor organizing a seminar on retirement planning and savings. Instead of pursuing this endeavor alone, you could partner with an elder law expert to address the legal aspects of retirement. Combining these insights will allow you to reach a broader and more diverse audience. This collaborative, value enhancing strategy has the potential to foster the growth of both your businesses.

Connect your sphere with others

Collaborating with other businesses to pool resources is merely one avenue to create value, as building social capital can be a crucial component of showcasing your worth. This means being recognized as a superconnector—someone genuinely interested in helping others without expecting anything in return. In the end, this benefits everyone involved: the people you connect can establish new professional relationships they might not have found otherwise, and you can build a reputation as a reliable resource, which can ultimately strengthen your business.

TAKE ACTION:
Analyze your professional network, and reach out to at least one business leader who you could collaborate with.