When it comes for business partnerships, that right 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 needs to be a level of trust to make each partner feel included in the game. Trust takes time to build, but there are steps leaders can take to foster that trust from the start. To help, a group of Rolling Stone Culture Council members share their best tips below.
Spend time together
I have found that the best way to build a relationship with a new business partner is to hang out together. If the relationship is important to your business, investing in quality one-on-one time together can really pay off. People need to see facial expressions, observe body language and sense a person’s energy field in order to truly understand and trust another person. – 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 isn’t afraid to share business aspects like operating costs and margins. Focus on value and ROI to justify profit because a business without profit isn’t a business – it’s just a business. – Marshall Ogen, CannabisBPO
Fulfill your obligations
Be open and honest about your goals, motivations and potential conflicts of interest. In addition, it is important to fulfill your obligations, 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 lasting business relationship. – Jason Saltzman, Relief
Make trust part of your company’s mission
Be trustworthy yourself. Focus on your own integrity by leading it as part of your company’s mission and value system. Be the example and set the standard of moral integrity in your industry, and then expect no less from anyone else. By building your own reputation as a trustworthy person, you don’t have to gain or build trust with anyone. – Stephanie Dillon, Stephanie Dillon Art
Work towards a common goal
Include yourself in the conversation and be open to different directions. It’s helpful to go into it with intention and an ideal path for your company, but partnership is a two-way street. Be open. Listen. Work on a common 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?
To give time
As they say, “Rome wasn’t built in a day.” I feel that it is the same with business relationships. If you want to establish a relationship with a new partner, give yourself time to court him. Make sure the values are aligned and monitor the benefits you offer the other person. In time you will see the whole picture. – Kelly Schwarze, Indie Film Factory
Set expectations up front
Invest as much time as possible in understanding the expectations and assumptions of the partnership in advance. It’s easy to bask in the glow of new opportunities and assume you’ll have it all figured out in the long run, but those early days are the best time to work through cultural differences 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
It takes time to build trust, and in business, time is extremely valuable. Focus on transparency and communication, which is the foundation of any healthy relationship. What are their needs and goals, and what are your needs and goals? How do you openly support each other in achieving these goals? Building a community through communication and setting goals together is a great way to gain trust. – Sonia Singh, Center for Inner Transformations
Connect on a personal level
One great way to start a business partnership is to focus on getting to know the person so that you can truly enjoy each other’s company. If you are connected on a level that is deeper than a business relationship, the partnership will remain healthy and full of trust. – King Holder, PROCUSSION
Share the wins and losses you’ve experienced
Communicate openly and transparently. Show off the expertise you’ve gained through wild successes and failures. Being vulnerable enough to share the lows as well as the highs is a great start to building trust and establishing a symbiotic relationship where you can learn from and benefit from each other. – Dan Serard, Creative Group Cannabis
Give more than you receive
Be prepared to give more than you get to steer that initial impression in the right direction. We are defined by what we do, not what we say. Put this into practice, and if they’re a good fit, you’ll get the same — or more — in return. – Michael Newman, Small Projects Office
Stay authentic
The best way to establish trust in any relationship is to be completely transparent about your intentions and to always remain authentic to who you are. Relationships are like plants – they need constant nurturing. – Red Rodriguez, GRAV