How to Start and Maintain Profitable Relationships
By Sri Dasgupta
How do you cultivate profitable relationships?
Well, for starters, what do you mean by "profitable"? Do you mean profitable in financial terms? Profitable in terms of other resources or support you might be able to provide each other? Both?
And "profitable" for whom? For you? For the other person? For both of you?
No, I'm not peppering you with questions just to be annoying! I ask because:
• Your answers will help you recognize opportunities or identify people with whom you might want to build a working relationship more easily.
• It will help you explain to the other person why you're interested in getting to know them better, and why they might be interested in getting to know you.
This not only provides a solid foundation for the relationship, but also helps you start a conversation with the other person (a good way to start a relationship, don't you think?!).
For example, I met someone a few years ago at a business mixer, who asked me if I wanted to participate in a mini trade show he was organizing -- this, within minutes of meeting me for the first time. I was very interested. So we exchanged cards and agreed to talk further the next day. And that's how we started our working relationship.
What's the point of this example?
1. Firstly, this person was clear about what a "profitable" relationship was for him, so he was able to recognize and act on opportunities quickly.
2. His goal was to "recruit" regular and committed participants at the trade shows he organized. And, his definition of a "profitable" relationship had both financial and non-financial aspects.
3. Financially, he wanted to build relationships with people who were dependable, so he didn't lose money due to "no shows". He also wanted people who were interested in participating regularly, so he wouldn't have to constantly spend time and energy finding new participants.
4. Secondly, he was also interested in mutually profitable relationships, which is why he got my attention right away. I saw the value he was offering me: visibility in the community and a chance to reach my target market for a very modest fee.
Do you see how when both you and the other person agree that you have a common interest you want to explore further, building and maintaining that relationship becomes much easier?
If both of you have a clear idea of what you want to get out of your business relationship, maintaining and deepening it happens naturally. It becomes a joint effort, and the conversations just flow.
Try it out for yourself, and see what happens. (And be sure to tell me about your breakthroughs!)