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Are Relationships Vital To Business Growth?

03 Dec, 2012

Relationships are the cornerstone of a new era of people-to-people businesses

All business relationships, both internal and external, are interconnected. In terms of the whole company, you could no more separate the parts than you could separate a stem from a flower–the whole plant clearly needs both parts. The quality of relationships is a very real asset of the business. The learning, generation of knowledge, improvements and innovations that result from good relationships all contribute to the bottom line.

Internal relations take place between people at all levels within an organization. When there is rapport, trust and agreement between employers and employees, it improves the quality of internal relationships and increases the flow of communication.

External relations with clients, suppliers, public and governmental bodies, shareholders, influencers and the media help with creating and sharing knowledge, detecting new opportunities, innovating, improving products and reputation and building customer loyalty. Relations can be at the institutional and group level but they often operate at the individual person-to-person level as well. Relationship capital considerably increases the value of the company.

A Question of Trust

Why is trust such an interesting concept? Perhaps the answer lies with the fact that it spans both the logical and emotional aspects of human thinking and behavior. Trust flows from experience and knowledge, as well as from consistency. Nevertheless, trust is also a sense of confidence, a feeling about someone or something’s ability to deliver on a promise. Any way you look at it, while we may use information and data, trust requires judgment and a leap of faith.
For success in business and other relationships, trust is imperative. With this in mind, how do we generate trust? If there is one overriding rule, it is this: trust has to be earned.

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About the author

Luis Gallardo
Luis Gallardo

Luis Gallardo is a global brand and marketing leader and expert in the areas of strategic brand management, brand engagement, brand expression, marketing, communications, business development, and reputation management. Former managing director of global brand & marketing at Deloitte, Luis provided leadership to Deloitte's member firm network of more than three thousand marketing and communications professionals. Author of the book: Brands & Rousers, The Holistic System to Foster High-Performing Businesses, Brands and Careers. Luis is the founder of Thap Group, a multinational consultancy focused on brand, marketing and communications strategy, and he sits on the advisory board of several high-growth organizations. Contribution:articles, blogs

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