Trust is a vital component in any business partnership. It is the foundation upon which all successful business relationships are built. Without trust, it becomes difficult, if not impossible, to establish effective communication, cooperation, and collaboration.
With trust, both partners know what they can expect from each other – creating a sense of reliability and predictability within the relationship. Partners feel secure in knowing they can rely on each another to fulfill their joint and individual business obligations and responsibilities.
Trust is, in fact, at the very heart of any successful business relationship – while also playing a major role in creating a healthy work environment.
Trust between business partners allows for effective communication – as evidenced by open and honest communication. When trust is present, both parties feel comfortable sharing their thoughts, ideas, and concerns; and they feel comfortable to agree to disagree, respectfully. This helps foster a creative and productive environment, where differences can be discussed, new ideas can be shared, and new solutions can be found.
Trust is essential for building a long-term healthy business partnership where partners work together in a collaborative way, achieving mutually beneficial outcomes for everyone. Trust creates a win-win environment.
Since a business partnership often requires our most precious commodities – time, money and resources, trust allows both partners to feel confident that these commodities (investments) are in good hands.
Finally, trust is tantamount when building a good reputation for not only your partnership but for your business as well. A business that is known for being trustworthy and reliable exponentially increases its chances for success because it creates brand loyalty – loyalty that retains current clients and attracts new ones. Trust permeates the organization – starting from the top!
Therefore, before entering any business relationship, do yourself a favor and make sure you understand all the critical ways trust will impact the success of your business partnership and your business.
Dr. Patty Ann
