Maintaining healthy business relationship is not easy no matter how well your precautions are. There are many challenges in the way that can jeopardize your professional relationship.
Besides, building effective, healthy business relationship takes times and efforts. Nurturing the relationship is something you need to do constantly. There are things you can do to avoid doom business relationship such as choosing the right partner and make written agreement from the start.
However, sometimes the unexpected happens and if you and your partner cannot handle them properly, your business relationship might crumble down.
4 factors that can jeopardize your business relationship
Good business relationship needs constant maintenance. It is something to do by both sides because business relationship is a road that goes both ways. It won’t work if you are the only one who put effort to maintain business relationship. Here are several things that can cause your business relationship crumble:
1. Dishonesty
If you build relationship with dishonesty, it won’t ever work no matter how click you are with your partner.
It is possible that something happens in the middle of your partnership and cause one of you to hide something behind each other’s back. However, dishonesty will lead to disaster, you may consider to hide simple thing because you don’t think it is necessary.
However, you can’t hide it if it is about business that you are both partnering in. Honesty is the best policy because it is main recipe to build trust in any kind of relationship including business partnership.
2. Personal emotion/feelings
It is humane to feel emotions. However, you are not supposed to use it for building business relationship.
You can’t let your anger control your actions. It is easy to get riled up when conflict happens. It will get worse when emotional feelings involved. That’s why you and your business need to have your emotions in check and do not let them ruin your partnership.
Business needs rationale way of thinking so every problem can be addressed and resolved objectively and effectively.
3. Conflict
This is something that can be prevented. However, sometimes it is triggered by the unexpected for example financial crisis, misunderstanding, etc. Conflict happens from time to time.
It won’t cause severe damage to the business if you address it immediately. However, it will ruin your business partnership if you keep delaying. Make sure to resolve any problem even if it’s minor immediately so it won’t piled up into unresolved issues later.
4. Poor communication
Communication is important pillar for successful business relationship. You need to maintain good communication throughout the journey of running business together with your partner.
Miscommunication and misunderstanding can happen anytime. However, it won’t turn into serious problem if you have effective method to communicate it properly.
Make sure that you and your business partner make time for open discussion. Thus, you both will be aware immediately if there is an issue in the business. Maintaining good communication is the key for successful business partnership.
Failed to do so, your business relationship will just crumble down.