There’s a lot of talk about trust in the workplace today — why it’s declining, the importance of trust, and how to build it among teams. And it’s no wonder. Research shows that over 58% of employees trust strangers more than their bosses. This lack of trust can lead to 74% more stress, 40% more burnout, and 50% higher employee turnover, making it a critical issue for leaders to address.
That’s why this anonymous quote still rings true: “Trust takes years to build, seconds to break, and an eternity to repair.” Trust is the foundation of all successful business partnerships. Building it can be challenging, especially when the stakes are high. It takes time, effort, and a thoughtful approach to ensure the relationship is solid and long-lasting.
For newcomers to any industry, building strong, mutually beneficial relationships may not seem urgent. However, the importance of building trust with potential business partners cannot be overstated. These relationships can be extremely rewarding. Long-lasting success requires both parties to commit to making the partnership work, even through the inevitable challenges.
1. Communicate Openly and Honestly
Leaders must prioritize communication to build trust. Open and honest dialogue helps prevent misunderstandings and demonstrates your commitment to the partnership.
Even when it’s hard, it’s better to tell the truth than to tell people what you think they want to hear. Understand what they need to know and deliver the facts while still being considerate of their efforts, sensitive to their feelings, and understanding that mistakes are bound to happen.
Be clear about your intentions, goals, and challenges. Share relevant information promptly and encourage your partner to do the same. This mutual openness can significantly strengthen your relationship and ensure that both parties feel valued and respected.
Additionally, transparent communication involves active listening. Pay attention to your partner’s concerns and input. Show that you are willing to address issues as they arise. This two-way communication allows for an open and collaborative environment, making it easier to face challenges together.
Plus, in today’s digital age, maintaining open communication has never been easier. Leveraging tools like video calling, instant messaging, and collaborative platforms increases transparency and makes interactions more efficient and effective.
2. Show Yourself Reliable
Reliability is the foundation of trust. To build trust with potential partners, consistently deliver on your commitments. Meet deadlines, honor agreements, and maintain high standards of quality in your work. When partners see that they can depend on you, they are more likely to trust you with greater responsibilities and more important projects.
Reliability also includes attendance and engagement. Be on time for meetings, actively participate in discussions, and be available when your partner needs you. This level of commitment reinforces the perception that you are a reliable and trustworthy business partner.
It also helps to set up clear communication channels, such as providing regular status updates and progress reports. That way, you can strengthen your credibility and keep everyone informed.
3. Add a Personal Touch
Building personal relationships with business partners is key. Take the time to get to know them personally, understanding their interests, values, and motivations. Going the extra mile shows that you care about them as individuals, not just as business contacts.
Participate in informal interactions, such as casual get-togethers or social events, to strengthen these personal connections. These settings offer opportunities to build rapport and demonstrate your genuine interest in their well-being. This way, they are more likely to listen to your ideas or suggestions, and reciprocate your kindness.
Personal relationships can also be fostered through gestures such as sending handwritten notes, remembering important dates such as birthdays or anniversaries, or celebrating their accomplishments. These small acts of kindness can go a long way in building trust and loyalty.
4. Show mutual respect
Mutual respect is the foundation of any strong partnership. Show appreciation for your partner’s opinions, time, contributions, and expertise. Continuously exchange knowledge, challenges, solutions, and success stories. This respect fosters a positive, collaborative environment where both parties feel valued and encouraged to work together.
Fulton Brock, president of Brock Asset Management, recently emphasized the importance of respect in building trust during a recent conversation with me:
“Respect is at the heart of any successful partnership. When both parties feel valued and appreciated, it creates a strong foundation of trust. At Brock Asset Management, we place a premium on mutual respect, ensuring that our partners know they are a critical part of our success in managing their financial assets. Encouraging this attitude not only strengthens our relationships but also helps us consistently deliver exceptional results.”
Respect also means being fair and ethical in your relationship. Avoid actions that could break your partner’s trust or damage the relationship. Maintaining high ethical standards shows your commitment to a trustworthy and honorable partnership.
Make Building Trust a Top Priority
Consistency in your actions and behavior is essential to maintaining trust. Make sure your words align with your actions and always uphold your values and principles. Check in with your partners regularly, provide updates on ongoing projects, and address any issues promptly. This ongoing effort helps create a stable relationship, making it easier for partners to trust you.
Trust is not just a good quality to have in the high-stakes business world, but a critical component of any successful partnership. Using these four strategies can help you gain the trust of potential business partners, which will provide a solid foundation for success.