Building business relationships
Every business relationship is unique in its own way and certainly requires a very customised approach, no matter what the books say
The most talked about quote pertaining to business is none other than the one by Warren Buffet that states, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” This is exactly the reason we at M!CEtalk have decided to decipher the real psychology behind building the right business relationship. It is even more necessary in today's time in a post-COVID phase when relationships are more focussed on virtual platforms rather than oneon-one meetings. So the question that arises is what are the essential ingredients that make up a right business relationship?
Vinay Malhotra, Regional Group COO – South Asia, Middle East & North Africa and Americas, VFS Global, explains, “Fundamentally, lasting business relationships have their foundations in ethical dealings, transparency, regular information sharing and connect, and attention to feedback, irrespective of the sector. Over the last 20 years, VFS Global has grown its business from serving one client govt in India, to 64 client governments in 143 countries.
We attribute our strong relationships with our clients to the trust we have built among them through ethical practices, seamless services in all our offerings, transparency in our functionalities, our understanding of managing visa application processes, local expertise of the laws of the land we operate in, and last but not least, our future-ready technological innovations through the years that allow us to sustain and maintain customer service at its best.”
Sharing her global view, Pippa Williamson – Senior Vice President, Head of Sales and Distribution of Shangri-La Group asserts that, “Having the right quality of business relationships is an asset to any organisation, that doesn't usually sit on the balance sheet. A growing network is important, but every relationship must be built upon a sense of trust and partnership. At ShangriLa, we believe our core values of humility, respect, courtesy, helpfulness and selflessness gives us the sincerity we need, as we continue to develop longlasting business models with our partners around the world.”
A recent report by the Chartered Institute of Management Accountants states that the COVID-19 crisis has raised very pertinent questions that businesses never thought of – How do you connect with customers who cannot or will not step out? How do you manage a team that you can no longer just walk up to? How do you set stakeholder expectations in a landscape of variables? And lots more. But as unprecedented as it is, it'll put the business world through the same test as all previous crises —the test of business relationships.
THE TECHNIQUES
Just like any relationship, a business relationship is built over time with the efforts of more than just an individual, rather it is a team effort. However, it is a fact that nothing is set in stone. Sharing his point of view, Malhotra says, “Of course, there may be widely different considerations in play for a B2C-focused company, as opposed to a B2B one, for instance. But maintaining a symbiotic relationship, while being flexible and ethical, would be the common intent that should ideally run through various scenarios. For VFS Global, which works with client governments across the globe, understanding and strictly adhering to visa regulations and guidelines defined by client governments, as well as the directives of local governments in the location of operations, is key.
We also lay strong emphasis on constant communication with our clients, which further strengthens their faith in us. For instance, throughout the lockdown periods of the pandemic, and well after, we regularly communicated any updates with our clients, be it border closures, operational restarts, industry sentiments, and changes in our business offerings and plans for the year.”
“Additionally, being a customer-facing industry, collecting and implementing feedback from customers is of equal importance to us. We do the same for clients as well, so we are continually learning from feedback and improving our service offerings,” he shares.
Giving it the human touch, Williamson feels that relationship building is ultimately about working with people. While each industry may have its own style – a sincere, respectful approach usually brings a certain sense of gravity to interpersonal connections. Understanding customers is a very important part of this process. The technique is
Maintaining a symbiotic relationship, while being ethical, would be the common intent that should run through various scenarios Focus on adding value, building trust and a true partnership. A relationship that isn’t mutually beneficial, will not last long