Business Education

How to Patch-Up a Sour Business Relationship for the New Year

Just about any type of relationship can go bad at practically any time. Business relationships are no exception to this sad phenomenon. Even Dave Ramsey says often, “The only ship that won’t sail is a partnership.” Statistics certainly prove this point true. But, it’s not just professional partnerships. Small business owners enter into many working relationships and any one of them can go bad. So, if you experienced this type of situation, there are ways to get back to doing business together, though both of you will need to make a commitment to make it work.

Alternatives, Options, and Change

If the relationship is irreconcilable, or it’s just not possible to do business again (because of an extraordinary circumstance like death, retirement, or the person has gone out of business), you’ll have to rely on other options, which can mean going with an alternative. But, before you jump right into another relationship, it’s usually best to try and work things out first.

The common thread among all damaged relationships is the trust between both parties has been broken. Trust is the underrated lubricant for success in business, and rebuilding that trust is the first step in repairing any business relationship.–Inc.com

After all, if you had a working relationship with this individual before, you both benefited from it and it makes sense to continue so neither one of you is forced to start from scratch again. However, if this isn’t feasible or even possible, make a list of alternative options and write down each one’s pros and cons. Make some preliminary contact and explore working together. You could even give one or more a trial run in order to determine how well it does or doesn’t work.

How to Patch-Up a Sour Business Relationship

Now, if there is a possibility that the relationship can be reconciled, there’s no real good reason not to try. Although, it will take quite a bit of commitment from both parties in order to have a viable future. Here is some effective advice for how to mend a broken business relationship:

Start with introspection. Humans are keen on shifting blame away from themselves. People not only dislike making mistakes, but they also do not like being in the wrong. So, it’s up to you to take a good look at yourself first and be willing to accept any blame you deserve.
Be humble but honest in your approach. Next, try to reconnect on a casual basis. If you have mutual interests, that’s a good place to start to reconnect. If necessary, take a gradual, measured approach and go slow. When the time is right, you can have a more candid discussion about what transpired but, don’t be blameful.
Agree to leave the past behind for the sake of the future. Both of you will have to keep this promise in order to have any chance of working together again. Make it a point to put sensitive topics or events off-limits and focus on your future working relationship instead.
Keep an open line of communication flowing. Once you agree to work together again, don’t let the same things get in the way. Stay in regular contact so that everyone’s expectations and needs are known. This will be a great way to help the relationship flourish and be beneficial to both parties.

What other advice would you give entrepreneurs about patching up a sour business relationship? Please share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

How Small Businesses can Make the Best Use of Local Partnerships

June 16, 2022 No Comments

Small businesses often find it difficult to compete with larger businesses, not just in terms of scale and resources, but also in terms of visibility. However, by partnering with local businesses, small businesses can create an ecosystem where they can mutually benefit from each other’s strengths. In this article, we will explore four ways that small businesses can make the best use of local partnerships to improve their business. After all, this is one of the best and most powerful growth strategies available, and better still, it’s often just a matter of making the right arrangements. How Small Businesses can Make the Best Use of Local Partnerships The first way that small businesses can make the best use of local partnerships is by optimizing customers’ experience. Local partnerships give small businesses an opportunity to provide their customers with a more personalized and customized experience. By partnering with other local businesses, small businesses can offer their customers a one-stop-shop solution that meets all their needs. One of a small business owner’s most strategic, and potentially profitable relationships, is the one he establishes with fellow business owners. When business owners offer complementary services, they can form partnerships to help them reach new customers and expand the products and services they offer. These local partnerships help businesses increase their visibility and build customer loyalty. —Houston Chronicle Small Business Another way that small businesses can benefit from partnering with other local businesses is by using local partnerships to experiment with variations. Small businesses often lack the resources to experiment with different product offerings or marketing strategies. However, by partnering with other local businesses, they can test out different variations without incurring too much risk. Third, small businesses can create complementary offerings through local partnerships. For example, a coffee shop can partner with a local bakery to offer customers a discount when they purchase both coffee and pastries. This principle can also apply to a number of other businesses. So, co-existing industry peers, like in real estate, such as a title company and a mortgage broker, or a residential sales broker and an interior decorator can do the same. By partnering with other businesses, small businesses can offer their customers a more complete package that meets all their needs. Finally, small businesses can give and receive customer referrals through local partnerships. By partnering with other businesses in the same industry, small businesses can tap into each other’s customer base and generate more leads. In addition, by giving referrals, small businesses can build trust and credibility with their partners, which can lead to more business opportunities in the future. Local partnerships are a great way for small businesses to improve their business. By optimizing customers’ experience, experimenting with variations, creating complementary offerings, and giving and receiving customer referrals, small businesses can make the best use of local partnerships to improve their business. What other benefits do local partnerships offer? Please take a few minutes to share your own thoughts and experiences so others get the most out of these relationships. Interested in learning more about business? Then just visit Waters Business Consulting Group.

You Don’t have to Meet a Politician to Find a Hypocrite — Your Mirror Might just Reflect One

March 1, 2019 No Comments

Rep. Alexandria Ocasio-Cortez just moved into a luxury apartment in Washington D.C. It doesn’t contain one affordable housing unit. In fact, the complex doesn’t even comply with D.C.’s Affordable Dwelling Units program. This, after campaigning on a platform which included “Safe, affordable, adequate housing for all.” George H.W. Bush infamously said, “Read my lips. No new taxes.” LBJ promised the country not to escalate America’s involvement in the Vietnam War. George W. Bush campaigned, in-part, against excess government spending. Then, expanded several federal programs. How Hypocrisy Hurts Businesses The list goes on and on and on. Bernie Sanders, who rails against wealth inequality, owns three houses, has a net worth of about $2 million, and earns a six-figure salary. You get the idea. And, these are just a handful of politicians. It doesn’t include entrepreneurs, celebrities, professional athletes, and other public figures. As a business owner or manager, it’s important to practice what you preach. If you require employees to be available 24/7 while you’re MIA, or you’re constantly texting on the job while you prohibit employees from using their phones, for example, your hypocritical behavior is sending the wrong message to employees, and they may resent you for it. —Business News Daily Of course, hypocrisy is everywhere. When it occurs in a business environment, it’s very harmful. Hypocrisy undermines your ability to lead. After all, it’s essentially telling your employees to literally do as you say, NOT do as you do. You lose respect. It compromises your standing. Plus, it makes it very difficult for others to even work with you. 3 Key Ways to Avoid Hypocrisy as a Business Leader Hypocrisy is a dangerous trait. It essentially subverts morale and threatens the very viability of a business. It can even go so far as to cause a self-inflicted implosion. So, just how do you avoid being hypocritical? Here are a few helpful suggestions for how to avoid hypocrisy as a business leader: Practice self-awareness. You might call this “practice what you preach.” It’s an obvious reminder but one definitely worth mentioning. Every day, you should stay vigilant and stay self-aware about your own behavior. While it’s not rocket science, it’s quite difficult to put into practice. Be consistent with decisions. It’s almost impossible not to have or even show bias. We all do it in a variety of ways. You might treat team members differently due to your own personal biases. When making decisions, consider all sides of the equation. Actively solicit constructive criticism. It’s always good to encourage feedback from your employees (as well as your customers). And, doing so could reveal hypocrisy you commit but don’t consciously act against. What other advice would you give about avoiding hypocrisy? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Why Getting a Bad Credit Loan for Your Small Business Is Usually a Bad Bet

October 31, 2024 No Comments

You’ve probably heard the comparison before – starting a small business is like planting a seed.