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Accountability can drive long-lasting business relationships

On Behalf of | Nov 14, 2019 | Business Law |

Relationships in business are incredibly important as professionals work toward acquiring more customers, making a profit and growing their companies. Business relationships in Oregon can take on many forms including investing partners, business partners and subcontracting deals to name a few. Leaders who wish to emphasize these relationships and grow them into long-lasting and mutually beneficial endeavors must commit adequate time and energy toward developing trust and loyalty.

One crucial aspect of a reliable business relationship is accountability. Both parties must have the confidence that the other will uphold the terms of any agreements they have made and has their best interest at the forefront of their actions. According to Forbes, some of the characteristics and skills that business partners of any kind can develop in their efforts to be accountable and dependable include honesty,  problem-solving skills, communication abilities, clear visions and expectations, and a willingness to be flexible through various negotiations.

Developing the type of business relationships that last a lifetime and yield successful benefits for both parties is an ongoing process that requires development, maintenance and frequent assessment to determine how effective the relationship is. Forbes also suggests that business leaders not be afraid to cordially and tactfully ask for exactly what they want in a professional relationship. They should also put forth constant effort to expand and strengthen their network of like-minded business professionals to generate opportunities for new relationships to form.

One critical thing that business professionals should remember is that the most successful relationships are those where both parties recognize that in order to get anything out of the relationship, they must be contributing to it as well. If certain relationships seem unproductive, business leaders should assess whether or not there is a fair investment being made on both ends.