Strong relationships are extremely important in business and when you run a global business, they become even more important. You need business partners and supporters that will have your back in case something goes wrong and you will have to forge relationships where trust is the main ingredient. For instance, a company that works with several markets around the world will need to build strong business partnerships with local businessmen and women in order to develop.
If you take a quick look at the top 500 companies at a global level, you will see that most of them operate in more than one country. Actually many have businesses on more than one continent, but the growth happened in time with the help of partners and great business relationships.
But what do you need to create such partnerships? We all know that business communication takes a lot of finesse and careful planning. Still, in some cases, the cultural differences are so huge that a special approach is needed. So, which are the steps that will lead you to success?
Source: By Virgo Group (Own work), via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Virgo_(11).jpg
Hire the right people
You can have all the business advantages in the world, but if you don’t have the right team you won’t be able to accomplish anything. Your employees are the ones who will act in your business’s interest and will create credibility in front of customers and partners. This is why you have to be extremely careful when you select the people for an international activity.
For instance, if you plan to develop on the Dutch market, the best way to create relationships and convince local business owners to support your entrance on the market is to hire people who come from this culture. This way, your team will enrich with bilingual people who understand and know the way Dutch people think.
Be honest and transparent
Even a small omission can lead to failure when you’re negotiating a contract. If your business/brand is seen as credible in the market, sponsors and partners will be more willingly to listen and consider your proposals.
However, it’s important to do your homework before going to a meeting. People will be pleased to notice you took an interest in their culture and that you are flexible enough to accept it.
Set the right expectations
You should always make sure that your business partners understand what they are going to get out of doing business with you. If you set the bar high and you don’t deliver, this can only cause damage for your development in that country. Even worse, the news could spread and all your business relationships may be affected.
Share knowledge that may be useful
Since you are trying to attract local businesses on your side, it’s important to share pieces of your knowledge that may be helpful for you partners. For instance, you can give them access to a market study your performed or you can offer detailed information on a certain niche they may be interested in. As long as this activity serves both your interests, it will be helpful.
As you can see, business communication takes effort, but with great leadership skills and a great team, everything is possible. As long as you keep the communication lines open and you are honest and straightforward with your future partners, you should be able to build long-lasting business relationships.