How to Build Resilient Business Relationships in the USA

The Covid-19 problem has had a significant impact on businesses worldwide. The simultaneous fall of supply and demand creates an unusual dilemma. Surprisingly, some businesses can at least partially sustain supply networks and sales channels, while others struggle to do so. Of course, the impact of this crisis on your supply chain or sales will be determined mostly by your sector and geographic location. But, particularly for small and medium-sized enterprises, there appears to be another factor that decides your company's durability in current crisis: well-established relationships.

What constitutes a well-established relationship?

To examine robust corporate connections, consider the following characteristics: transparency, respect, dependability, and a shared past and future.In times of scarcity and low availability, your vendors may have to prioritize consumers since they cannot serve everyone. Developing a transparent connection with your vendors will assist you manage those scenarios; your vendor is more likely to provide the criteria he uses to determine which orders or assignments to execute. Also, hearing your vendors' future estimates will be useful information.On the other hand, honesty with your clients and customers about your offers, pricing, and business status was critical in establishing trust. Especially during crises, you should communicate openly with your major clients to illustrate what you can still do, what you can't deliver, and what role your clients' business plays in navigating the crisis.Treating your vendors with respect increases the likelihood that they will be on your side throughout the crisis. This covers how you and your workers engage with the vendor's representatives, as well as if you allowed some wiggle room for the vendor during negotiations. Also, demonstrating an appreciation of the difficulties that the vendor may have faced and how they affected your firm will strengthen your relationship.If you have consistently treated your clients with respect over the years, both in business and personally, you are more likely to be treated with respect during the crisis.

Have you shown to be a dependable partner? Great

In exceptional circumstances, prior reliability is critical for your vendors in determining whether and to what extent to do business with you. Just think about paying. In a crisis, the merchant must trust you to pay.The same is true for clients: if you have gone above and beyond to avoid disappointing them in the past, they are more likely to give back and support you during a crisis.A Shared History and FutureOf course, it matters whether you've worked with the vendor for one month or ten years. However, I believe that projections regarding your future commercial connection will be more essential. If your supplier believes that the connection will be mutually beneficial, they are far more inclined to assist you in times of trouble.The common history and future could be the most important aspect of your company's sales strategy. In the B2B arena, a long-term history has most certainly led to your clients adapting their operations to your products or services in some way. A manufacturing company employs a specific component and has adapted other components to do so, whereas a service-based organization has tailored elements of its internal processes to a specific program. In a B2C situation, this tendency to become accustomed to a product or service is more psychological, but has the same powerful effect: The costs of switching are high.The shared future is particularly potent in times of distress. Finally, the question is if your clients and consumers want you to be around once the crisis has passed. In a B2C environment, this may be the hair salon you still want to visit after the crisis, so you purchase items from their online store to help them. Or you still want to eat at the restaurant, so you order takeout to assist them get through a difficult time. The jargon in B2B is different, but the concept remains the same: Are you a strategic supplier to your customers?

Do they need you to help them achieve their objectives after the crisis?

Your company's relationships aren't the answer to every problem. If your vendor goes out of business, no connection in the world can save it. If your clients stop making purchases in your industry, partnerships will be ineffective. However, all else being equal, good and trusting corporate relationships provide a competitive advantage, particularly during times of crisis.How does technology fit into this?So far, technology and IT corporations have had an interesting role in this issue. On the one hand, employing technology instead of smaller suppliers reduces the intensity of interactions; for example, using accounting software instead of your local tax accountant. You could think that leaning extensively on technology would have been problematic during this crisis since it prevents you from developing solid ties.On the other hand, amid this crisis that restricts our ability to meet people, technology has shown to be an essential component of the economy and the operations of both small and large organizations. Furthermore, many modern technology companies' subscription-based business structures allowed them to offer services at reduced or no cost throughout the crisis. And I would argue that they see this as a wonderful opportunity to develop relationships with potential clients.The goal here is not to avoid using technology, but to foster strong personal interactions wherever possible.