As leaders, one of the most important skills we need to have is the ability to build and manage relationships with stakeholders. These stakeholders can include employees, customers, investors, suppliers, and more.
In this series I have covered 8 earlier topics, here I suggest a number of key learnings for Building and Managing Relationships.
Building and Managing Relationships
Developing and Maintaining Positive Relationships with Stakeholders, we learn how to cultivate these relationships and turn them into long-term partnerships that benefit the company and its stakeholders.
Key Strategies
The principles of building and managing relationships are not new. They have been around for a long time, but in today’s fast-paced business environment, they are more important than ever. With so much competition, it is critical to build strong relationships with stakeholders in order to gain a competitive advantage.
The keys to building strong relationships
Let’s take a look at some key strategies for building and managing relationships:
Communication:
At the top of the list of important aspects of building and managing relationships is communication. It is important to be transparent and honest with stakeholders, and to keep them informed about what is happening within the company. This means not only communicating good news, but also being honest about challenges and setbacks.
Listening:
Good communication also involves active listening. This means taking the time to really listen to stakeholders, and to understand their needs and concerns. When stakeholders feel heard and understood, they are more likely to trust the company and to feel invested in its success.
More than this, John C Maxwell in his book ‘Everyone Communicates, Few Connect’ advocates: you must connect!
To connect is to care!
First: Care! and what I mean is not, ‘care to get’, but rather ‘care to give’ : real care!
Empathise:
In addition to listening, it is important to empathize with your cohort.
This means understanding their perspective and putting yourself in their shoes. When stakeholders feel that the company understands and cares about their needs, they are more likely to form a positive relationship with the company.
Trust:
Trust is a critical component of any relationship, business is a people business!
Therefore in everything you do, focus on creating psychologically safe environments in which you make the table of trust – shared trust.
It is important to be trustworthy and to follow through on commitments. When stakeholders trust you, they are more likely to invest their efforts and to work with it over the long term.
Collaboration:
Finally, building and managing relationships pivots on collaboration. It is important to work with stakeholders to find mutually beneficial solutions. When stakeholders feel that the team is working with them, rather than against them, they are more likely to form a positive relationship, invest time, invest their creativity and perform!
That’s not all… But it is a great foundation
Building and managing relationships is a critical skill for leaders. It requires effective communication, active listening, empathy, trust, and collaboration. By cultivating strong relationships with stakeholders, leaders can gain a competitive advantage and ensure the long-term success of their teams, groups and companies.
Great thought leaders to reflect check out
Here are some references to the best thinkers in the field of building and managing relationships with stakeholders:
- Dale Carnegie – “How to Win Friends and Influence People“: This classic book by Dale Carnegie teaches techniques for building and maintaining positive relationships, which can be applied to both personal and professional contexts.
- Stephen Covey – “The 7 Habits of Highly Effective People“: Covey’s book emphasizes the importance of building trust in relationships and offers practical advice on how to do so.
- Adam Grant – “Give and Take: A Revolutionary Approach to Success“: Grant’s book challenges the idea that success requires a ruthless approach and instead promotes the idea of building positive relationships through generosity and reciprocity.
- Daniel Goleman – “Social Intelligence: The New Science of Human Relationships“: Goleman’s book explores the science behind social interactions and offers insights into how to build and manage relationships effectively.
Great vs Good
When it comes to what separates great from good in building and managing relationships with stakeholders, some key factors include:
- Consistency: Great leaders consistently prioritize building and maintaining positive relationships with stakeholders over the long term.
- Authenticity: Building trust and positive relationships requires authenticity and a genuine interest in the needs and perspectives of others.
- Communication: Effective communication is key in building and managing relationships, as it allows for understanding and collaboration.
- Empathy: Being able to understand and empathize with the perspectives and needs of stakeholders is essential in building positive relationships.
- Flexibility: Great leaders are able to adapt and be flexible in their approach to building and managing relationships with stakeholders, taking into account the specific needs and preferences of each individual or group.
By focusing on these key factors, leaders can work to build and maintain positive relationships with stakeholders, ultimately leading to greater success for the enterprise as a whole.
Tell me – What Actionable insight will you take away from this post?
What actionable insight will you take away from this post to build and manage relationships?
I would love to hear your thoughts, drop me a DM at Linkedin on on the page below
