{"id":1868,"date":"2023-10-05T13:12:40","date_gmt":"2023-10-05T13:12:40","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=1868"},"modified":"2024-01-05T19:58:49","modified_gmt":"2024-01-05T19:58:49","slug":"series-9-building-and-managing-relationships","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=1868","title":{"rendered":"SERIES #9: Building and Managing Relationships"},"content":{"rendered":"\n<p>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. <\/p>\n\n\n\n<p><a href=\"https:\/\/murrayslatter.me\/?p=1804\" target=\"_blank\" rel=\"noreferrer noopener\">In this series <\/a>I have covered 8 earlier topics, here I suggest a number of key learnings for Building and Managing Relationships.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Building and Managing Relationships<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Strategies<\/h2>\n\n\n\n<p>The principles of building and managing relationships are not new. They have been around for a long time, but in today&#8217;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. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The keys to building strong relationships<\/h3>\n\n\n\n<p>Let&#8217;s take a look at some key strategies for building and managing relationships:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Social Intelligence: The New Science of Human Relationships\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_76tG3kv4TPkuAU&#038;asin=0099464926&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Communication: <\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Listening: <\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>More than this, John C Maxwell in his book &#8216;Everyone Communicates, Few Connect&#8217; advocates: you must connect! <\/p>\n\n\n\n<p>To connect is to care!<\/p>\n\n\n\n<p>First: Care! and what I mean is not, &#8216;care to get&#8217;, but rather &#8216;care to give&#8217; : real care!<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Everyone Communicates, Few Connect: What the Most Effective People Do Differently\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_ammhgJPKD3iqMN&#038;asin=B003BWL0TE&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Empathise: <\/h3>\n\n\n\n<p>In addition to listening, it is important to empathize with your cohort. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The 7 Habits of Highly Effective People 30th Anniversary Edition\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_pWeJoxQtnAbSGe&#038;asin=1760856827&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Trust: <\/h3>\n\n\n\n<p>Trust is a critical component of any relationship, business is a people business! <\/p>\n\n\n\n<p>Therefore in everything you do, focus on creating psychologically safe environments in which you make the table of trust &#8211; shared trust.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How to Win Friends and Influence People: the bestselling and only book you need to lead you to success, over 15 million copies sold worldwide\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_6U7IMJgGqWgWeK&#038;asin=146075266X&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Collaboration: <\/h3>\n\n\n\n<p>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!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">That&#8217;s not all&#8230; But it is a great foundation<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Great thought leaders to reflect check out<\/h2>\n\n\n\n<p>Here are some references to the best thinkers in the field of building and managing relationships with stakeholders:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li>Dale Carnegie &#8211; &#8220;<a href=\"https:\/\/www.amazon.com.au\/How-Win-Friends-Influence-People\/dp\/146075266X?crid=1N02PTC5YLZJV&amp;keywords=How+to+Win+Friends+and+Influence+People&amp;qid=1696511083&amp;sprefix=how+to+win+friends+and+influence+people%2Caps%2C258&amp;sr=8-1-spons&amp;sp_csd=d2lkZ2V0TmFtZT1zcF9hdGY&amp;psc=1&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=ccd2182e8c91114bc4e40835f55cedac&amp;language=en_AU&amp;ref_=as_li_ss_tl\" target=\"_blank\" rel=\"noreferrer noopener\">How to Win Friends and Influence People<\/a>&#8220;: This classic book by Dale Carnegie teaches techniques for building and maintaining positive relationships, which can be applied to both personal and professional contexts.<\/li>\n\n\n\n<li>Stephen Covey &#8211; &#8220;<a href=\"https:\/\/www.amazon.com.au\/Habits-Highly-Effective-People-Anniversary\/dp\/1760856827?crid=1CS3MC8OMK5FS&amp;keywords=The+7+Habits+of+Highly+Effective+People&amp;qid=1696511126&amp;sprefix=the+7+habits+of+highly+effective+people%2Caps%2C252&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=aa89360bed3343b77ce2d9de1ed8be39&amp;language=en_AU&amp;ref_=as_li_ss_tl\" target=\"_blank\" rel=\"noreferrer noopener\">The 7 Habits of Highly Effective People<\/a>&#8220;: Covey&#8217;s book emphasizes the importance of building trust in relationships and offers practical advice on how to do so.<\/li>\n\n\n\n<li>Adam Grant &#8211; &#8220;<a href=\"https:\/\/www.amazon.com.au\/Give-and-Take\/dp\/B07F7JFBYL?crid=3GBOS4BX090JL&amp;keywords=Give+and+Take%3A+A+Revolutionary+Approach+to+Success&amp;qid=1696511236&amp;sprefix=give+and+take+a+revolutionary+approach+to+success%2Caps%2C237&amp;sr=8-2&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=12b4cc19a2dbe554b91b4c991b58791b&amp;language=en_AU&amp;ref_=as_li_ss_tl\" target=\"_blank\" rel=\"noreferrer noopener\">Give and Take: A Revolutionary Approach to Success<\/a>&#8220;: Grant&#8217;s book challenges the idea that success requires a ruthless approach and instead promotes the idea of building positive relationships through generosity and reciprocity.<\/li>\n\n\n\n<li>Daniel Goleman &#8211; &#8220;<a href=\"https:\/\/www.amazon.com.au\/Social-Intelligence-Daniel-Goleman\/dp\/0099464926?hvadid=341793170132&amp;hvpos=&amp;hvnetw=g&amp;hvrand=13289753942633685747&amp;hvpone=&amp;hvptwo=&amp;hvqmt=&amp;hvdev=c&amp;hvdvcmdl=&amp;hvlocint=&amp;hvlocphy=9071637&amp;hvtargid=pla-470231470521&amp;psc=1&amp;mcid=8dcd6b66ee1b3bf8b08b5c8e2e935ef4&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=7e1a3d49491ca56f5382f3ce734be25b&amp;language=en_AU&amp;ref_=as_li_ss_tl\" target=\"_blank\" rel=\"noreferrer noopener\">Social Intelligence: The New Science of Human Relationships<\/a>&#8220;: Goleman&#8217;s book explores the science behind social interactions and offers insights into how to build and manage relationships effectively.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Great vs Good<\/h2>\n\n\n\n<p>When it comes to what separates great from good in building and managing relationships with stakeholders, some key factors include:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li><strong>Consistency:<\/strong> Great leaders consistently prioritize building and maintaining positive relationships with stakeholders over the long term.<\/li>\n\n\n\n<li><strong>Authenticity: <\/strong>Building trust and positive relationships requires authenticity and a genuine interest in the needs and perspectives of others.<\/li>\n\n\n\n<li><strong>Communication: <\/strong>Effective communication is key in building and managing relationships, as it allows for understanding and collaboration.<\/li>\n\n\n\n<li><strong>Empathy<\/strong>: Being able to understand and empathize with the perspectives and needs of stakeholders is essential in building positive relationships.<\/li>\n\n\n\n<li><strong>Flexibility: <\/strong>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.<\/li>\n<\/ol>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tell me &#8211; What Actionable insight will you take away from this post?<\/h2>\n\n\n\n<p>What actionable insight will you take away from this post to build and manage relationships?<\/p>\n\n\n\n<p>I would love to hear your thoughts, drop me a DM at <a href=\"https:\/\/www.linkedin.com\/in\/murrayslatter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Linkedin<\/a> on on the page below<\/p>\n\n\n<div class=\"wp-block-jetpack-contact-form is-layout-flex wp-container-jetpack-contact-form-is-layout-026b38f8 wp-block-jetpack-contact-form-is-layout-flex\"><a href=\"https:\/\/murrayslatter.me\/?p=1868\" target=\"_blank\" rel=\"noopener noreferrer\">Submit a form.<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,17,13,31],"tags":[],"class_list":["post-1868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","category-master-class","category-professional-development","category-tel","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SERIES #9: Building and Managing Relationships - Murray Slatter<\/title>\n<meta name=\"description\" content=\"As leaders, one of the most important skills we need to have is the ability to build and manage relationships with stakeholders\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murrayslatter.me\/?p=1868\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SERIES #9: Building and Managing Relationships - Murray Slatter\" \/>\n<meta property=\"og:description\" content=\"As leaders, one of the most important skills we need to have is the ability to build and manage relationships with stakeholders\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murrayslatter.me\/?p=1868\" \/>\n<meta property=\"og:site_name\" content=\"Murray Slatter\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T13:12:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-05T19:58:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/murrayslatter.me\/wp-content\/uploads\/2023\/04\/Slide10.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Murray Slatter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Murray Slatter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868\"},\"author\":{\"name\":\"Murray Slatter\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/#\\\/schema\\\/person\\\/9774d7f727e6b917f43267614574f6d5\"},\"headline\":\"SERIES #9: Building and Managing Relationships\",\"datePublished\":\"2023-10-05T13:12:40+00:00\",\"dateModified\":\"2024-01-05T19:58:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868\"},\"wordCount\":1153,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/murrayslatter.me\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/Slide10.jpg?fit=1280%2C720&ssl=1\",\"articleSection\":[\"Business Leadership\",\"Master Class\",\"Professional Development\",\"TEL\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/murrayslatter.me\\\/?p=1868#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868\",\"url\":\"https:\\\/\\\/murrayslatter.me\\\/?p=1868\",\"name\":\"SERIES #9: Building and Managing Relationships - 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