Building a solid relationship is essential for success between parties involved in a business. A good relationship is the bedrock that determines the outcome of the business itself, because everything comes down to communication, understanding, and mutual agreement. Therefore, it’s worth every effort put into it.
Your networking capability can be of great benefit in building a good business relationship if properly utilized. But first, what does the term “networking capability” mean? Networking capability can be defined as the ability to build, sustain, and put to beneficial use the relationships built with external organizations and/or individual partners.
The main purpose and effect of utilizing your networking capability for business relationships become much clearer when you understand that business relationships are in three stages. You know when and how to get to each stage as a result of your networking capability. These three stages include:
- Relationship initiation capability
- Relationship developing/building capability
- Relationship termination capability
These three networking capabilities (skills) are a must-have in the relationship aspect of your business. Let’s take a look at them more closely.
3 Networking Capability Skills
Relationship Initiation Capability
Under this stage, there are two things you should do first.
· Select highly valued companies or individuals to partner with.
· Attract the companies or individuals chosen.
Initiating a good business relationship has to do with communication. However, it goes beyond ordinary communication, as there are also a lot of things people look out for. For example, if you are to partner with any business organization or individual, what are the factors and attributes you would put into consideration? Give yourself an answer. Now, consider the answer you’ve given yourself the exact factors and attributes your potential and eventual partners would also be looking out for in you. Always, it goes beyond good communication skills. Integrity, dedication, and reliability are highly cherished values too.
Relationship Developing Capability
This consists majorly of the activities carried out between the partnering companies to encourage the sharing of information, good and steady communication, risk, sharing of benefits, and making important decisions together as a team. In fact, this involves everything possible to put the inter-organizational tie in good shape.
After initiating a business relationship as explained in the first stage, what follows, of course, is developing the relationship. Here, even though communication is highly rated as a good skill in relationship building, it matters less. But what actually matters the most in this stage is what you have to offer: your ideas. What you and the partnering company stand to gain. As much as you are interested in what they have to offer, so also are they interested in what you have to offer. Just as you know, this is the purpose of business. And ideas, together with the earlier mentioned values are what sustains a business partnership.
Relationship Termination Capability
This simply refers to the activities or ways by which a business relationship is terminated. Relationship termination capability is considered an important managerial skill under networking capability. Hence, the right networking skill is needed to end a business relationship that is no longer of interest to either or both companies involved, in the best possible way.