4 ways to gain the trust of potential business partners

There's a lot of discussion about trust in the workplace today: why it's declining, its importance, and how to build it within your team. And it's no surprise: Research shows that more than 58% of employees trust strangers more than they trust their managers. This lack of trust can lead to a 74% increase in stress, a 40% increase in burnout, and a 50% increase in employee turnover, making it a key issue for leaders to address.

That's why this anonymous quote still rings true: “Trust takes years to build, seconds to break, and forever to repair.” Trust is the foundation of all successful business partnerships. Building trust is hard, especially when the stakes are high. Ensuring that a relationship is strong and lasting takes time, effort, and a thoughtful approach.

For newcomers to any industry, building strong, profitable relationships may not seem urgent. But the importance of building trust with potential business partners cannot be overstated. These relationships are extremely rewarding. Lasting success requires a commitment from both parties to make the partnership work despite the inevitable challenges.

1. Communicate openly and honestly

Leaders must prioritize communication to build trust. Open and honest dialogue helps prevent misunderstandings and demonstrates commitment to the partnership.

Even though it's difficult, it's better to tell the truth instead of telling people what you think they want to hear. Present the facts with understanding of what they need to know, consideration for their efforts, sensitivity to their feelings, and understanding that mistakes will inevitably happen.

Be clear about your intentions, goals, challenges, etc. Share relevant information promptly and encourage your partner to do the same. This openness with each other will greatly strengthen your relationship and make both of you feel valued and respected.

Additionally, transparent communication involves active listening. Pay attention to your partner's concerns and feedback. Show that you're willing to address issues as they arise. This two-way communication creates an open, collaborative environment that makes it easier to overcome challenges together.

Plus, in today's digital age, maintaining open communication is easier than ever. Leveraging tools like video calling, instant messaging, and collaboration platforms increases transparency and makes interactions more efficient and effective.

2. Show that you're trustworthy

Dependability is the foundation of trust. To build trust with a potential partner, always keep your promises. Meet deadlines, honor contracts, and keep the quality of your work high. When your partners know they can rely on you, they're more likely to entrust you with greater responsibilities and important projects.

Credibility also extends to showing up and being involved: show up to meetings on time, actively participate in discussions, and be available when your partners need you. This level of engagement reinforces the perception that you are a dependable and trustworthy business partner.

It's also helpful to set up clear communication channels, including providing regular status updates and progress reports, as this will reinforce credibility and keep everyone in the loop.

3. Add a personal touch

It's important to develop a personal connection with your business partners. Take the time to understand their interests, values, and motivations, and get to know them on a personal level. Making this effort shows them that you care about them as individuals, not just as business contacts.

To strengthen your personal connections, participate in informal interactions such as casual meetings and social events. These provide an opportunity to build trust and demonstrate your genuine interest in the other person's well-being. This will make them more likely to listen to your ideas and suggestions and return the courtesy.

Personal connections can also be fostered through actions like sending handwritten notes, remembering important dates like birthdays and anniversaries, and celebrating someone's achievements — these small acts of kindness go a long way in building trust and loyalty.

4. Show mutual respect

Mutual respect is the foundation of a strong partnership. Show appreciation for your partners' opinions, time, contributions and expertise. Continually exchange knowledge, challenges, solutions and success stories. This respect creates a positive, collaborative environment where both parties feel valued and motivated to work together.

Fulton Block, president of Block Asset Management, emphasized the importance of respect in building trusting relationships during a recent conversation with me.

“Respect is at the heart of a successful partnership. When both parties feel valued and appreciated, it builds a strong foundation of trust. At Brock Asset Management, we prioritize mutual respect and ensure our partners know they are integral to our success in managing financial assets. Encouraging this attitude not only strengthens relationships, it also leads to consistently superior results.”

Mutual respect also includes being fair and ethical in our dealings. We avoid any actions that may undermine our partners' trust or harm our relationships. Maintaining high ethical standards means demonstrating our commitment to a trustworthy and honorable partnership.

Building trust is our number one priority

Consistency in your actions and behaviors is essential to maintaining trust. Make sure your words and actions match, and always stand by your values ​​and principles. Communicate regularly with your partner, provide updates on ongoing projects, and address any concerns promptly. These ongoing efforts will help build a stable relationship and make it easier for your partner to trust you.

Trust isn't just a nice-to-have in the high-stakes world of business: it's a critical ingredient of successful partnerships. With these four strategies, you can earn the trust of potential business partners and build a solid foundation for success.