Relationship Capital
Recently I had Mr. D-Mars (www.d-mars.com) on my radio show talking about the history of his company and his unique business model. One of the things we both agreed on is the importance of relationships in business. One of my favorite people and a long time mentor, Mike Richards (currently Chairman of the International Bible Society and one time host of the Mike Richards Show on KSEV) use to say that business is driven by three things -- relationship, relationship, and relationship. Relationships is a continued part of my business mantra, so this conversation really resonated with me.
A great concept he discussed was the idea of "Relationship Capital." As soon as he said it, even without describing the phrase, I became extremely excited about it. What better way to truly assess the importance of maintaining and growing important relationships? Relationships are capital and leveraged properly, can make a business thrive and if mistreated, lucky to survive. How do we see Relationship Capital at work?
* Doing what you say you will do. No one forces you to commit, but when you do, stick to that commitment.
* Never talk about others negatively in a casual sort of way. The use of "negative information" should always be used discreetly and in order to make business decisions. Speaking about someone in a negative way casually will lead to being seen as untrustworthy by others. By the way, I believe it is dishonest for people to say "never say anything negative about others." Some times it is necessary in conducting business, but it should never be done without discretion. People want to know the credibility of those with whom they do business. That's reality.
* Don't lie. Mark Twain had it right. If you don't lie, you don't have to remember what you said, but if you do lie, others will always remember that for you.
* Always be clear in communication. Be specific about what you are going to do, create appropriate expectations, and keep people posted on your progress.
Abuse of that Capital will be seen in the form of failing to communicate, maintaining a negative attitude, and dishonesty. Protect your business by preserving your Relationship Capital.
A great concept he discussed was the idea of "Relationship Capital." As soon as he said it, even without describing the phrase, I became extremely excited about it. What better way to truly assess the importance of maintaining and growing important relationships? Relationships are capital and leveraged properly, can make a business thrive and if mistreated, lucky to survive. How do we see Relationship Capital at work?
* Doing what you say you will do. No one forces you to commit, but when you do, stick to that commitment.
* Never talk about others negatively in a casual sort of way. The use of "negative information" should always be used discreetly and in order to make business decisions. Speaking about someone in a negative way casually will lead to being seen as untrustworthy by others. By the way, I believe it is dishonest for people to say "never say anything negative about others." Some times it is necessary in conducting business, but it should never be done without discretion. People want to know the credibility of those with whom they do business. That's reality.
* Don't lie. Mark Twain had it right. If you don't lie, you don't have to remember what you said, but if you do lie, others will always remember that for you.
* Always be clear in communication. Be specific about what you are going to do, create appropriate expectations, and keep people posted on your progress.
Abuse of that Capital will be seen in the form of failing to communicate, maintaining a negative attitude, and dishonesty. Protect your business by preserving your Relationship Capital.
posted by Kevin Price at 6:12 PM
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