I unexpectedly lost my mom in the fall of 2015. On a beautiful sunshine-filled morning commute to the office, I got a call saying that she had a massive stroke, from which she would not recover. Nearly ten years later, what still strikes me is the dozens of business colleagues, and partners, who took the time to reach out, share their sincere condolences, and often their own experiences of losing a parent. Each wanted to know how they could assist me during the days to come and if I was simply “O.K.” Even through such a painful event I felt seen and supported. This is the essence of true partnership.
Of course, this was not my first experience interacting with business partners as I had been honing my partnering skills for over a decade through my professional experiences. Business partnering has proven valuable in countless situations, and I look forward to sharing tips with you on how to become and what to look for in a true business partner.
There are 5 core principles to being a true business partner, and you may already be practicing them: Trust, Credibility, Loyalty, Openness, and Mutuality. Let’s explore each, along with the examples below.
Trust
As with any meaningful relationship, trust is key to business partnering. Trust may be first earned by demonstrating genuine motives for entering the relationship. Each partner must come to the table willing to invest effort and show interest in a successful outcome. Trust is further built through honest, straightforward communication with your partner. For example, a service provider can gain trust by communicating early to a stakeholder regarding a potential deadline risk and offering a solution to avoid business disruption.
Trust is also reinforced through consistency. When partners consistently meet expectations, deliver quality work, and communicate transparently, trust deepens over time. Building trust is not a one-time effort but an ongoing investment that can make or break a business partnership.
Credibility
Closely tied to trust is credibility, which a partner earns primarily by delivering on commitments, being honest, and having the courage to say no with meaning. A true business partner is motivated to deliver but cautious not to over-promise. Partners are self-aware of limitations and stay abreast of both risks and opportunities enabling timely communication.
For example, a finance business partner can demonstrate credibility by agreeing to modestly stretch a conservative deadline for updated performance reporting to support an urgent spending decision. However, if they were to drastically stretch the deadline, it could undermine the credibility of all original timelines as well as potentially introduce quality risks.
Beyond reliability, credibility is also about expertise. Business partners should continuously develop their skills, stay updated on industry trends, and proactively deliver relevant insights. For example, a human resources business partner who can coach a new manager through an employee performance issue demonstrates knowledge and credibility enabling the partnership to grow.
Loyalty
Can your partner rely on you to support the relationship in tough situations? In the event of a poor outcome, do you accept ownership or point full blame to your partner? A true business partner seeks long-term sustainability of the relationship and is vested in mutual goals and objectives.
Following undesirable outcomes, a true business partner takes accountability and provides honest, relevant feedback for improvement. Often, partners establish formal recurring feedback loops to demonstrate commitment to the relationship and address issues promptly. Loyalty can also be reinforced through annual or semi-annual strategic objective sharing sessions ensuring the partners remain aligned.
Loyalty is not just about professional reliability; it can also encompass personal support. Strong business relationships are built when partners show empathy and understanding during challenging times just as my colleagues did for me in 2015. Whether celebrating wins or navigating losses, loyalty strengthens the foundation of any true partnership.
Openness
A true business partner remains open to discussion, debate and even changing position after careful consideration of their partner’s input. A business partner's greatest value is their unique perspective in the relationship. Each partner should feel completely open to sharing their view on a topic or decision.
Being a true business partner does not mean always saying yes. For example, a managed service provider might propose an enhanced service to support a client’s new product launch. A true business partner will be open to considering the proposal and be willing to say no if it does not align strategically or financially.
Openness can also mean transparency in decision-making. When partners share reasoning or strategy behind key decisions, it fosters understanding and prevents misalignment.
Mutuality
The final principle of a true business partner is mutuality. Whether evaluating a solution, reviewing priorities, or delivering feedback, each partner should always approach the relationship with a mindset of mutual success, ensuring both parties benefit.
For example, when negotiating a new service agreement, a strong business partner does not seek a one-sided advantage but instead works toward terms that create long-term value for both sides. This approach fosters sustainable collaboration and shared success.
When both parties genuinely care about each other’s success they are more likely to invest in the relationship for the long-term. Successful business partnerships thrive when mutual benefit is the guiding principle.
Final Thoughts
Business partnerships thrive on trust, credibility, loyalty, openness, and mutuality. By consistently practicing these principles, you can build lasting meaningful partnerships that drive success and resilience in any professional environment.
If you are looking to build business partnerships further, SSON's CX & Service Excellence for GBS Virtual Summit examines how a customer-centric approach assists in the growth of a GBS. Register today to learn how to align your strategy with the wider organization and the customer at its core.