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As we enter into commercial relationships with our trading partners, we tend to spend much more time working on the pre-nuptial agreement and less time on establishing the kind of relationship that will lead to a successful marriage. Prior to executing a contract, NO Value has been exchanged and we would argue that the process used to get to the contract has actually destroyed value because behaviors displayed during the pre-nuptial phase (usually adversarial) will set the tone for the relationship long-term.
If we believe that our commercial relationships – whether we are on the buy side or sell side are CRITICAL to our success then our approach to Building relationships must change. Establishing strong relationships from the start can be a competitive differentiator for your company and should be THE primary role of the contracting professional. We should be striving to be either a “Customer of Choice” (buy-side) or a “Supplier of Choice” (sell-side) because there is significant inherent value in building that kind of relationship.
Those designations can result in getting the best resources, tapping into innovation, help in entering markets, etc. which can create additional value for our organizations. In Part II of this two part series, Anne will explore a unique approach on how to Build (not manage) sustainable relationships with your trading partners. This is a session you won’t want to miss. In addition, if you are interested in joining a small working group to address these issues, that opportunity will be available to you.