Building Relationships with Competitors: The Key to Success in Business

Building relationships with your competitors is a vital aspect of being human, especially in the business world.

Why Befriend Your Competitors

Just like in our personal lives, businesses thrive on connections and associations. Developing good relationships with competitors can lead to valuable partnerships and collaborations that benefit all parties involved. While it may seem counterintuitive, working with your competitors can create a more dynamic and competitive marketplace, leading to innovation and growth for all.

It's important to remember that we're all human, and building relationships with our competitors can bring us closer together, even in a competitive environment.

Relationship Building Tips & Tricks

As a leader, as a solid team members, as a manager, and as a good human being, it is our responsibility to communicate clearly with candor and respect in all of our daily communications. Sometimes this concept is easier said than done. Sometimes we are tested to our limits. This is why I believe Relationship Building is a true social skill set.

I have put together a few thoughts I have on the Communication and Relationship building below. Communication is both verbal and non-verbal. It is more about listening than speaking. Many of us get that part wrong. When we take a breath to listen, we often gather thoughts for our next speaking volley. Not a good communication strategy when you think about it. Take a look at my ideas below:

5 Communication and Relationship Building Tips

1. Listen actively to understand better what is being communicated. Listen with your ears and your eyes. Sometimes the words are not the best listener.
2. Take care to understand the behavior, communication style, and where the other person is coming from. If you cannot determine the style, DiSC is a system you might consider to develop this skill better.
3. Set out with the sole purpose of understanding what the other person wants to communicate. By not focusing entirely on your point of view, you may just learn something.
4. To compromise is not weak, compromise builds consensus. That is a good thing. In the end, for good relationships and good communication, everyone must have their needs met.
5. Managing your emotions is always a good thing when communicating for success. To be passionate is good, but always be respectful. Sometimes our emotions can get the best of us. It is always better not to wish you had a "Do-over.” 

The Power of Relationships

Developing good relationships within your business as well as with competitors creates valuable partnerships and collaborations, benefiting all parties involved. Working with competitors fosters a dynamic and competitive marketplace, driving innovation and growth. Building relationships with competitors brings us closer together, even in a competitive environment.

As we work to be the best at what we do, communication and building relationships are at the heart of leadership. These fundamental skills allow us to accomplish our goals personally, professionally, and organizationally. How you execute here is where the rubber meets the road.

When we attach emotion, unhealthy emotions to our communication, we get into trouble.

“The assumption is the root of all communication evil!”

-Jeff Rogers, CPMBC

Engage with purpose and build your communication skill set. Relationship building takes real and intentional effort - whether it's for work, play, or with the competition. Make no mistake about it. Make it fun and be your authentic self.

If you would like to catch up on the additional 6 critical items for building your communication skills, download an extended version of this article.