How Important Is Trust in a Business Relationship

Business Essay #11

Trust is the basis of any serious relationship. If you don’t have trust then you can’t get close enough to the other person to have a serious, mutual beneficial relationship. Whether your relationship is about love, or you just want a good supplier for your business, if you never build a record of trust with your partner then they are unlikely to remain your partner.

Trust is important in business because everything about business has to do with relationships. Dr. Gary North says that “the best sale is the sale that leads to another sale”. This is true, profitable businesses have costumers who come back again and again because they have a relationship with that company, they trust that business. In business you have a relationship with your suppliers, your employees, and your stockholders. All of these relationships are important to the business and all require cooperation. Nobody cooperates with someone that they don’t trust because they are scared that if they do they will be hurt.

Business relationships are based on transactions that are mutually beneficial. .If one party doesn’t trust another they are not as likely to cooperate because they don’t know for sure that it will benefit them. People in business build trust buy starting small. If both do what they say they will do the first time then the time the transaction will be bigger.

Trust is very necessary  to business relationships. Cooperation is the bases of business and trust is the bases of cooperation.

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