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How To Build Long-Term Profitable Relationships
The Entrepreneur
By Marc Kramer, For The Bulletin
Ed Wallace, the founder of The Relational Capital Group, is the author of a new book entitled Business Relationships That Last (Greenleaf, 2009). What I liked about this book was the practical advice along with examples of how to develop and build long-term business relationships. Business has always been about relationships, but more so today as the world has shrunk.
Mr. Wallace was a teaching fellow at Drexel University’s College of Business, where he earned his MBA, has a B.S. in Accounting, graduating cum laude, from Villanova University, and a CPA designation in the State of Pennsylvania. He is currently on the advisory board of DeVry University. The following is an interview about his new book.
Marc Kramer: Why did you write this book?
Ed Wallace: I was very good at ad-libbing my way through life and business, which is risky. With all of the relationships we need today to be successful, I felt that if I could put some process around all of this ad-libbing that maybe I could take fewer chances and so could others.
MK: What are the main reasons business relationships fail?
EW: Inability for us to understand our contact’s Relational GPS™ — their goals, passions, and struggles. Until these are shared at some level, the relationship is in neutral.
MK: When you first meet a potential client how should you start your conversation?
EW: Begin with something like “I appreciate the opportunity to meet you.” Then, let them take it from there — meaning, let them move down a rapport path with small talk or get right to business. Don’t guess, make it their call!
MK: What is the difference between being assertive and being a pest?
EW: Again, this gets back to Relational GPS™ — the road map to success in a business relationship. If your contact is not sharing any goals, passions, or struggles, then, it is time to find a client or contact who will.
MK: How do you come across as interested, but not desperate, especially when business isn’t going well?
EW: (See GPS above.) Once goals are shared, it us easy to ask questions that display your credibility. Asking great questions does not come across as desperate.
MK: How do you get people that you just met to refer you to a potential prospect?
EW: I think seeking that [out] is a mistake unless it is offered. Feels like you could be out for what’s in it for you. I’d suggest additional meetings and relational capital investment before asking.
MK: In cultures outside the U.S., it can take a year to develop a relationship that will lead to business. Unless there is an absolute need, how much time should someone expect to spend to build relationships in the US?
EW: This is situational again based on GPS!
MK: Why do you suggest handwritten notes when e-mail is the standard and most efficient way of following up with someone?
EW: Makes you distinctive - how many of those are they getting versus e-mails? Very powerful, and I am running into more and more CEO’s who are now doing this.
Marc Kramer, who is the author of five books and faculty member at the Wharton School of Business at the University of Pennsylvania, is a serial entrepreneur.
Mr. Wallace was a teaching fellow at Drexel University’s College of Business, where he earned his MBA, has a B.S. in Accounting, graduating cum laude, from Villanova University, and a CPA designation in the State of Pennsylvania. He is currently on the advisory board of DeVry University. The following is an interview about his new book.
Marc Kramer: Why did you write this book?
Ed Wallace: I was very good at ad-libbing my way through life and business, which is risky. With all of the relationships we need today to be successful, I felt that if I could put some process around all of this ad-libbing that maybe I could take fewer chances and so could others.
MK: What are the main reasons business relationships fail?
EW: Inability for us to understand our contact’s Relational GPS™ — their goals, passions, and struggles. Until these are shared at some level, the relationship is in neutral.
MK: When you first meet a potential client how should you start your conversation?
EW: Begin with something like “I appreciate the opportunity to meet you.” Then, let them take it from there — meaning, let them move down a rapport path with small talk or get right to business. Don’t guess, make it their call!
MK: What is the difference between being assertive and being a pest?
EW: Again, this gets back to Relational GPS™ — the road map to success in a business relationship. If your contact is not sharing any goals, passions, or struggles, then, it is time to find a client or contact who will.
MK: How do you come across as interested, but not desperate, especially when business isn’t going well?
EW: (See GPS above.) Once goals are shared, it us easy to ask questions that display your credibility. Asking great questions does not come across as desperate.
MK: How do you get people that you just met to refer you to a potential prospect?
EW: I think seeking that [out] is a mistake unless it is offered. Feels like you could be out for what’s in it for you. I’d suggest additional meetings and relational capital investment before asking.
MK: In cultures outside the U.S., it can take a year to develop a relationship that will lead to business. Unless there is an absolute need, how much time should someone expect to spend to build relationships in the US?
EW: This is situational again based on GPS!
MK: Why do you suggest handwritten notes when e-mail is the standard and most efficient way of following up with someone?
EW: Makes you distinctive - how many of those are they getting versus e-mails? Very powerful, and I am running into more and more CEO’s who are now doing this.
Marc Kramer, who is the author of five books and faculty member at the Wharton School of Business at the University of Pennsylvania, is a serial entrepreneur.
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