The Benefits of Relational Equity in Business
The greatest currency in business is relationships. Relationships are what drive your business in sales, teamwork, and growth. An investment in a relationship can be the difference between a favorable decision, a conversion, success, or a partnership. Developing a friendship at a deeper level can provide much-needed support in difficult times, a rapport that saves time in discussion, and margins for when misunderstandings happen (and they will.)
Relational equity is the result of investing in a relationship. It is a value that becomes available to you as a result. Cultivating valuable relationships is a skill and an intention that is good for your business and also your life. There are many benefits to having strong working relationships. You might agree that working strategically with people, or building relational equity, has been a major factor in the advancement of your career.
Relational equity is the reason that referrals are better than cold calls, why knowing your bank manager allows you to be the exception to the rule, or why you get the deal against equal competitors. This is because of a simple fact: If you have established a great deal of relational equity with me, I am much more likely to go out of my way to help you with your objectives than I would if you had a limited amount of relational equity. I am going to spend more time helping you if I like and respect you. Or, if I feel that you like and respect me.
Relationships are crucial in how you do business; no one argues this fact. However, how you go about building those relationships is very important. The most valuable and desirable relationships are those that are built on authenticity. It is not uncommon to feel the sting of knowing a relationship was the effect of a slick marketing campaign or simply to convert a sale. However, there is authority and depth that can be formed through authenticity. Romans 12 provides a good road map to building these types of relationships:
Authenticity is the key to building meaningful relational equity. Shift your mindset from projects to people. Thinking in terms of how we can help others is the key to unlocking relationship equity. “Serving at Work” is a resource I used to develop the authenticity of my relationships in the workplace. Allowing these scriptures to run through my heart and mind purified my motives and gave me new insights that I could bring to the office every day.