Develop a report that details how you intend to foster and maintain the business relationship, including how you would source and act upon information needed for relationship building. Ensure that you include in your answer how you intend to measure performance and make adjustments and amendments to future negotiations and contracts. Upload your report for assessment.
To intend a foster and maintain the business relationship, it’s important to observe the following:
• MEASURE PERFORMANCE AND MAKE ADJUSTMENT AND AMENDMENTS TO FUTURE NEGOTIATIONS AND CONTACTS
Maintain contact with the other party in the business relationship on order to ensure that all aspects of the agreement are being fulfilled on both sides. If the other party in the relationship indicates that they are not receiving the full benefits of the relationship. Or if you discover that the agreed terms are not being fulfilled, it is essential that you act upon the information immediately.
Performance indicators are the measurable characteristics of performance that should capture factors that lead to improved customer, operational ,and financial performance. They are the determined work standards that are expected of individuals and groups. They include measure of work outputs, productivity, relationship building, internal and external client/ customer service and resource management or use.
KPI’s key performance indicator offers meters for poor perormanace which needs to be addressed. They also indicate areas of current and ongoing success. Where successes are identified this information can be used to improve other processes and to develop new processes.
• SOURCE AND ACT UPON INFORMATION NEEDED FOR RELATIONSHIP BUILDING.
Proactively seek, review and act upon information needed to maintain sound business relationships, honour agreements within scope of individual responsibility, complying with agreed terms and nature relationships through regular contact and use of effective interpersonal and communication styles.
It is not enough to just establish a new business relationship and then forget about it. It is extremely important that the relationship is maintained through reviewing and acting upon information. To be able to build on and foster a sound relationship, you will need to seek out and review relevant information about the ongoing success, of the relationship.