Reciprocity in Business – Why Doing Favours Matters
In business, transactions and negotiations take centre stage and often the principle of reciprocity is overlooked. In my experience the art of “The Favour” and fostering a culture of reciprocity is a critical in building lasting relationships and achieving success.
Reciprocity is the practice of exchanging things with others for mutual benefit. In business this takes the form of favours – gestures that exceed the confines of a formal transaction. It might be something simple like inviting someone to lunch and then picking up the tab or dropping off a bottle of wine or giving someone a lift somewhere after a meeting when you have driven there. The impact of such acts of kindness extends far beyond the immediate moment, influencing the dynamics of professional relationships and creating a positive ripple effect.
Another key benefit of having reciprocity at front of mind is it will lead to the establishment of trust. Trust is a scarce commodity and taking the time to lend a hand or offer assistance lays the foundation for strong and reliable connections. Trust is the bedrock of any successful relationship. It is essential in business and it is built on the premise of mutual respect and genuine care.
It has to be noted that doing favours in business is not just about creating a sense of obligation. It is about fostering a culture of collaboration and interconnectedness. When individuals and organisations are willing to go the extra mile for one another or even run through brick walls for one another, a network of support and cooperation emerges. This network becomes a valuable asset, opening doors to opportunities, collaborations and shared success. It is where the magic happens!
Standing out in business requires more than just delivering a product or service. It involves creating an experience and thoughtful and deliberate acts of kindness contribute significantly to that experience. Clients, customers and colleagues remember not only the quality of what has been done but they remember how it makes them feel. I’ve got a couple of favourite restaurants that consistently overachieve when it comes to making you feel special and it is why they are my second homes!
Good old reciprocity leads to a positive feedback loop. When you extend a favour it creates a sense of gratitude and a desire to do something or give something back. This cycle of giving and receiving builds a strong sense of camaraderie and solidarity within your network. A very powerful mechanism that can turn one off transactions into long term, mutually beneficial partnerships.
By embracing the art of doing favours we only strengthen our professional relationships and contribute to the creation of a collaborative and supportive business ecosystem. We need to make a conscious effort to keep reciprocity at the core of our business interactions and watch and wonder as it transforms into something sensational.
