Healthy relationship with partners, shareholders, suppliers and customers gives everlasting results

Relationship management improves coordination between an organization and the interested parties. The interested parties could be – suppliers, contractors, partners, customers, investors, employees or the society as a whole. Poor relationships with them can significantly harm the  profits and reduce the revenues. While good relationships can open the doors for opportunities and eliminate the constraints that are not allowing them to succeed. Let’s check out the actions needed in relationship management to attain the optimum results for Total quality management initiatives. 

1. Firstly, the relevant interested parties need to be identified and their relationship with an organization needs to be determined. 

2. The next step is to prioritize the order of maintaining the relationship with the interested party. 

3. Another crucial step in relationship management is to prefer the long-term relationship instead of the short-term profits. 

4. The organizations must share information, competence, resources and expertise with the interested parties. A thorough performance analysis should be provided to the parties and feedback should be given to improve their processes. 

5. The improvement and achievement should be recognized and rewarded by the organization and the partners.