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How to build Influential Relationships in the corporate world?

‘ People do not buy goods and services, they buy relations, stories, and magic ‘ 
As the above-mentioned saying goes by, it is important to know that no matter how outstanding your products and services are, you need to have strong ,healthy, and influential relationships in the corporate world in order to succeed. Even the businesses that produce quality products and services have failed due to the lack of healthy and positive relationships built with those that matter. Regardless of the industry, you operate in, in order to become successful in the long term, successful entrepreneurs tend to build strong, positive, and influential relationships and expand the network in the corporate world with employees, customers, business associates, suppliers, and everyone that contributes to the continued survival of the business directly or indirectly.

Why is building Business Relationships important? : 

  • Leads to create new business opportunities
  • Offer knowledge, ideas, and support
  • Leads to investing and lending opportunities
  • Brings in opportunities for potential workers, coworkers, employees, and talent pool
  • Testimonials and word of mouth marketing
  • Expansion of network and competitive advantage
  • It helps to improve communication skills and teamwork
  • Business relationships can lead to creating new relationships and friendships other than in the business world
A Harvard study has found that 85% of professional success comes from people’s skills. Maintaining strong positive business relationships have become a vital facet in an organization’s success. How you approach people, create and maintain relationships, and how you treat others come in handy for all parties involved bringing in corporate benefits. 

How to build influential relationships

How to build Influential corporate relationships? 

A panel of members from The Forbes Business Development Council has shared some tips on how to build long-lasting corporate relationships. 
Actively participate in industry associations. 
Grabbing opportunities to surround yourself with industry experts and having conversations on how to develop the industry will let you create relationships with them. Networking cannot be one-sided, it is needed not just to listen but also to share inputs. 
Connect and give value 
Other than just sharing the business card, taking time to really connect is what brings results. Follow an attractive introduction about yourself and of the company. Be a good listener while at the same time, add value or your ideas to what others mention. 
Discuss common business problems and challenges 
This is one of the most common ways followed in the corporate world in building business relationships. Sharing ideas, thoughts and forecasting leads to set up long term views and create relationships. 
Become a Brand advocate 
Become a Brand advocate by supporting and sharing about the brands you love on social media platforms which will lead to those products and services. This can be done by providing testimonials or sending referrals. This also helps to bring brand awareness to larger audiences. 
Be Proactive in communication 
Try your best to understand the “Why” behind “What” which will make it easier for you to understand their goals and objectives.
Connect with people from outside of your industry 
In order to gather different information and different perspectives, you need to step out of your comfort zone with your industry related people and discuss with people from other industries. This brings in more ideas while also exposing you to wider networks and opportunities. 
Sharing Leads and assets.
In order to gain, we need to give. Therefore sharing is fundamental. If you are willing to share about leads and assets, then the other party is willing to build long-lasting relationships. 
Intend to establish trust
Whether it is a friendship or a relationship, everything is based on Trust. Establishing trust leads to closer relationships between the businesses which will be benefited in the long run.
Team up to offer products. 
Partnering up with organizations that have the best interest of the customers by offering products that will go well together will bring organizational success as well. 
Get to know people.
Build genuine relationships with business figures by interacting with them, following them on social media, and by talking about interests. T Influential relationships his leads to building genuine relationships based on trust.    Just as building a personal relationship, business relationships require time, effort, and investment. It also needs to know that ‘ Creating good business relationships is not a destination, but an ongoing journey’.
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The Digital World beyond the pandemic outbreak

After identifying the first outbreak of COVID-19 in Wuhan, China, it began to spread to 213 countries beyond territories making WHO to name it as a world pandemic on the 11th of March 2020. This pandemic outbreak has created a pronounced impact on economic, societal, personal, and business aspects. It also has reshaped the day-to-day lifestyle and habits of people. Further, it has also hindered the business operations and the relationship with the outside world’. Covid-19 distancing policies have made people step into the digital world. Hence, the internet and digital services seem to be essential in present-day living.  As a result of quarantine, people tend to step into the cyberspace to bring back their on-hold lifestyles. Also, schools and other educational institutes proceeded with delivering lectures on online platforms. Implementation of the contactless policies encouraged online shopping, work from home, and contactless payments. The pandemic has given rise to technological trends in building a resilient society. This accelerated transformation of the digital world is more likely to stay even after the pandemic. 

Technological trends that came out during the pandemic and will be the part of the Digital world after the pandemic

Digital and contactless payments 

As declared by the WHO, one of the main ways of spreading COVID-19 is through contact. Researches found out that even the notes that are in use, can transmit the virus. Therefore contactless payment methods like e-wallets or in the form of cards have brought contactless payment into action also making the transactions more convenient. This will last beyond the pandemic as it also acts conveniently in making the transactions. 

Work from home or Remote work 

Quarantine encourages concepts like Remote working as it was the most convenient and effective solution available during that period. In order to engage in work from home, technologies like Cloud technology, Virtual Private Networks (VPN),  Voice over Internet Protocols (VoIP), etc should be available. As remote work saves time from traveling from home to the workplace and acts efficiently, this concept is more likely to be followed in the corporate world even after the pandemic. Remote working being a threat to the security and information, challenges, and difficulties for employees who are not compatible with new technologies will be the disadvantages brought out with that. But with the acceleration of remote working, new technologies are developing in order to fix the threats. 
Online learning

Delivering lectures on online platforms

E-learning  

With the pandemic, worldwide schools and universities closed temporarily affecting more than 1 billion students.  Educational institutes implemented E-learning ways to ensure that education is not interrupted due to the measures taken to prevent the spreading of the virus. This has enabled students to save their time and use the resources and time available, more effectively. E-learning will also become a new normal after the pandemic is gone.

Online shopping and Online entertainment 

Online shopping has become a common practice of people around the world in the last few years. People had to avoid public places and social gatherings due to the pandemic. It made online buying encouraged making COVID 19 stimulate online purchasing to greater extents. As quality products were made available for the buyer with satisfying services, people are more likely to hold on to online shopping even after the pandemic. Another technological trend that came into existence during the pandemic is online entertainment. Even though it brings down human interactions it also enables people to party online,  stream concerts online, and release movies online. 

Robots and drones

Humankind is at major risk with the ongoing pandemic.  In order to lessen the risk of humans robots were put into action. Robots were used mainly to disinfect areas and to deliver foods for people under inspection during the quarantine period. Also, drones made the process of delivering products more convenient. This method has been efficient as it is contactless and saves time.
Robots and drones

Robots and drones make the work easier for humans

The global pandemic COVID 19 has accelerated the digital transformation worldwide. The technologies that came out during the pandemic will last beyond in creating a resilient society after the pandemic. Advanced technologies and the digital world will be the new normal after the COVID 19 pandemic.
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Why Virtual Working will be the new normal?

With 213 countries beyond international territories being affected by the COVID 19, the WHO named it as a world pandemic on the 11th of March 2020. This global pandemic has created a significant impact on economic, societal, business, and personal facets while also reshaping the people’s day-to-day lifestyle, habits, business operations, and the relationship with the outside world.  With the pronounced impact and the distancing policies of COVID 19, people have stepped into the digital world more than ever before. This has lead to accelerating the digital transformation. And it has also given rise to technological trends like virtual working in building a resilient society that would stay even after the pandemic is gone.

 

Virtual working

Virtual working 

The pandemic outbreak brought the lifestyles of people and business operations on-hold creating immense losses. This also made companies look into how to deploy and enable their workforce to move forward. While some businesses struggle to adapt to the changes created, some companies have already implemented changes. And those necessary measures taken will lead them to position themselves properly for this crisis. During the pandemic, we have hit the fast-forwarding button on many technologies that were already in place. Remote / Virtual working referred to the ability to work from anywhere anytime was one such technology that was there even before the COVID 19 but popularized much more within the pandemic period.

Shifting from the need of being physically available for office work to virtual working, companies had to undergo various challenges. Three major difficulties identified are:

  • Implementing virtual working especially when it comes to a centralized workforce.
  • Ensuring the availability of infrastructure and the security for Virtual working environments.
  • Work-life and personal life balance of the employees.

But overcoming those challenges has not just benefited the companies, but also for employees in various ways.

Advantages of Virtual working : 

For employees :

  • Allowing employees to maintain a better and healthy work-life balance.
    Maitaning a work-life balance

    Work from anywhere, anytime

  • Employees having more autonomy.
  • Increased performance and productivity.
  • Less commute stress.
  • Increase in employee satisfaction and retention. 
  • Save time and money
  • A happy and healthy work-life.
  • Promotes employee well-being.

For Businesses:  

  • Can access to a wide pool of applicants.
  • Virtual working leads companies to cut down expenses and save.
  • Can have a satisfied set of employees with increased productivity.
  • Can make better use of technologies.
  • Less capital expenditure.

Virtual/remote working is more likely to stay even after the pandemic due to its benefits making it the new normal. Shifting to this new concept where companies can hire employees from different territories will lead to creating more revenue as they can hire the best and the most suitable people required for the tasks. This new normal, where Virtual working is the norm will let businesses optimize their talent pool while also creating more opportunities for potential employees. Companies that were able to embrace these new technologies and concepts will position themselves properly in facing the ongoing crisis. It will also pave the way for these businesses to capitalize on new opportunities in the future.

In an interview held recently, the Member Committee Vice President, Finance and Legal for the term 20.21, Mr. Avishka Gunathilake said that AIESEC Sri Lanka in collaboration with SLASSCOM has come up with a new industry readiness program called LEAD Program targeting the recently graduated Sri Lankan youth. In LEAD Program, the virtual experience will be focused on developing the leadership, professional and corporate skills of the Sri Lankan youth who are waiting to enter the industry which will be required in order to cater  the gap between the corporate world and the graduates. 

These new trends that showed up with the acceleration of the digital transformation during the pandemic will be strategic factors in creating a resilient post-pandemic society.

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