How important is trust in establishing long-term business relationship?
When establishing a long term business relationship trust is not only important, but it is quite possibly the number one matter that needs to be established before anything else is done.
One reason that trust is so important is the matter of assets, and commitment. Should one go into business with someone whom they do not trust, it is possible that they could be making a deal with the devil. This deal could seem air-tight and safe, however if both parties have no trusting relationship, they have no commitment to each other. This creates the type of situation where money can be lost, time can be wasted, and business can be lost. It is not a healthy way to do business.
Another reason that trust is so important in a long term business relationsip is the fact that trust means honesty. When you do not fully trust someone, you are not going to tell them everything you know. This secretive behavior leads to mishaps, loopholes, etc. and your business will pay the price for it. If two business partners cannot be completely open and honest with each other, than they are more opponents than partners anyways. This can possibly even lead to competition to be better than one another, to know more or to have more power. Rather than working together to better the business, they could begin to work against one another (sometimes without even knowing it). This will not better the business because while competition on certain levels is good, it can be fatal on others.
Last but not least, trust is mutual respect. Trust is healthy, and will benefit not only the business partners, but the business as well! You just cannot go wrong with the right team of people, and this can be seen time and time again with so many businesses.