Last time I talked about the importance of transparency and open communication for building strong and long lasting business relationships.

Now, at the risk of sounding like I’m completely contradicting myself, let me suggest another key component - confidentiality.

Information sharing is good, provided it is being shared for a good business reason.

Gossip, on the other hand, is always bad.

Most people - including sales reps and buyers - like to talk. But take care. Whether the motivation is to brag, vent, sound like you’re “in the know”, or simply to continue a conversation, a seemingly innocent remark can cause trouble, and lots of it.

As a buyer, I worried that a sales rep might pass along elements of our marketing strategy to a competitor. As a seller in distribution, I worried that a buyer might pass along my cost-saving ideas to his current supplier or to a manufacturer of a competitive line. (I suppose this comes back to rule number one - don’t further your interests at the expense of another’s.)

When a business partner can count on you to use discretion in conversation, you’ve earned a high degree of trust.

Being confidential requires restraint and exceedingly good judgment. We don’t learn those things overnight, and not without incredible effort. Another reason why trust is such a rare commodity in the business world.