By Forbes Finance Council, Forbes featuring By JC Abusaid, CEO/President

Business leaders need the help and expertise of their financial institutions, auditors and external stakeholders, but it can’t be a one-way street. To ensure both sides receive the information and support they need to achieve a profitable outcome and a return on their time investment, business leaders must be ready to put in as much work as their partners.

A strong relationship between a business and the stakeholders and financial experts who support it needs to be built on a solid foundation and ongoing effort. Below, 17 members of Forbes Finance Council share ways business leaders can build strong relationships with their financial partners and why their efforts will pay off (for both sides).

1. Commit To Transparent Communication And Active Engagement

Effective management of relationships requires transparent communication and active engagement; this means maintaining clear, regular and ethical communication about the company’s goals and financial position, while also actively soliciting and responding to feedback to foster a collaborative, long-term partnership. – Chinara Askerzade, PocketVC Studio

11. Recognize And Minimize Any Conflict Of Interest

These are important strategic relationships, and they shouldn’t be compromised, as you need the best firms with the right expertise to support you. In addition, you should conduct formal reviews (due diligence) of the relationships on a periodic basis. Firms change, people move or leave, and the relationships may not be appropriate going forward. – John AbusaidHalbert Hargrove

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