“What is the real value of building business relationships?” That is the question that was posed by highly acclaimed author and speaker David Nour at ALHI’s Industry Advisory Council conference at Chateau Élan Winery & Resort in Georgia.

According to Nour, presented by Leading Authorities, we all tend to recognize that business relationships are beneficial – especially in the meetings, incentive and hospitality marketplaces – but we may not realize how much our organization’s and our own personal success depend on the quality and diversity of our interpersonal relationships.

Unlike the rest of the world, which builds relationships first and then does business together, we in America tend to focus first on the business and then consider developing a relationship.

The result is that most of us don’t spend enough time cultivating these strategic relationships. So Nour has assembled a truly helpful systematic approach to building, nurturing and even quantifying business relationships in his compelling new book called Relationship Economics.

Particularly beneficial in our global society, but certainly applicable to anyone who exclusively works within the U.S., Relationship Economics is a “how to” guide on strategically investing in relationships to garner extraordinary returns.

So what is “Relationship Economics”? As Nour describes it, it is the “art and science of relationships.” While there is a recognized “art” in meeting people, working an event, etc., there is also a “science” aspect to relationships concerning patterns in human interaction, and why we choose to interact with some people and not others.

By utilizing the techniques and insight provided by Nour, we can learn how to better cultivate relationships so they become strategic assets.

Topics addressed by Nour in his ALHI address and in his book include: • why most networking doesn’t work • the evolution of quantifiable relationships • strategic relationship planning • understanding the science of social network analysis • relationship centric goals for business development • pivotal contacts for leadership development • relationship currency for adaptive innovation • transforming Us & Them into We.

The underlying theme is: how do we leverage the soft aspects of our organization, such as people and relationships?

Nour says that rather than exclusively seeing ROI as “return on investment,” we also should see ROI as “return on involvement,” “return on influence,” “return on integration,” “return on image,” and “return on impact.” These are ways to identify quantifiable values of our soft assets.

He also spoke about “The LinkedIn Effect,” which addressed the growing value of social networking sites like LinkedIn and Jigsaw, and how this technology is changing the way business-to-business interactions take place. Learning how to better utilize online tools can prove beneficial in developing strategic relationships.

Lastly, he emphasized that rather than focusing on establishing new relationships, we need to take a step back to analyze our “relationship bank” to see what we are doing to cultivate current relationships. While you want to identify “pivotal contacts,” which are individuals who can accelerate your ability to get things done, you also want to make sure you are “giving” and “exchanging” in the relationships. Or, in other words, reciprocity is the key to garnering greater return.

So take a step back, and look at where you and your organization are in developing and nurturing your strategic business relationships. The effort could produce extraordinary returns.

David Gabri is president and CEO of Associated Luxury Hotels International (ALHI), which has the national sales responsibilities to the meetings and incentive industries for its membership of over 120 premier Four- and Five-Diamond/ Star quality hotels and resorts worldwide. For information, contact your nearest ALHI National Sales Office, call the “ALHI Luxury Group Desk” toll-free at 866-303-2544, or visit www.alhi.com .