Business Tips: The Importance of Trust in Business
It’s hard to quantify exactly how important trust is for a business. For business owners, a lack of trust is your biggest expense. It may take years for a manager or an executive to develop the trust of his or her employees, but only moments to lose. Without trust, transactions cannot occur, influence is destroyed, leaders can lose teams and salespeople can lose sales. The list goes on. Trust and relationships, much more than money, are the currency of business.
Trust is the natural result of thousands of tiny actions, words, thoughts, and intentions. Trust does not happen all at once; gaining trust takes work. It might take years of calling on a certain client to break through and fully gain their comfort and trust. Yet in spite of the importance of trust in the business world today, few leaders have given it the focus and nurturing it deserves.
Business strategist David Horsager speaks internationally on the bottom-line impact of trust. He has developed a system with which he teaches leaders how to build the Eight Pillars of Trust:
- Clarity – People trust the clear and mistrust the ambiguous
- Compassion – People put faith in those who care beyond themselves
- Character – People notice those who do what is right over what is easy
- Competency – People have confidence in those who stay fresh, relevant, and capable
- Commitment – People believe in those who stand through adversity
- Connection – People want to follow, buy from, and be around friends
- Contribution – People immediately respond to results
- Consistency – People love to see the little things done consistently
It is crucial to understand that trust is fundamental to the genuine success of any kind. The trust you have with your team and colleagues, the trust you place in your vendors to make deliveries correct and on-time, and the trust that you work to earn from your clients.
“The importance of honesty and integrity has always been critical at Behler-Young. My grandfather and one of the original founders, Wayne (Brig) Young said, ‘Success and growth will come to the company which offers a good product at a fair price and practices honesty and integrity in all of its dealings.’ In my experience, this is ethically important, but it is also smart business.” – Doug Young, Behler-Young President.
And it’s worth the work. Genuine trust yields decreased stress, solid friendships and a lasting legacy.
Source: David Horsager – The 8 Pillars of Trust