“Trust is the glue of life. It’s the most essential ingredient in effective communication. It’s the foundational principle that holds all relationships”. Stephen Covey
Trust in my opinion is critical to commercial and economical growth, but it is a tricky subject to get our heads around, it is hard to explain, harder to define but ultimately it is crucial for success.
This is why Behavioral Economists study trust. Even Adam Smith the founder of modern economics saw the importance of trust hundreds of years ago explaining it through his division of labour theory, giving the example of the “Pin Factory.”
An example of how trust works; is to imagine you are going to the local shop to get some milk as you approach the fridge you notice it is locked, convincing the manager to open it up and bring the milk to the counter, now you have to negotiate whether or not you will pay first or the manager will hand over the milk.
This takes time and energy, eventually you exchange at the same time and walk away. Wasting time and energy is never fun.
Now imagine living in a low trust world! Trying to purchase items over the internet with a person from another country, speaking another language… Frustration and despair come to mind!
7 ways to sustain and build trust;
Rapport – Get to know your clients, find common interest, this helps to build the foundations of trust.
Sincerity – Caring about your clients well being and point of view even if you disagree helps you find understanding and solutions to their issues.
Openness – To how you do business and their needs allows for a more productive relationship that build confidence and help with mutual understanding.
Respect for your clients – Talk to and deal with others as equals and never as if they were lower or higher than you.
Integrity – Be congruent E.G walking your talk. Keep your promises to yourself and your client.
Admission – Admit to any error or failing on your part before it turns into a larger issues. Nip it in the bud.
Reliability – Be consistent in your behaviour, become someone others can depend on time and time again.
Trust is a luxury we can not afford to loose, it is more than “can I park my car in this neighbourhood” It is the difference between the Richest and Poorest countries, a rogue trader and a professional commercial enterprise.
*First Published in The Thetford and Brandon Times