In today’s blog post, we’re going to explore the ultimate business resource: trust. If I were to ask you what the most valuable asset in your business is, what would you say? Over the years, I’ve posed this question to numerous business professionals, and while the answers vary, the common thread that emerges is trust.
Consider this: if you responded with “my product or service,” what ultimately drives people to choose and consume it? No matter how impressive or innovative your offering may be, if customers don’t trust that it will deliver on its promises, its value diminishes significantly.
Likewise, if your answer revolves around yourself, your skills, or your knowledge, trust plays a crucial role. Without trust in you as an individual, regardless of your capabilities, people will hesitate to engage with you.
The same applies if you mentioned “my team.” Trust is equally important when it comes to your relationship with your employees. Building trust with them is vital for fostering a productive and cohesive work environment.
Unfortunately, many business owners overlook the significance of trust and fail to cultivate it in their marketing efforts, products, and networks. However, I have spent years helping entrepreneurs understand the importance of trust in establishing referral networks and generating business. I’ve witnessed firsthand how trust can drive tremendous success in business, yet it remains an underutilized and often neglected resource.
Let’s delve into the components of trust. In his book “The Speed of Trust,” Stephen Covey identifies four quadrants that form the foundation of trust:
1. Integrity: Honesty and transparency are at the core of integrity. If you conduct your business in a dishonest or disingenuous manner, your actions will be perceived as weak and unreliable, regardless of any other positive attributes.
2. Intent: People have a keen ability to detect sincerity and genuine motives. When someone’s intentions appear suspect or self-serving, trust erodes. It’s essential to be aware of the true intent behind your actions and ensure they align with building trust.
3. Capabilities: Trust hinges on the belief that someone possesses the necessary skills and expertise to fulfill their commitments. If doubts arise about your ability to deliver on your promises, trust will be difficult to establish
or maintain.
4. Results: Building trust requires demonstrating a track record of achieving desired outcomes. People seek evidence that you have previously accomplished what you claim, as this bolsters their confidence in your ability to deliver.
Building trust takes time, and individuals trust at varying speeds. Therefore, it’s essential to continually exhibit trustworthy behaviours. While some may extend trust early on, others require more time and evidence before feeling comfortable. By focusing on the four quadrants of trust, you can nurture and maintain strong business relationships with your referral partners.
One important lesson I’ve learned in my business journey is that people don’t care how much you know until they know how much you care. This mantra holds significant weight when it comes to building trust. I vividly recall an experience early in my career where I mistakenly prioritised showcasing my knowledge over demonstrating care and empathy. This misstep resulted in strained relationships and irreparable damage to trust. The incident served as a stark reminder that trust cannot be built solely on expertise; genuine care and concern are crucial.
Trust is a form of currency in relationships, and its depth matters more than the sheer number of connections. Networking extensively without building trust yields little results. According to sociologist Robin Dunbar, our cognitive capacity allows us to have meaningful relationships with approximately 150-180 people. Within this network, we have closer relationships with around 50 individuals, while only about 15 people are those we truly know well. The inner circle consists of our five closest friends and allies.
So, how do you build trust? Trust is a product of time and actions. One of the most valuable lessons I learned from BNI (Business Network International) is the concept of “Givers Gain.” By genuinely helping others and consistently demonstrating trustworthy behaviour over time, you can foster trust. Remember, trust is unique to each person, and you’ll recognize it through their actions and attitudes towards you. Therefore, nurturing and preserving trust in a relationship should be a top priority.
Here are a few ideas for building trust in business:
1. Consistency:Actconsistentlyandreliablytoinstillconfidenceinothers.
2. Seekfeedback:Encourageopencommunicationandactivelylistentoothers’
perspectives.
3. Prioritiserelationship-buildingtime:Dedicatetimetonurturingrelationships
and getting to know others on a deeper level.
4. Bereachableandavailable:Beaccessibletootherswithinreasonablelimits, ensuring they feel valued and heard.
5. Communicateclearly:Clarityinyourcommunicationhelpsprevent misunderstandings and builds trust.
6. Acknowledgemistakes:Admittingfaultwhenyou’rewrongdemonstrates integrity and strengthens trust.
7. Honourcommitments:Alwaysfollowthroughonyourpromisesand commitments to establish reliability.
8. Bevulnerableandgenuine:Authenticitybreedstrust,sodon’tbeafraidto show vulnerability and share real experiences.
9. Acttransparently:Openlyshowcaseyouractionsanddecisions,allowing others to trust your integrity.
10.Stand up for what’s right: Upholding moral principles and defending what you believe in cultivates trust among others.
In summary, trust is built through a combination of actions and time. By understanding the significance of trust in business and actively working to cultivate it, you can develop strong referral relationships that propel your business to new heights. Never take trust for granted, and remember that trust is the cornerstone of successful and enduring business connections.
Written by Braith Bamkin