When Trust is High, so are your profits.
In his book “The Speed of Trust”, Stephen M.R. Covey said there is an economics to Trust.
Low trust = low speed and high cost
High trust = high speed and low cost
Low trust causes friction whether it is caused by low Character or low Competence or both.
Low trust causes hidden agendas, politics, personal conflicts, win-lose thinking, defensive and protective communication.
Low trust slows everything down – every decision, communication and every relationship.
High Trust on the other hand, produces speed.
There is one thing that is common to every individual, relationship, team, organization, nation, economy and civilization – the one thing that if removed, will destroy the most powerful government, the most successful business, the most thriving economy, the most influential leadership, the greatest friendship, the strongest character, the deepest love. Trust.
Not long ago I shot a quick video, simply using my iPhone to explain to some of my Real Estate partners why I felt I was so successful in that industry. (Not to digress, but this simple and inexpensive method of video marketing is a potential gold mine for you. We will teach you and implement it for you.)
Because trust is based off of principles, my message works regardless of the industry, location or time.
Here’s my definition of TRUST
Trust = Competence + Character demonstrated over Time.
When trust is high:
- Communication is easy and effortless.
- The emotional bank account with everyone in your Circle of Concern is high so mistakes are more easily forgiven.
- When mistakes are made, meaning is still understood.
- Everything in your life goes smoother and momentum is always in a positive direction.
Conversely, when trust is low:
- Communication is ineffective, time-consuming and difficult.
- Every little mistake is taken personally by the offended.
In my experience, I have found that people instinctively trust someone whose communication and personality is based on accurate Principles –those founded on God’s Natural Laws.
People recognize when they are being manipulated for the benefit of the manipulator.
15 Habits to cultivate within yourself and your business that will help you build strong meaningful relations – both personal and business:
1. Be Honest & Authentic. Always be straight with people.
2. Act with Kindness & Courtesy. Be Respectful of everyone; even those who might be “in-your-face”. You may have to “fire” a customer one day, but be respectful about it and then move on.
3. Be Transparent – An Educated Customer is the Best Customer. Consistently tell the world what you offer, why you offer it and how it will benefit them.
Tell the complete story about what makes you and your product or service unique. You don’t have to just tell the good, tell some bad as well. Every product or service will not be the right fit for everyone. Admit it right up front. Stating what you can’t do builds trust and alleviates unpleasant problems down the road. I’d rather lose the sale right up front and build a reputation of integrity than lose a client after the sale due to disappointment.
4. Apologize When Wrong. When you screw up, take responsibility, apologize and make some sort of meaningful restitution.
5. Be Loyal – especially to the Absent (never talk badly about anyone behind their back)
6. Deliver Results – One of the best habits you can cultivate in order to accomplish the results your clients/customers/patients expect is to adhere to clarify expectations, the next habit.
7. Clarify Expectations – Make sure everyone fully understands including yourself). Almost all conflicts are a result of violated expectations. Even though most of my business is done with a simple handshake, it is still imperative that the expectations of effort, responsibilities and results are clarified in writing.
8. Be a Student of your Business – Constantly Improve by exposing yourself to new ideas, techniques and people.
9. Be Honest about Reality. Being self-aware is one of the foundations of ever achieving greatness. You have to know what motivates and de-motivates you. What you strengths and weaknesses are.
10. Be Proactive – Take responsibility and hold yourself and others accountable. Learn to “Think Win-Win or No Deal.” Never blame someone else.
11. Listen with the Intent to Understand Rather than Simply to Respond. Ask Smart Questions and listen.
12. Keep your Promises. One of the best ways to accomplish this is under-promise, over-deliver.
13. Extend Trust -Give trust and expect it in return.
14. Actively Seek Complaints – Be open to feedback; That means proactively seek out complaints as an opportunity to build trust.
15. Have an Attitude of Gratitude.
There is a positive velocity to your life that occurs when trust is high that can’t be compensated for in any other way.