Trust - The Compound Interest In Business

Without trust in spades within our enterprises they under perform their potential. Stress is inherit between team members as they attempt to communicate effectively. Leaders and bosses micro-manage employees and push them out the door repeatedly. Tasks can be duplicative as team members double check others work. A lack of trust creates toxic work environments at the extreme. Most businesses will benefit from working on trust.

However, trust isn't only a factor in the culture of our businesses, but also with the customer we seek to serve. Without high levels of trust, our businesses become revolving doors where we never see our customer again. That's a poor long term business model.

Undoubtedly, high levels of team and client trust created the compound interest to grace my business in the top 1% with a tiny little highly efficient team.

What are some factors that create trust?

Expertise

It's difficult to lead others when they don't feel like we are experts in our chosen field. As our team members grow, are we growing too? Can they trust us to grow them through our expertise and knowledge? Often a team member will leave when they feel they have "caught up".

Customers may desire a professional with the image of an expert in their particular need. It may be a referral or your online presence. When we engage a customer, are we conveying the value and expertise needed to start the creation of trust? Can you wow them with your expertise?

Competence

Within teams, competence may be God given or come through specialized training. If we put a team member in a role that works against their desires and gifts, they may not be competent. I'm guilty of less than stellar training over my 21 years as an entrepreneur. Yes, at some point we must set employees free to do their job, but competence and trust are built through great training and expectations. It takes some work, but the payoffs are huge! This gives me an opportunity for a little commercial! :) Coaching along with training really accelerates competence and trust.

Our customers will be left feeling like we were competent or not at some point in the process. Communication and systems are major factors. A customer that feels we are highly competent will come back as a repeat customer!

Character

Trust is built through values of strong character. Honesty, integrity, loyalty, and on down the line. While expertise is important, so is being authentic. We need to bare our chests to daggers. In the old days, my ego wouldn't allow it. Now, I know being less than perfect is a cornerstone of great leadership.

If team members repeatedly fail to keep their commitments and promises, we need to determine why? When our team members trust our character, they are more likely to be honest and forthright with us. That's how relationships move forward and trust is forged.

Synergy

High levels of trust within our enterprises lead to real synergy. Synergy where team members trust others to perform their duties and they look out for each others best interest. Employees believe their leaders put them first and will back them up when they make an honest mistake. The greatest teams enjoy very anabolic existences. Trust within the team compounds results. Joy is often created together as the team creates oneness.

Conclusion

As trust if forged, it has the old snowball effect. Customers come back over and over again. They refer their friends and families to us. Staff performs closer to their potential and they desire to be employed with people they actually trust and want to work with daily. Trust really does compound over the long haul!

While real estate is where my expertise exists in occupation, I am currently coaching outside that niche as well. Business principles cascade to all enterprises.

On a scale of 1-10, where would you rate your business in regards to trust?

Your Coach,

Todd