Why trust is the most valuable of all business assets

When most business owners think of their business assets they think of cash in the bank, stock on hand and the pipeline of future sales. While these are important, they are nowhere near as crucial as the intangible asset of trust. Without trust you have nothing. Trust is usually only spoken of as “good will” when the business is being sold, but it is so much more than that. It needs to be front of mind in everything we do.

Trust can be easily established but just as easily broken. Once it’s broken it can take years to reestablish. We trust people to keep their word, drive on their side of the road and play by the “rules of business”. With that we can make plans, achieve goals and operate with reduced stress. Without it, business slows down, plans fall over and cash dries up.

It is also about playing your part for the greater good of yourself and others. If you only play your part for your own good then people won’t want to deal with you. If you play your part for the greater good of others but not yourself then you won’t make any money.

Trust helps grow your business in three key areas:

Staff

Having a depth of trust with your staff allows you to step back from the daily minutiae of running your business. It allows you to focus on the bigger picture and strategic plans for what you want to achieve. After all you didn’t go in to business so you could work 12 hours a day!

This also builds a connection from them to you and your business. When this connection becomes strong you tap into their discretionary efforts. When you do this they willingly go above and beyond their job description to help your business grow.

Build trust by: Listening to staff. Your staff are at the frontline of the business and can know more about what is happening than you.

Suppliers

Suppliers are essential in every business. Without them you do not have a chance to value-add in your customer’s supply chain. When you have strong trust with a supplier you can call on favours when needed. This might be an extension of terms to help with cashflow, or an after-hours delivery so you can complete an order for that important customer.

A trust-based relationship with suppliers reduces sticking points in your operations. Friction is reduced and so too is stress.

Build trust by: Paying on time. No one likes to have to wait to get paid for their work. Be easy to deal with, no one likes dealing with the proverbial pain in the back side.

Customers

Trust with customers is the lifeblood of your business. It builds repeat business, word of mouth referrals, and increased sales.

It also has a shielding effect for your business. When the inevitable stuff-ups happen the trust you have built up can help get you through. It is also in these stuff-ups that you can improve the relationship by the way you handle the fallout from it.

Build trust by: Being consistent across all areas – pricing, delivery and quality of product. Nothing kills it faster than having to check every invoice to ensure the price is correct!

At the end of the day, business is about trust. We need to be able to trust those around us, and vice versa. Protect your trustworthiness in the same way you protect your stock.

Darren Fleming, speaker, trainer and author of “Don’t be a D!ck – creating connections that make influence happen”

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