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|Building Trust & Rapport|
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|The proof of the value of trust in business is compelling|
|Blog - Building Trust|
|Written by Karl Smith|
|Saturday, 23 July 2011 13:49|
A study conducted in 2002 by Watson Wyatt who surveyed 12,750 workers across all industries showed that high-trust organisations had a total return to shareholders (stock price plus dividends) that was 286 percent higher than low-trust organisations. Another expert in the field Stephen M R Covey, highlights that trust always affects two measurable outcomes—speed and cost. When trust goes down, speed goes down and cost goes up. This creates a trust tax. When trust goes up, speed goes up and cost goes down. This creates a trust dividend.
It’s that simple, that predictable. For example, Sarbanes-Oxley was passed in response to Enron, World-Com and other corporate scandals. While Sarbanes-Oxley has helped maintain trust in public markets, this has come at a substantial price. All executives subject to Sarbanes-Oxley rules know the amount of time it takes to comply with its regulations, as well as the added cost of doing so.
Companies with high trust understand that valued employees, treated fairly and respectfully, will treat their customers well. Set the example that you would like others to follow. Be honest about who you are and what you are about. Ideally your business should encourage good business practices.
The best way for consumers and employees to believe in your authenticity and develop trust with you is to communicate regularly, openly, and consistently. Trust takes time, but it is worth the investment which pays itself back in reciprocated loyalty, repeat business, and the power of referrals and endorsement testimonials. It is slower, but also cheaper with longer-term value.
Some practical tips:
When the emphasis is on developing trust, then relationships become mutually beneficial. The ability to foster high-trust business relationships is a measurable, definable component of all leadership, management and entrepreneurial success. Ironically, not many employers consider “trust building” as one of the key skills when they consider candidates for positions, says Smith. Fortunately, it can be taught and learned by changing our mindsets, getting the required knowledge, tools and techniques.
Copyright 2008 by Karl Smith
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