BY STEPHEN M.R. COVEY
- Nothing is as fast as the speed of trust. When trust is high, speed goes up and cost goes down. This is true in all aspects of life (personal, professional, business).
- Trust is believed to be intangible (soft). This is a myth. Trust is in fact hard, real and quantifiable. It measurably affects both speed and cost.
- The economies of trust are real. When trust is low we pay hidden taxes (time, resources, capital, etc.). When trust is high we get unexpected dividends.
- Trust is the “hidden variable” for organizational success (Strategy x Execution x Trust = Results). Developing trust is as important as formulating strategy and having the ability to execute.
- It is easy (typical) to over-focus on character when trying to develop trust. Character and competence are equally vital to trust. This represents a great opportunity.
- Extending trust (going first) is one of the quickest ways to become more trusted. By going first it will create reciprocity.
- “Smart Trust” is required when going first. Smart trust requires the desire (willingness) to trust AND good judgment (decision-making).
- Building trust is a leverageable strategic advantage that can be effectively taught and learned.
Our Point of View:
- The notion that “trust takes time” is a convenient excuse based on traditional (old) ways to thinking and behaving.
- People trust and do business with people they LIKE (character traits) and RESPECT (competencies). Being “liked” is expected (price of admission).
- Being “respected” is the difference-maker in accelerating trust and business results.
- The competencies that matter most to accelerate trust and business results are business acumen, risk management/mitigation, financial modeling, project management, and “the art of the dialogue.”
- Viewed as a competency, accelerating “smart trust” creates a distinct and lasting competitive advantage.
- The use of decision-making standards (mind-set, skill-set, tool-set) provide easy and practical ways to intentionally accelerate the process of building “smart trust” (least risk, highest returns).