“Self-trust is the first secret of success.” Ralph Waldo Emerson
This series started with a post regarding how the trust I had in PayPal was shaken when my account got compromised. In life, our trust in people and businesses will often be tested. That is life, and we have to accept it. The fact of the matter is, without trust, we would not get far in life. The trust building process comprises of several components. Each of them plays a vital role in the process, and provides us with benchmarks to help achieve the level of trust required.
1. Integrity: Integrity is based purely on the actions and decisions we make in life. They reflect who we are and what we stand for. Three measures to use to benchmark our own level of integrity are ; firstly, are we congruent in our thoughts, words and actions? The second one is, do we honor our promises and commitments to ourselves and others? The last one, do we possess the courage to stand up for our values and beliefs in the face of resistance? These questions can serve as a guide to learn more about personal and business integrity levels. To read more about trust and integrity please click here.
2. Competence: Competence is a pre-requisite for the process of trust building. An individual or business is deemed competent in a particular skill set when they have proved themselves adequately. However, for a new startup, without a track record, this is a challenging task. Competence needs to be communicated through actions in a younger team. Using academic credentials, talents and skill sets or references can be used to help prove a younger team’s ability and capability. To read more about trust and competence please click here.
3. Consistent Communication: We have all come across businesses where senior management says one thing, middle management says another and the customer service representative says something completely different. When there is inconsistency in communication, building trust will be an arduous task. As younger startup companies, we have to instill the importance of consistent communication, from the beginning of our operations. This includes the alignment of senior management’s agenda, marketing strategies as well as how customer service representatives are supposed to interact with clients. To read more about the importance of consistent communication and trust please click here.
4. Genuine Concern: An individual or business can have high levels of integrity, be competent and communicate with consistency, yet, a lack of genuine concern for others or your customers, will dramatically slow down the trust building process. I believe a genuine concern for your customer with honest intention is the ‘x-factor’ in the trust building process. It is important that we get a deep understanding of our clients needs and wants and craft our strategies around them. It is only when we are able to communicate the importance of this component to the rest of the team in the form of actions will we actually notice results. To read more about trust and genuine concern please click here.
5. Results: Results and past performance speak louder than any number of words. The world today benchmarks each and everyone of us to what we have achieved. Therefore, as young entrepreneurs, we must pay a great deal of attention to proving ourselves and showing tangible results. These can be in the form of academic achievements, extra curricular achievements or projects where we have documented results. It is important to become result and action oriented. When an individual has a reputation of getting the job done well, the ability to gain the trust and confidence of peers, investors and customers is enhanced. To read more about trust and results please click here.
Building and maintaining trust is a challenging task. It requires constant attention, and the slightest of slips in our behavior has severe negative impact on the level of trust. As we all know, once a vase is broken it can be put back together, but it will never be the same. The components talked about in this post are foundational elements in the trust building process. When we have the trust of a customer or friend it dramatically changes the dynamics of the relationship, to one where a lot more can be achieved. As entrepreneurs, we must strive to develop a reputation of one who can be trusted. This will have a phenomenal positive impact on the level of business as well as your life.