Building business trust in today’s business world

Thursday 7 April, 2016 | By: Tony Curl | Tags: innovation, business trust;

The speed of innovation and technology is often held back by increasing complexity and bureaucracy, exasperated by a lack of trust.

Tony Curl, of Think and Grow Business, says that a the world becomes increasingly distrusting, businesses must break the mould and unlock the advantages that they have when operating in a high-trust environment.

The Stephen MR Covey, 2006 book, “The Speed of Trust” provides a compelling discussion about the competitive advantage that companies have when they operate in a high trust environment.

Unfortunately for much of the business world, it remains just a discussion, even though the relevance is becoming increasingly important.

In today’s fast moving business world, any opportunity to increase speed is paramount to business competitiveness.

Indeed, Tom Peters, bestselling business author, confirms this with this quote from 2006.

“Technique and technology are important, but adding trust is the issue of the decade”.

And today it remains the same.

The speed of innovation and technology is often held back by increasing complexity and bureaucracy, exasperated by a lack of trust.

As our world becomes increasingly distrusting, business must break the mould and unlock the advantage’s that companies have when operating in a high-trust environment.

Trust is not just a word that is soft and warm. It has serious business advantages for business in building customer and staff relationships and the ability of the leader or owner to drive and build trust determines the extent of the success of the business.

To build a case for trust, we just have to look at companies or organisations that have built complex environments and bureaucracy to keep their checks and balances in place.

Dealing with any government agency can be frustratingly slow as the processes have been driven by the need to control the masses. It is obviously low-trust and as such adds cost and reduces speed to the process.

Business could not compete if that level of complexity was in their business, but as business teams grows usually so does the complexity to control them. As complexity grows, the business slows.

Conversely businesses that operate in high trust, maximise their advantage and operate with less complexity, increased speed and lower cost.

In todays’ innovation environment, the difference that trust makes can sometimes be the difference in being first to market or amongst the also-rans.

High trust, equals higher speed and lower cost. The simple economics of the trust equation.

And business owners that unlock the trust equation have a clear advantage to their competitors.

 

Join Tony Curl for the upcoming webinar: The Three Key Components to Business Trust on April 15 to learn what to implement to build greater trust in your business. Register here.

 

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