Trust in business is a priceless commodity but totally inexpensive. It cannot be purchased nor can it be faked. You can gain trust only by proving your worth through your actions.
It is the paramount factor that forges strong bonds whether in business or in personal life. Trusting a person requires a strong and established belief in the honesty of the person and it doesn’t happen overnight. It is gained slowly through honest and transparent deeds and by keeping one’s commitments.
The interesting thing is that once gained trust is the most vulnerable and fragile asset of the business. Handle trust delicately, for once broken it can never be restored.
Are today’s businesses ignoring the value of building trust in the organizations? Yes, to an extent there has been a decline in trust within organizations and this breeds insecurities in business relationships. Distrust in business instils anxiety, and a lack of transparency lowers creativity and affects the productivity of the organization. Any business that is focused on long-term sustainable growth needs to emphasize on encouraging a culture that promotes external and internal trust.
Trust is gaining importance with the world shrinking into a global village and many businesses being conducted in the absence of any physical interaction or even a formal meeting. It has become quite common to have business transactions over the internet including buying, selling, and making payments. Such relationships require solid trust between the associated parties for long-term sustenance. Hence, it is important for business leaders to inspire trust in their organizations.
I hope that this discussion will motivate and guide you to take steps to create an environment of trust in your organization.
Defining Trust in business organization
Business runs on a number of relationships that can be rightly called it’s core foundation. Relationships are formed in an organization between the employees, customers, clients, and other stakeholders and everyone involved makes the organization work because of the trust they have in each other.
In the context of a business, trust assures reliability in the strength, integrity, and values of the organization. Strong interpersonal relationships founded on trust are pivotal for the success of any organization. All sustainable businesses have focused on building trust in all their external and internal relationships.
The important elements of trust in Business
Try aligning your actions and strategies according to these elements and build a solid foundation of trust in your relationships.
- Reliability
Reliability is an assessment of a person’s actions. Are you keeping your promises? Do you deliver according to your agreement? If you do, and continuously keep your commitments trust automatically follows you. Consistency in actions makes others trust you and rely on your word. Walk the talk and always be the first to execute any changes. Ideas one preaches should not be limited to speech, demonstrating them through actions is also important.
- Sincerity
Sincerity is judged by a person’s character. Hypocrisy and pretence damage relationships beyond repair. Sincerity is a delicate trait that is often inbuilt and is one of the crucial elements that makes or breaks trust in the workplace. There shouldn’t be any hidden agenda in the actions.
- Capability
To what extent do people believe in your abilities? Do they trust that you have the capabilities and resources to meet your commitments? Demonstrated capabilities can gain confidence and trust in business relationships.
- Communication
Clear and transparent communication is pivotal for building trust. In fact, it can be labelled as the most important for miscommunication, and misinterpretation can damage even the sincerest actions. Common viewpoints are arrived at only through effective communication. Develop positive intimacy in all your business relationships.
Trust is vital for sustainable growth
Building trust is a key strategy that cannot be ignored when you are looking at long-term sustainable growth. In fact, I would say that trust overrides most of the other aspects of a business like a marketing strategy. Trust impacts the behaviour of all the stakeholders of the business and synchronizes the minds for a common goal and sustainable business.
Trust that you share with the employees can produce a work culture of transparency, accountability, and responsibility. Do you encourage your employees to take responsibility for their actions and take their own decisions or do you micro-manage them? When there is mutual trust micro-management becomes irrelevant leading to positivity, creativity, and productivity.
Even your external relationships survive on trust. When your customers or clients begin to distrust you, it could result in a loss of business or contract. Building trust with external parties and keeping your commitments is the only way to have long-term fruitful relationships.
How to build trust in business?
A few changes are all that you need to build a culture of trust in your organization.
- Respect and recognition
Acknowledge the efforts of the employees. Rewards and public recognition should be given where it is due. Respect for their dedication and work can boost their morale and build their commitment.
- Effective communication
Frequent communications can connect you with your employees. There should be an environment of open and transparent communication in an organization to dispel anxieties and bring forth creativity.
- Empower the employees
Give voice to your employees and welcome their input in any projects. When you give your employees freedom and decision-making power on their work it powerfully conveys your trust in them and gives them a sense of ownership.
- Sincere interactions
Have frequent interactions with your employees, customers, and clients. Be sincere in your approach and you can easily win their trust. Make it a point to respond to all emails and to wish everyone on important events.
- Demonstrate your ability
Knowledge can gain respect and trust. When your employees, clients, and customers see you as an expert in your field they will begin to value and trust your ideas. Your image as a knowledgeable person conveys that you can be depended on to deliver quality service.
How do you become a trusted manager?
As a manager, you have the responsibility to steer your team to success and this is easier said than done. Motivating and giving direction to many minds requires that you have positive control over them that is based on trust and not coercion.
The first step is to acknowledge that you are a human being who can make mistakes. Accept your mistakes and amend them sincerely as this projects your genuineness and openness.
Invest your time and effort in developing your staff. Provide them with the required training and guide them to attend skill development sessions. The productivity improves and so does the faith and trust in you as a manager.
Collect regular feedback from your employees and allow them to share the positives and negatives they feel about you. The weaknesses in your policies can be corrected and you gain your employees’ trust as an approachable manager.
Give your employees greater control over their work and empower them with higher responsibilities. The trust that you place in them will be reciprocated with dedicated work and trust.
Practice what you preach as the actions of the leader are most likely to be followed by all. Empty talk leads to distrust in the minds of your employees on your credibility.
You can build trust in your business with these simple changes. Start one step at a time to make a tremendous long-term positive impact, we at SBL always try to follow this.
Why is trust important for success?
Trust enhances strength, integrity, transparency, and safety in interactions and is essential for team building.
Why is trust important in a business partnership?
Trust holds business relationships together and helps achieve better economic outcomes in the dealings.
How do you build trust with a business partner?
Honesty, transparency, and walking the talk are essential for building trust with a business partner.
Why are trust and respect important in the workplace?
High levels of trust and respect in the workplace improve engagement, efficiency, and productivity.
