The Question of Trust – How much business is done without it? – None!

Trust is defined as the willingness to rely on others under conditions of risk.

Before any business activity will commence, whether an everyday uncomplicated task or initiating a complex ground-breaking relationship, nothing will happen unless there is an acceptable level of Trust in the outcome.

Consider the need to attend a face-to-face meeting interstate with a major client. Without an acceptable level of Trust in the outcome, for starters who will you allow to make your travel bookings? What airline will you choose? Will you even get on the plane, or use the lift in the client's high-rise head office?

Without Trust in the outcome, nothing will proceed.

Just as you wouldn't trust confidential information to email, or use internet banking, or talk on your mobile phone, if you had an unacceptable level of Trust in the security in place to protect the outcome.

Therefore, in all communications and relationships with business stakeholders, whether current or proposed, an acceptable level of Trust is a non-negotiable.

No Trust means no progress – no exceptions!



The DNA of Trust.

Before discussing the Trust-building How To's, it is imperative to understand the components of Trust – the DNA of Trust – as it relates to every relationship, business and personal.

At the primary level, Trust is dissected into two distinct components , character and competence.

Within character, lie elements of integrity and intent. Competence covers elements of capabilities and results.

Surrounding the central core of the character and competence components, and their 4 elements, are 16 practised behaviours eg. listen first, talk straight, keep commitments, clarify expectations, provide transparency, show loyalty and extend trust, and an outer circle of values and principles.

The first reason it is imperative to understand the two distinct components of Trust, ie character and competence, is that people in all facets of life assess the trustworthiness of themselves, and the business they represent, by their intentions, part of their Character component. But they assess the trustworthiness of others by their actions, and even more harshly by their results, part of their competence component.

So the one activity is being evaluated on the Trust-worthiness scale from distinctly different perspectives.

As an example, a Financial Services organisation cannot comprehend why their clients rate them so lowly on the Trust scale – " Our intentions were totally honourable. We have always had our clients' best interests as our top priority". Simultaneously, their clients are becoming increasingly discontent – " All I'm interested in is how the advice I received has caused my investments balance to deteriorate over the last 12 months".

What is the lesson to learn from the two differing perspectives involved in the assessment of Trust-worthiness?

All businesses need to refine their ability to appropriately communicate the results they have achieved for all stakeholders. It is vital they are seen to take responsibility for their results – not their intentions, and not just their actions.

Taking responsibility for results will build Trust with stakeholders – even if the results were not what was planned or hoped for.