Trust: Your Most Important Asset

December 3, 2008

Survival of the fittest has taken on a whole new meaning in the current economy. In the quest to forecast markets, increase efficiency, eliminate excess and create new revenue streams we all may just be forgetting that the most direct route to profit is trust.

An important article, Profiting From Trust, in the Boise Better Business Bureau Reporter reminds us that the ROI from trust-building with your customers is considerable. Profitting from the trust of your customers may sound blasphemous, but constructing an ethical marketplace is a win-win: Business benefits from customer loyalty and stellar reputations acquired by first-rate companies that react to customers’ needs; Customers recognize trustworthy businesses and buy with confidence.

The Reporter presents Stephen M.R. Covey’s book, The Speed of Trust, as a valuable resource in measuring your business growth. Covey writes, “Trust always affects two outcomes – speed and cost. When trust goes down, speed will also go down and costs go up. When trust goes up, speed will also go up and costs will go down.”

The Reporter suggests the following to raise your company’s trust score: Increase trust between your employees, vendors and customers. Trust dramatically increases speed and effectiveness of interactions creating higher efficiency and results in driving down costs.

What has a breach of trust cost your company? The possibilities are endless, among the most critical may be a shift away from innovation and growth.

Posted By Russ · In Industry 

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