ECONOMICS OF TRUST
As trust goes up, cost goes down and production goes up. The converse is also true.
Our formula….rather Covey’s.
If you are trying to build a team of reps and they don’t trust you ………or what you are teaching ……….or you are trying to acquire customers and they don’t believe you …Ut-Oh….your cost goes up because you have to go find new people and cultivate new relationships. This costs time and money.
Traditional thinking :::>Strategy X Execution = Results
Covey’s brilliant shift
(Strategy x Execution) x Trust = Results
It is a myth that we have to ‘wait’ for trust to be earned. While we have to earn it, there are 13 things we can do to accelerate the Speed of Trust.
The faster folks, teammates, prospects, customers etc., trust us, the faster growth.
Covey breaks accelerating trust into 13 parts…..
- 5 Character-based
- 5 Competence-based
- 3 Character & Competence Based.
Let’s look at the 5 Character-based ones.
These behaviors need to be authentic, not ‘counterfeit’ because ‘dogs know who to bark at’
CHARACTER BASED BEHAVIORS ACCELERATING TRUST
- Talk Straight. Hidden agendas, spin and pseudo flattery are counterfeit behaviors. So is manipulation and distorting facts. Declare why you are speaking to someone by honestly telling them the agenda, your agenda, right up front and stick to your word
- Demonstrate Respect. Showing respect to advance your agenda is counterfiet….and no matter how slick you think you are, it won’t work. Showing respect or concern for only those who can help you is not respect. Behavior that is fair, kind, civil and laced with love for all people defines respect. As Napoleon Hill points out and suggests we repeat daily, “I eliminate hatred, envy, jealousy, selfishness and cynicism by developing love for all humanity because I know negative attitude towards other can never bring me success.”
- Create Transparency. Tell the truth in a way that anyone can verify. The counterfeit behavior is omission, hidden agendas or pretending things are different than they really are…..exaggerating numbers to make a sale, etc. Over disclose, be open and authentic to the point of treating them they way you like to be treated when making a decision.
- Correct Wrongs. We all make mistakes, apologizing is not enough. Do something extra and make restitution and demonstrate humility.
- Show Loyalty. Give credit loudly and speak about people who are not present only in a complimentary way. Don’t pretend to take give credit but then take a bow. Gossip is a no-no but more importantly let people know who may begin to talk about others that you simply do not do that. Take 100% responsibility for things that go wrong and give credit to others when things go right.
THE BOTTOM LINE
This is the beginning of Relationship Trust and coupled with the Four Core values in yesterday’s blog you begin to lay the foundation for accelerating trust.
The value of this is priceless especially if you are building a networking team.
Only 29% of employees BELIEVE that management cares about them developing their skills so they can advance. That means 71% do not trust management.
Wait, it gets worse. Only 42 % believe the their employer cares about them at all….or 58% do not trust the company.
We are rarely, if ever, going to meet the ones who believe the company cares about them and believe management is helping them. We don’t get the ones who are happy and trust the company…..we get the ones who don’t trust the company.
DON’T DENY IT, DEAL
Covey calls this the ‘hidden low-trust-tax.’ Meaning, we are interacting with people who don’t trust management ……and as soon as we show ANY sign that smells of similar behavior, we’ve lost them, they won’t take our coaching and we are dead in the water.
On the other hand, simply by accelerating trust, they take coaching, profit and grow as a result of trust us.
It might not ‘look’ like it but trust me :), the hidden low trust tax is real and those that deal with it build bigger teams faster.