The Speed of Trust

The one thing that changes everything - Nothing in business is as fast or as profitable as trust.

As I read through this book by Stephen M Covey - "The Speed of Trust" I was able to relate it to what has been happening around us all along. Simply put, trust means confidence, the opposite being distrust which means suspicion. Truly, we are in a crisis of trust. It affects us on all levels — societal, institutional, organisational, relational and personal.The most recent being the certain amount of concerns that people are having about Whatsapp + Facebook after their recent changes in user policies and the almost fierce adoption of Signal that is taking place.

Trust always affects two outcomes: speed and cost. When trust goes up, speed goes up and cost goes down. Signal had to issue a statement that the OTPs will take time too many people are downloading their app and they are not having to spend a single rupee of marketing. There is such a word of mouth after Elon Musk made a tweet about "Use Signal"

On the other hand Facebook is having to issue full page ads to retain the trust of the users almost all across the globe.

Trust is not something which is merely “touchy-feely” or a “nice-to-have”. Rather, trust is a hard-nosed business asset which can deliver quantifiable economic value. When trust is high, speed of execution goes up and costs go down. It therefore makes good financial sense to consistently find ways to enhance trust levels both within and external to your business organisation.

To build and enhance trust, you need think of trust as having a “ripple effect” very similar to the one we see a drop falls into a pool of water. That drop will generate a number of concentric ripples. Trust is similar to this because just like a ripple it flows from the inside out. In the case of increasing trust, there are five waves, each of which represents a context in which trust is established.

As trust is manifest in each successive wave, the effect of trust becomes cumulative and exponential. Stephen M. Covey

Self trust is about you keeping your commitment and therefore from your ability and capacity to set and achieve goals that you communicate. If you do this consistently it will make not only good about your own actions it will also make it possible for you to be worthy of the trust of others.

Relationship trust is about how you establish and subsequently increase the trust accounts you have with other people. The key here is to act consistently at all times and in all circumstances and ensure that you communicate well.

Organizational trust requires that the organization’s systems, structures and rewards are aligned with one consistent objective. When you work with people you trust, more things can get done and faster. Alignment ensures the growth of trust and misalignment causes trust to reduce or get dissipated.

Market trust is driven by your reputation and actions. When customers, investors and others in the marketplace trust your brand, they act differently. They will buy more, refer more and might even give you the benefit of doubt. They will also stay with you especially when they can see how your brand is evolving and improving over time.

Societal trust increases when you create clear value for others and for society at large. The key here is to make a meaningful contribution with no hidden agendas. When you give something back to society, suspicion and cynicism can be offset or allayed. Most times these actions also inspire others to create value and to contribute.

Therefore as mentioned earlier - Nothing in business is as fast or as profitable as trust. The first job of any leader is to inspire trust in others. This ability will create the foundation upon which all successful enterprises and personal careers stand. The ability to inspire trust in others consistently is the prime differentiator between managers and leaders.