What makes a business successful? What are some of the key factors in driving results that lead to success?
One of the key components in building a successful business is TRUST. There are many books and articles written on this topic. To keep it simple, I’m going to bundle some of these into what I’ll call a Trust Based Company Culture. In this, the company takes a spoken stand that trust is a priority, that people are accountable for their actions – including mistakes, people to do not blame others, they have honesty and integrity, they do what they say they will do – consistently. People have open, honest & direct communication – no gossiping. People truly listen and seek to understand. When a company lives this Trust Based Culture, these attributes reduce the “fear factor” to create a safe, trusting environment where a business can thrive and be successful.
In Scott Hunter’s book, Unshackled Leadership - “Building Businesses based on Faith, TRUST, Possibility and Abundance”, he includes trust as one of the 10 key elements in a true partnership relationship for successful businesses. Scott shares that a powerful way to generate trust is by declaration and taking a stand for it on an ongoing basis. People agree to trust one another simply because it is the company’s spoken commitment while fully acknowledging that humans will make mistakes. When a mistake is made, others can expect that the person will acknowledge the mistake and do everything necessary to resolve it. Being human and making mistakes should not be a reason to revoke trust. When used this way, trust is a context for people to work together in dealing with the realities of doing business.
A study released in June, 2012, by the Human Capital Institute in partnership with Interaction Associates, called: Building Trust in Business 2012, talks about building trust to drive business results. It showed a clear, explicit connection between companies that achieve strong business results and high ratings in trust, leadership and collaboration. For the fourth straight year, the Building Trust 2012 survey points to big declines in leadership and trust across the business spectrum – with trust at its lowest level since they began surveying in 2009. Attributes affecting trust ratings included the leaders ability to be collaborative, consistent, predictable and transparent in decisions. Higher performing organizations are more successful at building trust, their leaders are seen as more collaborative and they are better at retaining employees.
Want an even more successful business? Start now to live and breathe a Trust Based Culture!
If you need help implementing a Trust Based Culture in your business, contact me Lois@UnshackledLeadership.com.