Importance of TRUST in Building Personal Relationships?

We all know how important trust is in building personal relationships, so I won’t bore you by going over the subject again ;). But how important is trust in building a sustainable and growing business empire, have you ever thought about it? Today, if you were to fly to Las Vegas for an unplanned holiday, how confident would you be of your team and their abilities to handle everything well in your absence? 

When I asked this myself, I realized I wouldn’t be very confident. And it is not because I don’t have a competent team (which I should admire because they’re an amazing bunch), I am perhaps just not able to let go of that control-centricmindset. It’s not that I don't trust them, but do I trust them enough to keep business priorities first or take every decision keeping the best interest of the firm in mind? I continue to question myself. Do you feel the same way too? 

Unfortunately, the fact is that entrepreneurs in a minimal trust environment are quick to point fingers without fully recognizing the procedures necessary to create and sustain a trustworthy workplace.

Most managers overlook the importance of trust in their organizations and instead hunt for the symptoms that it causes. 

While reading the book ‘Speed of Trust’, I loved how interestingly Stephen M. R. Covey has outlined the four pillars of self-trust, the five waves of establishing trust, and the thirteen behaviors to improve trust and reliability in your personal and professional relationships.

Let’s look at the five waves of establishing trust seamlessly in all parts of your life. 

1.        Self Trust 

To what extent do you believe in yourself and your abilities to achieve your goals? This tide is based on reliability. How trustworthy are you?

The four Pillars of Self Trust are: 

•           Intent 

•           Capabilities 

•           Integrity

•           Results 

Developing such pillars builds credibility. Reliability builds respect and trust. Trusted people may help others feel good about themselves, achieve their best, and get along.

Denial lowers people's self-esteem. It undermines one's promises and talents. You've probably noticed that people's words and actions lack genuineness.

Daily dishonesty by managers creates a culture of mistrust among employees. It hurts credibility.

2.        Relationship trust 

Instead of destroying it, build it up. It is influenced by behaviors such as: 

•           It would help if you began by being genuine - Leaders' dishonesty has weakened trust. Clear communication reduces meetings and increases work.

•           You should respect those who do nothing for you - Be kind to others because every interaction affects trust.

•           Do what you say and make it verifiable - High-trust organizations are driving the global increase of transparency.

•           Right wrongs immediately - Practice self-awareness and modesty; don't constantly shift blame. 

•           Be firm - If you're reliable, people will trust you more. Recognize others' contributions as a sign of dedication. You will be developing a high-trust, 100%-giving culture.

3.        Organizational Trust 

An organization's employees can trust each other in a variety of ways. How well co-workers communicate and work together on the same goal is profoundly affected by the level of trust present in an organization. A solid set of core values guides many corporations. However, "trust" is the central attribute of any thriving culture.

The value of trust between individuals, groups, or management cannot be underestimated, nor can its results. It's a typical chicken-and-egg condition: businesses can only achieve exceptional performance by building a trusting environment.

4.        Market trust 

People shun a brand after a bad experience, while pleasant experiences lead to recommendations. Market Trust relates to a customer's likelihood to recommend and buy from a brand. This affects band suggestions and the credibility of the brand. While building a brand takes money, it can affect how the public perceives the organization's brand. The owner of a company's brand should monitor its performance diligently to improve it. 

5. Societal Trust 

A community won't harm a business or organization that cares for its members because people don't destroy what cares for them. Civic obligation can boost public confidence, leading to measurable results.

Accountability, openness, honoring promises, developing trust, speaking honestly, and righting wrongs are crucial to a functioning global society. High confidence opens several doors. When leaders interact, they'll face less resistance, more speed, and lower costs because they have continuously operated in mutual trust and credibility with society.  

Each of our actions depends on our level of trust in others. Our jobs, social interactions, interpersonal communications, and business endeavors have repercussions. When someone is trusted, others trust them and their decisions. However, when people distrust others, they begin to question everyone and everything. Trust's various benefits include fostering relationship growth, maintenance, and dissolution in the face of transgression. 

The first wave of trustworthiness leads to the fifth wave of trust in society. Relationships, organizations, and the economy all feel the effects of the first wave as it rolls along. By working together, we can create strong communities and organizations that make a difference in the world.

Pankaj Gupta Executive Director - BNI Deira, Dubai, UAE

Executive Director - Corporate Connections, Dubai, UAE