WOW #037: Worthy of Trust

Quote of the Week:
“Trust is the glue of life. It's the most essential ingredient in effective communication. It's the foundational principle that holds all relationships.”
- Stephen Covey

In February of this year, the Pew Research Center published survey results from a study on “Americans’ Views of U.S. Institutions.” The Study measured Trust and Favorability across different entities in society.

The winner? Small Business by a country mile.

Coming in second place was the Military (60% favorable), while 86% of those surveyed viewed Small Businesses as trustworthy and favorable.

Americans view Small Businesses as “having a positive impact” on the country, more than Churches, Labor Unions, K-12 Public Schools, and Colleges/Universities.

Even in today’s politically charged election year, it was one of the few things Democrats (88%) and Republicans (87%) could agree on.

Small Businesses succeed through hard work and discipline.

They are supported and sustained by Trust and Favorability.

Simple acts of trust repeated time and time again, like waves meeting sand before retreating back into the ocean. Predictable movements and patterns in a Small Business community keep the waters of Trust afloat and calm.

Without Trust, Small Businesses are often seen as rickety structures, like old wooden piers extending too far out into the sea:

Vulnerable.
Temporary.
Endangered.

If you struggle to establish Trust and Favorability with your community, your customers, and the ecosystem you operate in, it will be an uphill battle.

Do As You Say.
That says it all.

2 Takeaways:

1. Trust Stories Come With Plot Twists. Trust is both broken and returned at times when you don’t expect it. This leads to the age-old importance of over-communicating and delivering on your word. Being explicit with new partners  and customers is crucial to your reputation. Consistency can be a challenge (particularly when Trust is broken more times than returned). However, operating with consistency, character, and care will mean everything for your business in the long run.
   
   
2. Don’t Fake It Till You Make It. It’s a business practice that’s easier to pull off in larger corporations, yet it’s the Mom & Pops and Entrepreneurs that feel the most pressure to do so. Confidence is one thing, “faking things” is another. There are healthier variations of the phrase that are much less popular: “learn it until you earn it,” “face it until you ace it.” In the fishbowl of Small Business, the smart money is on being as genuine as possible. It’ll feel better doing your part to keep Small Businesses at the top of the Pew survey for years to come.  
   
   

1 Action:

Review your 3-year and 5-year business plans. If you don’t have them, there’s no better time than now. Run those plans through the 5C’s of Trust: Care, Communication, Character, Consistency, and Competence. Also, look backwards and take inventory on how you and your team are currently delivering on the 5C’s.

Have a great week everyone,

Hubert