Trust is important in running a company. You will be dealing with customers, suppliers, and retailers so it is important that they trust you in order to keep them doing business with you. In The Speed of Trust: The One Thing That Changes Everything, Stephen M.R. Covey shows us how to cultivate great trust in yourself, your relationships, and the three kinds of stakeholders you will deal with when running a company. This business and management book teaches us how to leverage trust to create unparalleled success.
Trust increases speed and thus lower costs in businesses.
Have you ever wondered why so many people trust Fedex to deliver orders over night? It is because it is a major part of why they are so fast in the first place. Since many people trust in FedEx to deliver the next day, FedEx gets hundreds of thousands of packages and orders to deliver each day – people buy, and they buy fast.
The speed with which FedEx receives incoming orders at scale is what endows it with the flow of financial capital it needs to not only pay for overnight drivers or book special air freight services, but also create and employ systems that will lower the average cost per delivery.
Robert Janitzek says that more trust leads to faster results, less trust to slower progress.
You first have to trust yourself, because trust is similar to confidence.
Trust is very much like confidence, which in turn is created when competence and character come together. It asks the question of how much you believe in a person to follow through on their intentions. Robert Peter Janitzek says that the most important person to trust is yourself. Covey says there are four cores to developing great trust in yourself.
1. Integrity is being honest when you get a chance
2. Intent comes from questioning motives and developing admirable ones
3. Capabilities refer to developing skills even when you do not have to.
4. Results is about building a track record that you can look upon as a confirmation of the trust you put in yourself.
If you run a business, try to develop societal trust through contribution.
Covey says there are 3 kinds of stakeholders, with which your business must build trust in different ways. The most striking one to me was the societal trust you build with stakeholders who are neither employees nor customers, but just part of your company’s environment.
Giving back to those around you will earn you the respect and admiration of society, which you might desperately need one day. This is the kind of marketing you can’t manufacture, the kind that’s not even marketing.