The Importance of Trust in Business:
Without TRUST, transactions cannot occur, influence is destroyed, leaders can lose teams and salespeople can lose sales. Trust & Relationships, much more than money are the currency of business. The Importance of Trust in Business cannot be overstated. It is the foundation for all that you will become, irrespective of your success to date. Without it, most of our relationships would fall apart. Ask yourself, who do you employ, buy from, partner, or generally support, that you do not Trust? Would you replace them with a more Trusted party if you could?
Business strategist David Horsager (https://davidholhorsager.com) has distilled Trust in Business into the Eight Pillars of Trust, namely Clarity, Compassion, Character, Competency, Commitment, Connection, Contribution & Consistency. Although it seems obvious that we would always ensure that we maintain Trust, it’s not always that simple.
Sometimes we can lose Trust even while trying our best not to. Doing what you “Believe” is right, but from another point of view is viewed as wrong, and can lead to a breakdown of Trust. For example, identifying an area of under-performance in a team environment may be right from a business perspective, but feel wrong from a colleague’s. Giving a long-term existing supplier the opportunity to match a new competitor’s bid? Maintaining confidentiality that may impact one party or another? Asking someone for help and not another? etc, etc. Regardless of how Trust is shaken, it’s important to address it, treat it as critical, and regain it as quickly as possible, although it’s seldom a quick fix.
Here are some tips on how to regain TRUST:
- Acknowledge the Issue: The first step in regaining trust is to acknowledge the issue that caused the breakdown in trust. Acknowledging it is not the same as accepting blame. It’s merely accepting that an issue exists and being willing to address it directly. Be honest and transparent about what happened and take responsibility for your actions.
- Be Curious: Be genuinely curious to know how it is being viewed from the other party’s perspective. Ask questions for clarity, and then repeat their position back to them, so that they are confident that you understand their perspective. Only now are they ready to hear your perspective.
- Apologise Sincerely: A sincere apology can go a long way in rebuilding trust. Make sure your apology is heartfelt, and that you acknowledge the impact your actions had on your client.
- Take Action: Words are not enough to rebuild trust. You need to take concrete actions to demonstrate your commitment to regaining your client’s trust. Identify what you need to do to rectify the situation and take steps to make it right.
- Communicate Clearly: Communication is key when it comes to rebuilding trust. Keep your client informed of what you are doing to rectify the situation, and be transparent about any challenges or obstacles you face.
- Follow Through on Your Promises: It’s important to follow through on any promises you make to your client. Make sure you deliver on your commitments, and be consistent in your actions going forward.
- Be Patient: Rebuilding trust takes time, and it’s important to be patient. Don’t expect your client to trust you immediately. Continue to demonstrate your commitment to regaining their trust, and be persistent in your efforts.
Conclusion:
Regaining TRUST from clients requires a sincere apology, concrete actions to rectify the situation, clear communication, follow-through on promises, and patience. If you are committed to regaining Trust, be it with your clients, your team, your partners, or other stakeholders, you will take the necessary steps, and rebuild the relationship to move forward together.
For more information on Leadership & Teams go to focus2succeed Or you can contact Damian directly at (00353) 86 2512421 or email him @ Damian.Shields@Focus2Succeed.ie
