To all our highly valued clients and acquaintances:
“As investors look for guidance in these troubled markets,
one question looms above all others:
Whom can you trust?”
Shelly Banjo wrote this on Monday, April 13th, 2009, in The Wall Street Journal, on page R1, in a lead article titled “Seven Questions to Ask When Picking a Financial Adviser”.
As we continue to go through turbulent times, a recurring issue that continues to surface everywhere we look is the issue of trust and all that goes in to it and comes out of it.
We have talked for months about the challenges of creating and maintaining high levels of trust in an environment that appears plagued by seemingly incessant fraudulent practices that are publicly reported in the media. What opportunities might await us here?
In that light, on Thursday morning, April 30th, I invested several hours with over 100 other San Francisco Business Professionals to receive the latest briefing and training from Stephen M.R. Covey, author of the best-selling Speed of Trust – The One Thing That Changes Everything. I wanted to hear his latest findings, stories and testimonials as he is coming off a world speaking tour and continuing on a national tour in the coming weeks.
For example, during Stephen’s fairly recent appearance @ The World Economic Forum in China, 90 countries agreed that, beyond the global concerns for the economy, the number one challenge facing the world today is the loss of trust and confidence. The challenge is how can we create trust in a world of declining trust?
While, in one sense, this might all appear to be blatantly obvious conceptually, as a matter of regular disciplined practice, I suggest that it deserves our more diligent review.
He started by citing 3 key factors about the nature of trust.
- It is not just a social phenomena – it has a measurable results impact in the worlds of teams, businesses, finance and organizations of all stripes.
- As a leadership skill, it represents a key competence, in terms of effective and productive influence.
- Everything required to create and maintain increasingly higher levels of trust are learnable and we
can get good at it.
One insight that personally struck me is that effective communication is far more a matter of trust than it is a matter of skill. This program offers us a language, a framework and a process to help us do what we already know, want and need, in terms of increasing trust.
Within our sphere of influence, creating a renaissance of trust is like a rising tide that lifts all boats. It cuts through all the noise and clutter. The big opportunity/challenge? How do we create a trust dividend vs causing a trust tax? How to double, triple or even ten fold?
Self-trust precedes all kinds of other trust – it starts with us. When I start with self-trust, I can declare that “I give to others a person they can trust.” And when it comes to referrals:
The ultimate question for trustworthiness in successful business pursuits?
Would your clients recommend your service to a friend or a colleague?
To build that trust, here are some key points to keep in mind and practices to master:
- Learn and make commitments to yourself – make the ones you will keep
- Care about the client – want win-win – seek mutual benefit
- How you build it with the one is how you build it with the many
- Need to be continuously re-invent ourselves
- Need a good business model to make money to sustain value for our customer
The test is not in knowing what these are – it’s doing them – it’s not that complicated – it may be simple and it’s not necessarily easy – when done well, our results convert cynics.
During one of Stephen’s talks, a NASA rocket scientist said to fellow rocket scientists:
“this is not rocket science –in fact, it’s a lot harder than that”
Trust always comes down to credibility and behavior. He encouraged us all to get really good at this and to appeal to people at a level that’s really pragmatic – not in moral terms.
Stephen advocates that we try to lead the way and model it for people - start from the ground up versus the top down – focus on our own credibility. Everyone wants to improve their economics – and we all need to behave in a way that builds lasting trust.
Sometimes we need to restore trust - one hi-leveraged behavior to move all this forward?
Listening First
Listen before you speak. Understand. Diagnose. Listen with your ears…and your eyes and heart. Listen quietly or repeat briefly what others say when a lot is at stake. Don’t assume you know what matters most to others. Don’t presume you have all the answers.
Opposite?? To speak first and listen last; or not to listen at all.
Counterfeit?? Listen without understanding. Pretend to listen. Listen only to formulate your own reply. Focus only on your own agenda.
What to say??
- What I hear you saying is…
- Let me make sure I understand what you’re trying to say…
- Let’s clarity what the group is saying…
- Is there anything you’d add to what you’ve said?
- My intent is to first understand your point of view, then explain my own.
Especially for Advisors, Stephen makes the case that growing trust is a career critical and learnable skill mandatory to behaving our way out of this economic downturn. Trust matters! The 2009 Edelman Trust Barometer found that 77% of customers have refused to buy a product or service from an organization they distrusted in the last year.
Stephen convincingly identified trust as the # 1 job for leaders in these challenging times. “The vast majority of organizations today are over-managed and under-led.” Leadership starts with trust, and job one of a leader is to get results today in a way that inspires trust for the next time — and there always is a next time.
Let’s get these business practices down pat. If we haven’t spoken in bit, let’s re-connect.
After hearing his compelling case for The Speed of Trust as leading edge service, if I haven’t listened to you well for a bit, let your speaking begin. Call or e mail me anytime.
Always looking to serve you with productive and revenue generating ideas.
With sincere and deep appreciation,
Coach Don
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