A good name is better than riches
As owners/managers/leaders we all share the common vision for our businesses – to be successful, especially financially. Proper management plays a major role in the success of a business. However, certain personal characteristics, of which trust is one, also plays a role in the success of any enterprise.
Trust originates from an ancient Norwegian word ‘traust’, an adjective meaning ‘strong’. Trust is defined as having a firm belief, the confidence, a high expectation in someone or something. To trust someone implies that it is characteristic and predictable for a person to act in a specific way. We could therefore relate that a trustworthy person is a reliable person with a strong character.
THE IMPORTANCE OF TRUST
Is it really important that an owner/manager/leader should be trustworthy? Basically a business has three groups of people involved with the business – employees, customers and service providers.
In the previous article we emphasised the fact that a positive attitude amongst employees is very important to the success of a business. It is important that the owner/manager/leader must be unscrupulously honest, and genuine and be an example to his/her staff. They must trust you. If they do trust you, they might surprise you with their ingenuity to the benefit of the company.
Secondly, let’s consider the trust in a business from a customer’s perspective. Customer trust is the belief a customer has in a business. If this belief is positive customers will want to do business with your business.
- Keep your promises/agreements. If and when you have agreed to deliver a certain product or to have it ready for pickup ensure you stick to the agreement regarding quantity, quality, date, and time. Ensure that your products fulfil the demands of your customer.
- It is also preferable to ask for feedback regarding the transaction and to react to the feedback even if it is only to say thank you.
- When a customer contacts you with an issue with your product or service, it is in your best interest to get in in touch with them as quickly as possible. It shows your customers they matter, and you consider them important.
- Be reliably reachable. Don’t keep your customers on hold too long. When they do connect make sure the assistance they get is thorough, thoughtful, patient, and respectful. Be as professional as possible — no matter how agitated a customer might be.
- Providing them with readily accessible, exemplary customer service will show them that you value their business well beyond their initial purchase. If customers know you care, they'll be more inclined to trust you.
Lastly your service providers are very important to your business, and you need to build a positive relationship with them.
- A very important aspect is that of the payment of your account. Adhere and keep to all arrangements and should you not be able to settle an account contact your service provider timeously. Do not keep quiet.
- When you do have a query regarding a product received, be firm but respectful towards the service provider. Even if you are really agitated you still need to be good mannered.
When your service providers trust and respect you, you will be able to able to negotiate more easily for better prices, or terms of payment, and/or better interest rates. They will go the extra mile and most probably quote you more favourable prices. You will also find it easier to borrow money and financiers will tend to be more lenient towards you when you have difficulty repaying your obligations. Service providers will want to do business with you.
Thus, when people judge you to be trustworthy, the result to the benefit of your business will only be positive and measurable in rands and cents.
Publication: January 2022