There are many different levels at which trust can make or break your business, and this is probably something you should think about more.
Who do you trust and how do you build trust in your team are key questions that any business owner should start with and review regularly, but more broadly, trust should also be considered in the context of the industry you operate in, trust in the products or services you provide, and trust in the government to support UK business. When you think about it, trust is at the heart of everything.
The outcome of a general election over time can help boost confidence on many levels that are beyond your control as a business owner, so if you haven’t thought about it already, what can you personally do now to boost confidence to help your business grow?
infrastructure
Start by setting up your infrastructure to reduce trust issues in your business. If you are a cash-handling business, make sure you have the necessary safeguards in place so that you can have more control over your business as it grows, and the chances of theft or errors will be reduced.
Can you trust your team 100%? This is often a real problem for entrepreneurs, especially when they have to scale quickly, hire people for the first time, outsource aspects of their production, or offer their services to third parties.
Having the essentials in place – processes, governance, external advisors, and support that allow you to grow will help build trust. Use the knowledge and experience your professional advisors have gained from the beginning and at different stages of your business growth journey to help you maintain and build trust every step of the way.
culture
Having the right structure in place builds trust and helps shape the work culture. Employees can work efficiently and effectively and are well rewarded for their efforts, creating a more trusting and success-focused internal culture. Simply put, you deliver your side of the deal to your team, and they will deliver what your business needs to succeed. What is built inside the business is also displayed externally to customers and clients.
lighten the load
The hard work required to build and sustain success is often underestimated, and we know that being an entrepreneur can often be a lonely business. You need someone around you who can help lighten the load – someone you trust to empower you to think about the next big challenge. People who can step into this role are honestly gold dust to the success of your business and will play a key role. Whether it’s a family member, an employee, or a mentor, think about who is critical to your success and do they trust you?
Be more trustworthy
You will never succeed in anything unless people trust you, so stick to your promises to others and to yourself no matter how small. If you can be trusted with the little things, you can be trusted with the bigger things.
Also, only stick to what you can deliver. Many entrepreneurs have made hasty promises and then had to backtrack. You won’t be the first or last person to do this, and it happens regularly, so avoid it.
The modern-day equivalent of “My word is my bond” from Shakespeare’s The Merchant of Venice is now your personal brand. Only promise what you can deliver, and in the age of social media, make sure what you project professionally aligns with who you are.
Finally, if you can’t deliver on a commitment or promise, be honest and explain why. In business, there are always many factors that can affect a company’s ability to deliver, but maintaining trust and keeping customers and clients coming back even if you make a mistake means they need to trust you.
