The Value of Trust in Business

The value of trust in any business situation cannot be underestimated. It sounds like an obvious statement but every now and then you get one of those reminders that maybe, just maybe, this isn’t the most obvious thing for most people.

This thought all came about as I saw a friend earlier today. I had another idea for the venue that we are thinking about opening. When I saw him I brought it up but he was a bit busy. I said “I understand…we’ll discuss this later” and went on to talk about how I’d only do this with him…because I trust him. We volleyed the trust thing for a few more minutes and then were done with it. On the surface, this didn’t seem like anything out of the ordinary for me. However, later on I saw him again and he was telling me about some problems he was having with one of his other businesses. The trust thing really kicked in here as he was describing how someone had really thrown a wrench in the works by not paying up for some items that were purchased. Sure he’ll survive, but it’s the principle of the thing. Not only that, it affects him directly, his suppliers, distributors, and ultimately the customers.

All of this because of trust. One person (not my friend) trusted someone that he shouldn’t have and thus blew up the works for everyone around him. This one person betrayed the trust of those doing business with him and as a result there has been trust issues amongst those not even directly connected to this one deal.

This is just one instance where trust comes to play. I often take trust for granted because I try to associate myself only with those that are trustworthy. My dealings in business are focused on people I trust, on companies I trust. It makes doing business so much easier. Who wants to deal with that shady salesman? Or a company that has unscrupulous business practices? Do you want to partner up with someone that will screw you down the road?

Again…this all seems like such an elementary subject concerning business but obviously we need to have little reminders every now and then to protect ourselves and our businesses from those that might otherwise do us harm. Take a moment to do an internal assessment of who you trust within your organization and with those that you routinely conduct business with. You’ll find you can run a much more efficient organization if you can spend your time and energy focusing on growing your business rather than watching your back and making sure everything is being done as promised.