Trusting In Business – Part 1
The four words that I am most tired of hearing are “In This Troubled Economy”. I don’t know about you, but I’m tired of hearing these four words. Somehow this became the new catchphrase of doing business today. Where these four words came from isn’t as important as the realization that the constant reiteration of this phrase has a prolonged negative impact on our society as a whole.
While it is important to acknowledge that these are tough times we live in, I think that by now everyone in this country realizes this by now. So, where do we go from here? We need to adopt a new strategy in order for change. is a major issue affecting our modern society today. From the government, the financial institutions, to corporate America, the lack of trust exists everywhere you turn. Customers as well as employees no longer trust the companies they do business with.
Businesses that are able to create trust are more likely to succeed today. When the trust within a business is higher, efficiency and productivity follow. The traditional way of creating trust by protecting the brand, controlling information and concentrating solely on profit will no longer work for a business.
A new “trust triangle” model is based on the expectation for companies to act collaboratively to benefit society, not just shareholders (What); be transparent about their operations and profit engines (How); and engage using a range of spokespeople and all forms of media—mainstream, new, social, and owned (Where). Trust is no longer a commodity that is acquired, but rather a benefit that is bestowed. Business has the opportunity to build an enduring foundation of trust by asking its leaders to commit to a strategy that brings value to both investors and society. Richard Edelman President and CEO, Edelman
Building trust through ownership and empowerment is vital for businesses in today’s market. This accountability or transparency can be accomplished in a number of ways, although a business that can establish a system of “CSR”-Corporate Social Responsibility and that can utilize social media in a positive way will thrive in this “In This Troubled Economy.”
This blog has some great tips for building trust:
I hope you found some value in this! Stay tuned for “Part 2”…
Clifford Buckley – Gould Design Inc.