7 Important Factors That Affect Trust in Business

By January 31, 2018Business Planning
7 Important Factors That Affect Trust in Business

Before discussing the seven factors that influence trust in business decisions, it should be understood why trust itself is such an important commodity in the world of commerce. It should never be overlooked or forgotten that business decisions and transactions always occur between people, i.e. individual persons and not organizations, governments, or agencies.

 

Whether you’re dealing with vendors, customers, or employees, you are always engaged with individuals, and you have to be able to trust these individuals in order to establish business relationships which both can profit by, and upon which even greater trust can be built. Once you’ve lost trust in an employee or a supplier, the business relationship has basically been irreparably damaged. That being the case, here are some of the most critical influences on establishing and maintaining trust in the individuals that in some way, touch your enterprise.

 

The 7 Critical Trust Factors

 

Communication level

All parties must feel that they can be open and candid in any communications with other individuals, and there needs to be a formalized vehicle for maintaining regular communications, so that issues don’t become internalized and suppressed.

Competency

It’s very important that the people around you in a business setting are completely capable of performing at a high level in the positions assigned to them. If they can’t deliver in terms of production and professionalism, trust and confidence will quickly dissipate.

Alignment of objectives

Not only do all employees have to be in the same boat about company goals and objectives, but they all have to be rowing in unison. If someone is not pulling in the same direction as the others, trust in that individual will be lost.

Genuine concern

You need to know that individuals you do business with, especially employees, will have your best interests at heart, and will have your back when any sign of danger or difficulty arises.

Commonality of individuals

Even though everyone has their own individual personality and is unique in their way, people working together need to feel that they have a commonality, that they are similar in some way, working together for their common interest and benefit

Personal integrity

This is a huge factor in being able to trust people around you in business. If they are honest and sincere in all dealings with you, and they demonstrate consistency between what they say and what they do, you can have a lot more faith in them, and trust that they can be relied upon to follow through on commitments and obligations.

Crisis character

If some kind of crisis were to come up in the workplace, whom can you rely on to handle it in a calm and logical manner? You can have a lot more confidence in this kind of person than someone who you think will panic and fall apart at the first sign of an impending crisis.

 

In the end, business always reduces to its lowest common denominator, which is people. If you can trust the people around you, there’s a solid foundation for achievement and success, and the way that trust is established with all these people is by developing the seven critical trust factors above.

 

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