Trust. A Key Element In The Formula For Success.
Every once in a while, thankfully not that often, we get a stark reminder of the one factor that is so very critical to building a sustainable advisory practice: TRUST. It is fundamental to client acquisition and developing those clients into positive long-term relationships. Our view, of course, is that trust has to be “table stakes” as you build and manage your practice and that it is a currency to be fiercely guarded by yourself, your organization, and your suppliers.
In his book, The Speed of Trust, Stephen M.R. Covey offers many great thoughts about trust that might serve as food for thought on the topic.
First, the reality is that where trust is high, it increases speed and lowers cost. Where trust is low, it reduces speed and increases the cost. For an advisory practice, that often means ensuring that you have the right people in the right roles working with strong knowledge and well-developed practices and procedures.
That trusted formula is: (Strategy x Execution) x Trust = Results
The element of trust can be a tax or a dividend and, clearly, distrust has a cost attached to it. If your team members, or yourself, don’t trust your knowledge, your processes, or each other, the cost can be high.
It’s worth saying that self-trust is a crucial factor; if you don’t trust you, why would anyone else?
As you think about this topic, keep in mind that there are four critical elements to trust:
1. Integrity: Be honest, stand by your principles, and do what you say you’ll do. Increasing integrity starts with making and keeping commitments to yourself, standing for something, and being open.
2. Intent: Have good, positive motives. Let those motives inform and populate your agenda and ultimately, your behavior. You can continuously examine and adjust your motives and declare your intent.
3. Capabilities: Develop knowledge and abilities that evoke confidence and keep learning! Covey suggests that we use the acronym TASKS (Talents, Attitudes, Skills, Knowledge, Style) as we think about capabilities. Always be working on your TASKS. Increase your capabilities by running with your strengths, keeping yourself relevant, and knowing where you’re going.
4. Results: Establish a track record. Results are an indicator of how well you are doing in the other vital areas and you can think of them as the fruits of your efforts. They can also give you credibility. So, take responsibility for your results, expect to win and finish strong.
There is much more to the trust conversation but it all starts with ourselves. Looking inwards before pointing fingers elsewhere can often set the tone for making positive impacts.
At The Personal Coach, we utilize our Velocity IndicatorTM as an exercise for self-assessment on your business practice. We couple that with a Complimentary Consultation which confirms and clarifies some of your thinking and potential next steps. We believe that the advisory business can be a very lonely one when it comes to managing and leading your practice and it is beneficial for you to have a sounding board and another set of eyes and ears to help you set your course.
To learn more about your business and where you fall on the trust scale, request our Velocity IndicatorTM exercise by connecting at firstname.lastname@example.org.
Bob King, Business Coach
T: 519-576-2262 X6