It is not news that running a trustworthy business is vital. It’s probably the most important thing you could do to be successful. As we’ve seen time and time again, businesses that don’t hold trust as a core value, eventually fall.
I found an article by Matt Thomas found on Entre-Propel.com (click here) that explores the many benefits of running a trustworthy business and thought it was worth posting about.
9 Benefits of Running a Trustworthy Business
1- You’ll Have a Solid Reputation— Customers want to do business with companies that they trust–with companies that they know will satisfy their needs. When customers have positive experiences, they will recommend your business to others. As your reputation grows, so will your customer base.
2- Customer Loyalty will Increase— By having a trustworthy business you will not only gain new customers, but also have them return again and again. The goal is to create a long-lasting relationship.
3- Suppliers will Help You Through Difficult Times— Being trustworthy isn’t just for customers, but for all your business relations including suppliers. Developing a relationship with your suppliers will make them more willing to work with you during difficult times. They will trust you and know that you want to be fair and forthright. They may be willing to work with you on payment issues and other problems that arise.
4- Competitors will Respect You— Your competition may one day be your partner. It is important to treat your competitors with respect. Building a respectful and trustworthy relationship with your competitors will enable you to take advantage of future opportunities as they arise.
5- You will Have a Better Workplace Culture— No matter what you do to promote a unique and empowering environment, it will be empty and hollow without trust. Trust is constant and will make your business a great place to work.
6- Management will Be More Trustworthy— Building your business on trust will motivate your staff. Employees do not stay long if they can’t trust their superiors and those who do stay usually lack motivation or a desire to perform well. Having trustworthy management will keep consistancy and help all areas in your business to embrace the goals, values and morals that you hold dear.
7- Improved Staff Rapport— Trust opens communication and builds strong rapport. This provides a positive and invigorating work environment. When the staff is happy, the overall quality of work improves. When a problem surfaces, communication will be easier and conflicts can be quickly resolved.
8- Greater Creativity— Because of the open communication between staff, employees will feel comfortable sharing ideas and opinions. There will be no fear of others taking credit for your ideas or shaming you. There will be more teamwork and a free exchange of ideas.
9- You’ll be a Fierce Competitor— Trust is something that has diminished within the business world. Little white lies (and sometimes not so little) are commonplace. The fact of the matter is that customers AND employees truly want to trust the businesses they work with. Having a trustworthy business will give you an edge over your UN-trustworthy competitors. They will work harder for business and will ultimately fail in the end.
If you want to succeed in your business, the best thing you can do is to build upon the value of trust. This value is vital in the world today and customers are desperate to find it in the businesses they interact with. Basically, you have everything to gain by making trust a priority and everything to lose if you don’t.