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Sep
05

Trust in Business Relationships -part 1

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Without Trust there is nothing.

It is a basic fact of every relationship and that does not exclude business relationships. 

Without Trust every profitable business  deal will turn sour at some time, every promising business partnership will inevitably disintegrate and every satisfied client will eventually find another product or service to replace yours.

If you have ever wondered why a promising relationship, whether business or personal,  seems to have inexplicably crumbled before your eyes it is because the Trust element has been missing.

Sometimes it is a perceived lack of trust, but often times there are clues left, that although unspoken will indicate that there is a marked absence of trust on one or both sides of the relationship.  Ignoring it will not make the issue vanish.

Recognizing it and responding to it with one of two actions is the only way to deal with it.

1. If the relationship matters, you will take steps to repair the trust by speaking with the other party if they are open to it, and then take the baby steps necessary to rebuild the eroded trust.

2. If the relationship is past repair or does not matter to you or your business, sometimes it is best to just let it go and to walk away.

While it can be hard to always discern what would be a worthwhile relationship to pursue, in my personal experience I have always  measured every relationship against my key core values.

  • I believe in complete integrity in Business relationships and personal ones – this means no attempt at deception.
  • Complete freedom for each party to operate according to their individual strengths, where neither one is obliged to give up something of value that is critical to their personal wellbeing
  • A win-win outcome for any business deal that is mutually and equally profitable for both parties

Without mutual consent , it is a one way decision making process that does not take into account the well being of both parties. Many compromise over money and happiness , claiming that it is OK to give up personal or business short term gain or satisfaction in favour of potential long term gain.

The more powerful party in the relationship needs to exercise an increased level of conscious integrity at their end of the bargain. Many business people believe it is OK to dispense with ethics in their conduct of business, often exploiting the less strong party in their pursuit of personal or financial  profit at the expense of the other party. This is a short sighted strategy and an  immediate destroyer of trust. 

The other party may consent to an arrangement that is not acceptable – either driven by economic constraints or by being pressured into it for other reasons. I have often seen people get into unsatisfactory business deals by ignoring their instincts and their own values and succumb to the allure of the business deal. 

Yet, they inevitably  emerge hurt, battered, bitter, feeling used or exploited  and resolving too late never to work with that company again. 

Trust is a Major Foundation of every kind of relationship there is .

While it is not always easy to win it  and not everyone strives to earn it, often putting money before the quality of relationship, it is very well worth the effort when you do engage in business within a relationship of trust and respect.

When that happens, both parties succeed and the world is a better place for it!

What are your thoughts about the place of Trust in Business Relationships?

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Categories : Business

Comments

  1. Chad Myers says:

    Thoughts regarding this? TRUTH. ESSENTIAL. NO OTHER WAY! The entire economy is in upheaval because profits are put before relationships. Money in itself is not evil….the intention behind can be. The “Love of money is the root of all evil” is not just a cute little saying. It is deep spiritual truth. Money is a by product of service not the other way around. Great article and thank you for sharing.

    Chad Myers

  2. CJ Treggett says:

    Hi Joyce,

    Great article. Have you read ‘Trust Agents’ by Chris Brogan and Julien Smith? I’m almost finished it and it’s awesome. Highly recommend it.

    Cheers,
    CJ

    • Joyce says:

      Hi CJ,
      Thanks for the recommendation – I will certainly look for it and read it as I believe strongly about this subject! I did read Stephen Covey’s the Speed of Trust about a year ago and he also makes some excellent points!
      Great meeting you on the Bizlaunch webinar!

      Joyce

  3. Rocky says:

    Wonderful, good saying and very vivid expression, i truly like your opinion about that.I gotta say very good and quite persuasive.

  4. […] If you have ever wondered why a promising relationship, whether business or personal, seems to have inexplicably crumbled before your eyes it is because the Trust element has been missing. Sometimes it is a perceived lack of trust, …Go to Source […]

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