Trust is Good for Business (Part 2)

Phil Jackson, 11 time Championship winning NBA Coach has said, “Good teams become great teams when the members trust each other enough to surrender the me for the we“.

This advice is great for businesses too.

Businesses that have a strong foundation built on trust, experience many benefits. They have a greater sense of sharing, higher morale, are more collaborative, innovative & creative, experience higher productivity and are more profitable. Building teams based on a strong foundation of trust are crucial to success.

Leaps of greatness require the combined problem-solving ability of people who trust each other“.

The 2019 Edelman Trust Barometer concluded that 67% of people would buy from an organisation that they trust, 76% would recommend them to a friend and 55% would pay a premium for their services. A recent survey by Watson Wyatt concluded that companies with high trust, out-perform companies with low trust by 186%.

So, for those hard-nose business owners who think this trust-thing is just some warm & fuzzy, mumbo jumbo, let me repeat that, “companies with high trust, out-perform companies with low trust by 186%“. Do you think 186% would make a difference to your bottom line?

Furthermore, the people who work in “trusted” businesses, experience greater benefits too including being more successful, having better health and personal well-being.

The leadership of an organisation sets the “cultural tone” of that business. Regardless of whether it is a small family business or a large multi-national, the leader of the organisation sets and enforces the standards for the organisation to follow. As the leader in your organisation, what tone do you set with respect to the culture of the organisation?

As has been found recently, in the Banking Royal Commission, the Royal Commissioner concluded that the inappropriate conduct of some of Australia’s largest banks, was driven by the senior leadership of these organisations, some of whom have lost their jobs. Consequently, the reputation of these big bank brands has been tarnished and the level of “Trust” that the community feel toward these banks has taken a slide. It will take a dedicated campaign of behavioural change and many years to regain the trust and confidence of the public.

Building Trusted Relationships 
“It is hard to trust someone to take responsibility for others when they can barely take responsibility for themselves”.

To nurture a culture of trust, surround yourself with people who “have your back” and are prepared to support you to achieve your goals. Don’t ask what someone is prepared to do for you in the good times, ask them what they are prepared to do for you in the tough times. We value the trust that our clients place in us. Paul from Ray White Toronto told us that we give him “peace of mind” that allows him to get on with doing what he is best at. Watch the full video here.

Our team are proud to be the first choice for many businesses and have supported them through their toughest times. As a result, a common theme with all our clients is the feeling that the Real Balance team, “have our back, as much if not more than me“, “without question, I trust the Real Balance team” and “we wouldn’t be where we are, without the team from Real Balance“.

We have dedicated ourselves to building strong, trusted relationships with our clients. These relationships have been crucial to our clients success as much as it has to our success. We have consulted with many organisations and teams, to help them improve their “Trust-Edge” and build better businesses that were more profitable and more enjoyable to work at, thereby helping business owners to reach their goals and make all the hours working in the business, worthwhile.