Keynote: The Unparalleled Power of Trust


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A brief overview of the economic and personal benefits of the power of trust.

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Keynote: The Unparalleled Power of Trust

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  2. 2. This a maze. This maze most likely represents your life. Complex. You can get through life, just like the maze, but you will face many challenges and complications. Next (WRITE) "SIMPLER and EASIER“ and (DRAW) simple maze. Elevator: The world is so complex. Think of all the things that make it complex: • Checks and balances • Forms and processes •Egos • Office politics Who needs all of this? Wouldn't you all be happier and more productive if your personal life and business were simpler and easier? 2
  3. 3. Can you imagine? 1) Less work. 2) More money. 3) Less headaches. 4) ..and more FUN! What is this? Show roll of red tape. This is red tape- it makes life so complex. 3
  4. 4. The problem is that there is too much red tape. Too much getting in the way. Would most of you agree? Example: Imagine this scenario. You go into your local provisions shop to buy some eggs, milk or instant noodles. The cabinet which contains your desired goods is locked. You try to persuade the store clerk to retrieve the items but you cant get items until you pay him the money first. There is a breach of trust. An argument then ensues as to whether he hands you the eggs, milk and instant noodles first or you hand him the money. Finally you do an elaborate simultaneous exchange. Phew was that overly painful. Now imagine if you had to do a more complicated transaction, such as an employee assessment/review or opening of a bank account, in such a manner... Thread: Life wouldn't be simple and easy, would it? 4
  5. 5. Exercise: Draw the nine dots like you see them here on a piece of paper. Can you join all nine dots using no more than four strokes and without lifting your pen from the paper? I will give you 2 minutes to do it. (DRAW) Dots on board. Ask for volunteers to solution. Any volunteers? (DRAW) solution on board … Did you do it this way? 95% of the people who took this quiz did it this way. Why? Because people tend to overcomplicate things. They think inside the circle. Did anyone come up alternatives? Come on up and draw… There are many simpler and easier ways to do this. When people hear “strokes,” they think straight lines, and they think it has to be 4, 4 continuous straight lines. Other solutions are (draw on board)… Explain the around the world solution… Think simple and easy. 5
  6. 6. Lets shift gears…What if? •Your advice is taken most of the time • Your insights are sought- suggestions are cherished • Decision processes are fast-tracked. • The costs of auditing, legal, and tracking slowly disappear. • Your recommendations are taken at face value. • Information is shared between you and your client. • Points of view are welcomed rather than suspected. • Pricing to your clients is accepted as “fair.” Thread: Wouldn't life be a lot simpler and easier? For you and everyone? This is the unparalleled power of trust. 6
  7. 7. What makes all of this happen? This is what happens when a client really trusts you. It is about TRUST and building TRUSTWORTHINESS. (highlight less cost and more revenue/margin) Today's topic is on how trust can make life and business simpler and easier. The result is a happier and more productive you and your workforce. •It is not rocket science. •It is only complex- because you make it that way. •Not something new or radical. •Simple- that is the beauty of it all. •But you you have to work at it! Lets dig deeper … 7
  8. 8. Steven MR Covey wrote a book called The Speed of Trust, “as trust increases, the speed of doing business increases and the cost decreases.” Hot dog vendor story: •NYC. Very competitive. If you can make it there you can make it anywhere! •Curbside vendor-Juciest hot dog, best price, nicest toppings • Very popular product- queues around the block (no patience in NYC!) • Couldn’t handle the traffic • Self-service cash box • Trusted clients- they trusted him back. Built a relationship and loyalty with them. • Made more money (tips)- sped up business, cut down on costs (by not hiring a cashier) • How would you feel about this as you lined up at the char kway teo hawker at Old Airport Rd, CKT stall? NOTE: The easiest way to build trust is by trusting first. Thread: This is a great example of how trust and relationships make everyone happier and more productive, life simpler and easier. Transition How do we actually do this? How do we make it real? First let's look at... What trust is. What is Trust? 8
  9. 9. The definition of trust can appear to be complicated. Trust is both personal and emotional. Trust is a relationship between one who trusts, and one who is trusted. o Put in context- I am a consultant, banker or lawyer and you are the client and I want to build a trusted relationship with you.. o To trust verb= act of trusting o Trust noun= the actual relationships between you and me o Trustworthiness noun= the traits or characteristics that I exhibit in order to build trust o We focus on trustworthiness o To trust someone is to take a risk. There is no trusting without risking, in fact. Yet to be trustworthy is the opposite of risky. Trust can be taught, through skill sets and mindsets. Lets look at one of the three skill sets we have developed…. 9
  10. 10. How to build trust through trustworthiness? The Trust Equation. An analytical approach to measuring trustworthiness and the characteristics that you want to exhibit. • C= Words. I trust what she says about… HIGH LEVEL • R= Actions. I can trust her to… HIGH LEVEL • I= Emotions. I feel comfortable.. HIGH LEVEL • S= Motives. Caring. I can trust that he cares…. LOW LEVEL 10
  11. 11. When you build trust (through trustworthiness), you build a strong, long term relationship, which allows for: •Higher sales closing rates – you know what is going on • Shorter sales lead time – nothing is hidden • Higher employee retention –you have a high-level relationship • Customer loyalty – trust drives loyalty • Fewer competitive bids – less shopping • More honesty from others – more openness/transparency •And more… • Yours? Exercise: list 3 things that can affect you personally as a result from speeding up trust. Questions? 11
  12. 12. How do we get rid of the red tape? Trust and trustworthiness. It begins with you. YOU need to make the effort to lead. Wouldn't you all be happier and more productive if life and business were simpler and easier? Get yourself through the complicated maze of life. If you are interested in an article on the 3 skills sets, called Trust: The Core Concepts, please send me an email and I will forward. 12
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