The Speed of Trust
Insights on how trust influences business efficiency and relationship quality.
Summary of 7 Key Points
Key Points
- Defining trust as a measurable asset
- The impact of trust on speed and cost in relationships
- The 5 Waves of Trust model
- The 13 Behaviors of high-trust leaders
- Rebuilding trust when it’s lost
- Case studies of trust in business
- Strategies to establish and increase trust
key point 1 of 7
Defining trust as a measurable asset
Trust, according to the book, is not merely an abstract, vague, or altruistic attribute. Instead, it is a measurable and tangible asset with real effects that can be quantitatively analyzed. This perspective challenges the traditional notion of trust as an unquantifiable value, asserting that trust has a quantifiable impact on a multitude of factors, including speed and cost in business relations…Read&Listen More
key point 2 of 7
The impact of trust on speed and cost in relationships
Trust, as a principle, plays a pivotal role in the dynamics of speed and cost in relationships. When trust is high, communication is faster, more straightforward, and more efficient. Decisions can be made quickly because there’s less need for time-consuming precautions and micromanagement. This reduces the time and cost involved in establishing and maintaining relationships, leading to a speedier and more cost-effective interaction…Read&Listen More
key point 3 of 7
The 5 Waves of Trust model
The 5 Waves of Trust model begins with the ‘Self Trust’ wave. This is the internal realm of trustworthiness where personal credibility is built on integrity, intent, capabilities, and results. It is about delivering on your commitments, acting in congruence with your values, continually improving your skills, and achieving consistent results, thereby fostering self-confidence and inspiring others’ trust in you. ..Read&Listen More
key point 4 of 7
The 13 Behaviors of high-trust leaders
The 13 Behaviors of high-trust leaders pertain to actions and attitudes that inspire trust in others. One of these behaviors is ‘talk straight’, which emphasizes honesty and transparency. A high-trust leader does not hide the truth, and instead communicates clearly to avoid misunderstandings. This behavior is not about being brutally honest, but rather about providing truthful, constructive feedback. ..Read&Listen More
key point 5 of 7
Rebuilding trust when it’s lost
Rebuilding trust when it’s lost is not an easy feat, but it is possible and crucial for maintaining healthy relationships and successful business operations. It involves taking responsibility for your actions that led to the breach of trust, apologizing sincerely, and proving your trustworthiness through consistent actions over time. It is important to understand that trust is not rebuilt overnight, it is a process that requires patience, humility, and commitment…Read&Listen More
key point 6 of 7
Case studies of trust in business
The concept of trust in business is highlighted through several case studies. In one such example, a company was able to increase productivity and profitability by investing in trust-building activities. This involved transparent communication, fostering an environment where employees felt valued and respected, and encouraging feedback and open dialogue. Productivity increased not only because employees felt more engaged and motivated, but also because high levels of trust reduced the need for excessive supervision and control, freeing up resources for more productive tasks…Read&Listen More
key point 7 of 7
Strategies to establish and increase trust
Establishing and increasing trust starts by beginning with oneself. The individual should exhibit a high degree of integrity and authenticity, making sure not to break promises and always striving to speak the truth. This self-trust is the foundation upon which all other trust is built. It’s also crucial to demonstrate responsibility for actions and decisions, taking ownership of one’s mistakes and learning from them to maintain credibility…Read&Listen More