In the world of business today, trust is more important than ever, especially when it comes to relationships with clients, customers, employees, and all stakeholders in our business. But what do we mean by trust? Webster’s dictionary defines trust as the assured reliance on the character, ability, strength, or truth of someone or something. Trust is right at the foundation of the survival and success of any business. Without trust there can be no sustainable business. Trust is a strategically critical issue in any type of relationship because a relationship without trust is not really a relationship at all.
Over the long-term, business success is dependent upon a network of positive relationships. Trust is invariably the critical component in enhancing business relationships. The moment a person is not trusted by an individual or team, their chances for success within that group are diminished dramatically. Trusting changes both the person trusted and the person who trusts.
Trusting is a choice, a decision, and authentic trusting takes into primary account the way the relationship will change as the result of that choice e.g. giving an employee an assignment and trusting his competence. Authentic trust is ultimately a skill and in particular, an emotional skill.
Trust includes three components: “the capacity for trusting, the perception of competence, and the perception of intentions.”
Thinking about trust as made up of the interaction and existence of these three components makes “trust” easier to understand.
The capacity for trusting means that your total life experiences have developed your current capacity and willingness to risk trusting others.
The perception of competence is made up of your perception of your ability and the ability of others with whom you work to perform competently at whatever is needed in your current situation.
The perception of intentions is your perception that the actions, words, direction, mission, or decisions are motivated by mutually-serving rather than self-serving motives.
All these three components needs to be in place for true trust to happen.