| Devin Vodicka (in Principal Leadership, Nov 30, 2006) said the four elements of trust are: (1) consistency; (2) compassion; (3) communication; and (4) competency, and they together develop trust. We at Autus ask ourselves the question, “why do people become our clients” many times. We always come to the same conclusion – trust, peace of mind, touch people’s lives, and live our values. I recently asked a client why she is still a client after more than 20 years, and her answer was, “nothing has changed since we became clients, and we still get the same answers and service.” Angie Barnett from Arkansas State University (Sep 14, 2021) published a paper on 8 statistics that show the Value of Trust for Business (slightly edited by me). 1. Surveys show 62% of clients are attracted to businesses that exhibit ethical values and authenticity. The Old Dog says: be transparent, keep your word, be honest and apologise if you are wrong, treat clients and employees fair, and care about the community. 2. Businesses are responsible for making decisions that benefit the community, according to 77% of clients. The Old Dog says: deliver value, establish yourself as reliable, and offer excellent client service and care for the community 3. 94% of clients are loyal to companies that operate with transparency. The Old Dog says to have a client record history of being able to show every transaction since inception and explain everything. 4. 73% of clients will even pay higher fees to transparent businesses. The Old Dog says: ethical business practices, regulated products, excellent client service, value-added planning, and attention to detail by professionals can only be offered by passionate people. 5. Businesses with a strong sense of purpose appeal to 94% of clients. The Old Dog says that a business is not only about profits; clients choose a company who aligns with their values. Trust, passion, care, excellent service, and hard work is key to success. 6. Ultimately, 66% of clients will switch brands to support ethical companies. The Old Dog says: after so many years, we still experience new client stories of lousy (or none) planning, horrible service, and unethical actions. Live up to your values and keep your promises. 7. Positive client service experiences will ensure that you retain 89% of them. The Old Dog says: clients come and go. 24/7 is part of success, and only an excellent team supporting each other can offer that. Long-term relationships with mutual respect are essential. 8. 83% of clients are loyal to businesses that resolve customer complaints. The Old Dog says to address all inquiries and requests adequately and professionally. Your reputation is your livelihood, and there are no second chances. My father once told me: if you only know how little you know, you already know a lot. He also said: “surround yourself with people with more knowledge than yourself.” I still gain experience daily and learn something from other people (old and young). I especially appreciate intellectual conversations – no matter what the topic. I find senior people full of wisdom due to experience, and younger people sometimes intrigue me with their views and perceptions of life. The value of trust is priceless. My perception of trust is that something is either black or white. Trust is not negotiable and is the reason for so many failures. I sometimes read about another scam and then wonder why investors got caught again – greed, assumed trust, or desperation? If you know the answer, let me know. Some people like me, and others don’t, and I have accepted that as a fact of life – the reason being life is life, and nothing is perfect. You don’t have to like me, but trust is not negotiable if we partner in any way. Trust and respect are mutual and apply to both parties engaged in any relationship.  |
