“There is one thing that is common to every individual relationship, team, family, organization, nation, economy, and civilization throughout the world… which, if removed, will destroy the most successful business, the most thriving economy, the most influential leadership. That one thing is trust.” — Stephen M. R. Covey, The Speed of Trust“
Trust, writes Covey, is built upon both character (intentions) and competence (results). In the case of the latter, trust has a measurable economic impact on every business, organization, and relationship. Here’s how Covey visualizes both the expense (‘tax’) of low trust and the reward (‘dividend’) for high trust in an enterprise. Note how inverting the dynamic of speed and cost also inverts levels of trust.
Evidence for this is right before our eyes. Over the past decade or more, Social Networks established a model for connecting and sharing all that we do in our personal lives. Facebook has grown to nearly 1.7 billion users, while LinkedIn has grown to nearly 500M users – making social networks one of the greatest mass phenomena in human history. But what role do they play in the development or maintenance of trust?
The great Social Networks are organized around a media-based model in which users choose which shared content they wish to consume. They are carefully designed to help us publish what we want the world to know about us and our various interests and opinions. They have excellent facilities for sharing and communicating – and for all those reasons likely will have a prominent place in our lives for generations to come.
Recent developments in Artificial Intelligence and the pervasive use of smartphones have now made it practical to create a new kind of sharing and collaboration specifically for meetings and personal encounters, one based upon contextually relevant information and content. What this means is that it is now possible to share everything that matters, with everyone who needs to know, on a daily basis — so that all of such interactions are enabled and enhanced with a level of transparency and speed that was never before possible. And it all can be accomplished both at a very low price and with social network-level scalability.
But there is more to trust than just speed and cost. As Stephen Covey writes, without competence there is little room for trust. When we enter a meeting or any other business encounter, if both we and the other participant(s) are fully prepared, have the right information at our fingertips, and are prepared to immediately get down to decision-making, our level of mutual trust leaps exponentially.
Now, look again at Covey’s equations. Low cost, plus the increased speed delivered by greater transparency and rapid scalability — and a context of high competence — result in the ‘trust dividends’ every organization desires.
Trust is built from the cumulative experience of sharing, collaborating, and by making and keeping commitments. With Synqq, we now have the technology-enabled operating model that makes it practical to enter into every business encounter fully briefed and prepared to exchange information that is relevant to our mutual interests, follow up on the projects and commitments we make, or just collaborate in our mutual success. That is, all the factors you need to make your network work.
Can you pass on the trust dividends that you’re due? Are you building your trust network on a daily basis? Shouldn’t you give Synqq a try? www.synqq.com