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Trust: why does your small business need it?

Why does your small business need customers and employees to trust it? What does trust have to do with the bottom-line of your business? Trust is one of the key motivators for customers to become loyal. According to Edelman’s trust barometer, 67% of customers will not continue to buy your product if they don’t trust your small business. It is also important for employees to trust your business so that they will strive to be advocates for your company not just pen-pushers. How do you build trust in your business?

Trust is a trait which is built gradually over years but can be lost in an instant. According to David Horsager, there are eight pillars to trust.

These are:

Be consistent

You need to ensure that the product or service you are offering your client is always the same. It should not change even if they deal with different people in your business or in different countries. Everyone in your business should follow the same ethos as you.

Be clear

It is important to clearly state what you offer. Don’t be ambiguous. When you are clear, people will know where they stand with you and what they can expect from your offering.

Be honest

Many entrepreneurs often choose the easy route out of a situation rather than the right route. When faced with a problem, you need to choose to do the right thing rather than the easy thing. This may be difficult and cause you discomfort in the short term but in the long run, you will win the trust of those around you.

Be compassionate

In a society which promotes a selfish agenda, it is difficult for people to show compassion and empathy. Try to understand another person’s point of view fully. Show compassion and work towards a win/win situation for both parties.

Be competent

You must be the guru in your industry. Learn about all the aspects of your operation. Keep up with the latest trends in your industry. Following podcasts and blog posts by the leaders in your industry.

Be committed

You need to stand the test of time. It’s easy to let go of something if you are not sure if it’s going to work or not. It is important to stand fast when complications come your way and find a way to work through the rough patches in your business.

Be a contributor

Your service or product promises your customer’s certain results. You need to make sure you are contributing to those results. If you don’t then people won’t trust you.

Be connected

People like to do business with people they like. If they have a connection with you, they will trust you and want to follow you and buy from you.

By having these eight pillars in your business you will be well on your way to building trust with your customers and employees.

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