There is one constant in business and it has many names: mistake, crisis, and accident –challenge. This is because business, at a very high level, is about the allocation of scarce resources over competing and alternating buyers who challenge each other every day to make a living. Those that are most successful are able to work together and turn mistakes, crisis, and accidents into opportunities for trust building. Trust is an essential ingredient to success because it allows people within an organization to make good decisions in real-time which reduces the impact of a challenge and reinforces good will between people.
There are many positive side effects to trust including but not limited to:
Stability: An organization is able to compete successfully in the marketplace which means a business makes more money and creates jobs.
Unity: People are happier knowing that even though business is difficult, they are part of a team that has their back.
Purpose: Each team member’s contribution to an organization is important and it is necessary for everyone to pull in the same direction to maximize results.
Flexibility: A business can adapt faster to a changing marketplace increasing the probability of success.
Trust is also the way to instigate positive change in corporate culture. As a team develops, focus improves towards execution of organizational goals -replacing meetings where team members look for solutions from higher ranking team members. This is important because waiting for supervisors to collect information and determine best steps is slower than local decision making from employees who have proven the ability to make good decisions. Conversely, subordinates who understand the balance of sharing low-lights along with highlights strengthen their relationship with management. The result is room to take corrective steps to mitigate a crisis without drawing down management’s hammer. Often, it is important for both management and employees to exercise patience and transparency because it benefits both.