{"id":3880,"date":"2020-04-29T06:18:53","date_gmt":"2020-04-29T06:18:53","guid":{"rendered":"https:\/\/bloomsoup.com\/?page_id=3880"},"modified":"2021-09-19T15:48:16","modified_gmt":"2021-09-19T15:48:16","slug":"the-speed-of-trust-stephen-covey","status":"publish","type":"post","link":"https:\/\/bloomsoup.com\/the-speed-of-trust-stephen-covey\/","title":{"rendered":"The Speed of Trust Summary (Stephen M.R. Covey)"},"content":{"rendered":"\n<p>Got trust issues?<br><br>Focusing on this trait can improve both our personal and professional lives.<br><br>From relationships at home to <a href=\"https:\/\/bloomsoup.com\/leadership\/\">leadership skills<\/a> at work, it&#8217;s an essential component of communication, <a href=\"https:\/\/bloomsoup.com\/productivity\/\">productivity<\/a> and efficiency.<br><br>Although we consider trust to be abstract and obscure, like love, it&#8217;s actually a measurable factor for performance improvement.<br><br>Written by Stephen M.R. Covey, son of the late Stephen R. Covey (7 Habits of Highly Effective People), The Speed of Trust summary attempts to improve our interactions with others.<br><br>Let&#8217;s dive in.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Communication and economics<\/strong><\/h2>\n\n\n\n<p>Trust can be defined as the confidence you have in someone.<br><br>It affects all areas of life &#8211; from personal relationships to the confidence with have in our corporate institutions.<br><br>When we trust someone, we expect them to faithful in a relationship or pay back loaned money.<br><br>Trust affects:<\/p>\n\n\n\n<ul><li>Communication &#8211; when we trust someone, like a best friend, it&#8217;s easier to communicate with them in comparison to a stranger.<\/li><li>Economics &#8211; Trust affects how we do business, affecting the speed and cost of a transaction.<\/li><\/ul>\n\n\n\n<p>We call this the &#8220;economics of trust&#8221;, which is usually defined by the formula: <\/p>\n\n\n\n<ul><li>Strategy x execution = results<\/li><\/ul>\n\n\n\n<p>An example of this formula being affected was in the aftermath of 9\/11, with airport security. <br><br>Due to the lowered trust, security checks went from 30 mins to 90 mins, with lower efficiency and higher cost.<br><br>This can cut both ways, in the form of a &#8220;trust tax&#8221; as shown in the example above, or a &#8220;trust dividend&#8221; where trust is high.<br><br>Therefore, we can amend the equation:<\/p>\n\n\n\n<ul><li>(Strategy x execution) x trust = results<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Trusting yourself<\/strong><\/h2>\n\n\n\n<p>If you can&#8217;t trust yourself, who else will trust you?<br><br>To begin trusting ourselves, the author recommends adopting the &#8220;The Four Cores&#8221;:<\/p>\n\n\n\n<ul><li>Integrity &#8211; standing by your principles (even if they&#8217;re uncomfortable) and doing what you say you will. Keeping the <a href=\"https:\/\/bloomsoup.com\/non-negotiables\/\">non-negotiable commitments<\/a> you&#8217;ve made, like getting up with your alarm clock, is a wonderful way to developing self-trust<\/li><li>Intent &#8211; positive motives and behaviour &#8211; constantly analyse and redefine your intent in each interaction. Are you really listening to a person or do you just want to win an argument?<\/li><li>Capabilities &#8211; lifelong learning to improve our skills and proficiency is essential for developing self-confidence<\/li><li>Results &#8211; we actually need the results to show for our commitments, which is the real foundation for trust e.g. FedEx promise overnight delivery and they deliver<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Behaviour<\/strong><\/h2>\n\n\n\n<p>How we act determines everything. If we behave in a trustworthy way, we&#8217;ll be deemed trustworthy.<br><br>There are two enablers:<\/p>\n\n\n\n<ul><li>Tell the truth &#8211; needless to say, honesty fosters trust<\/li><li>Show people you care &#8211; demonstrate you&#8217;re not out to dupe people and they place faith in you. How? Thank you notes, acknowledgements, avoiding bad-mouthing etc.<\/li><\/ul>\n\n\n\n<p>Imagine a &#8220;trust account&#8221; when assessing your performance. <br><br>Every time you engage in trustworthy behaviour you make a deposit and vice versa, the main aim being to remain in credit.<br><br>Don&#8217;t be afraid to ask for feedback to analyse your progress.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pleasing stakeholders<\/strong><\/h2>\n\n\n\n<p>In business, it&#8217;s essential to appease our stakeholders and trust helps.<br><br>There are three types of stakeholders, each requiring a different approach:<\/p>\n\n\n\n<ul><li>Internal (employees) &#8211; to perform effectively, they must observe alignment, seeing the company acting in a trustworthy way. This leads to better communication, efficiency, and interpersonal trust, which all promote business growth<\/li><li>External (the market) &#8211; to gain the trust of your target market, reputation is essential, developed by brand perception. An example of eroded trust is the perception of goods which are &#8220;Made in China&#8221;.<\/li><li>Societal (the wider perception of your business) &#8211; contribution is key. In the Rodney King riots in the USA, looters left McDonald&#8217;s untouched because they offered employment to local youths and contributed to social welfare programmes.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Trust restoration<\/strong><\/h2>\n\n\n\n<p>Trust, once lost, isn&#8217;t lost forever. It can be rebuilt through effort.<br><br>An interim measure is using &#8220;smart trust&#8221;, which lies between complete trust and naivete.<br><br>This allows both parties to tread cautiously and start rebuilding the foundations of the relationship.<br><br>Although people&#8217;s perceptions may not change overnight, especially if they feel betrayed, trust can also be regained by slowly increasing our credibility.<br><br>By consistently behaving in a credible way, committing to demonstrating our changed behaviour, we can gradually restore trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Speed of Trust summary<\/strong><\/h2>\n\n\n\n<p>Trust is a universal asset that can improve our communication and benefit our interactions in the form of increased efficiency and lowered costs.<\/p>\n\n\n\n<ul><li>First, develop self-trust<\/li><li>Act in alignment with your trust values<\/li><li>Customise your trust efforts for each business stakeholder<\/li><li>Restore lost trust through commitment and credibility<\/li><\/ul>\n\n\n\n<p>What to do next? <br><br>Focus on the small things you can do today to foster trusting relationships (calling contacts, acknowledging efforts etc.)<br><br>Working on this trait will pay huge dividends, so get trusting.<\/p>\n\n\n\n<p>Like this? Then&nbsp;<a href=\"https:\/\/bloomsoup.com\/category\/books\/summaries\/\">browse more book summaries<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n\n\n<hr class=\"wp-block-separator\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Developing trust can improve both our personal and professional lives. <\/p>\n<p>Start with The Speed of Trust Summary, based on a book by Stephen M.R. Covey.<\/p>\n","protected":false},"author":1,"featured_media":3881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88,87],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Speed of Trust Summary (Stephen M.R. Covey) | Bloomsoup<\/title>\n<meta name=\"description\" content=\"Developing trust can improve both our personal and professional lives. 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