The Speed of Trust

The Speed of Trust

How often does your business deliver on its promises? Are you over-promising and under-delivering? 

We often talk about “speed to market” in business and how it is the ultimate weapon. What if I told you it was all about the speed of trust. What if everything you do rely on the level of trust you have or don’t have. 

To close more deals and increase sales, you need a high level of trust. Trust is an essential currency we can trade, and it’s the one thing that changes everything.

Allow me to demonstrate this point with what happened after the attacks of 9/11. Trust in flying in the US was obliterated; a ton of security measures put in place, which slowed everything right down. Instead of the usual 30 minutes timeframe to get through security, it increased to an hour and a half. The trust went down, the speed went down, and cost went up. 

Consider then what happens when the opposite is exact when high levels of trust found. Warren Buffet, one of the most successful investors with a net worth of US$89.9 billion, completed a significant acquisition of a $23 billion company via a handshake. The deal was all done within a month: high trust, high speed, low cost. 

As Stevey Covey explains in his book The Speed of Trust, the simple equation for trust is as follows: 

Trust is low =  Speed goes down, and cost goes up

Trust is high = speed goes up, and the cost goes down

Where are you paying a trust tax? Have you ever had a sale that slowed down? Why? Did you have enough trust established?  

“Speed happens when people truly trust each other.” – Edward marshall. 

Have you had an experience like the above? If so we’d love to hear about it, leave a comment or reach out to us at ask@upcoach.com.au