Trust is the basic building block of all relationships. You can’t have accountability, commitment, or constructive conflict without first having trust. A lack of trust or a breach of it is a business risk, but how do we first measure, then manage that risk?
Trust, like the word strategy, is thrown around largely as a concept, but it’s ambiguous, says Scott Downey. Downey is an associate professor in the Department of Agricultural Economics at Purdue University, where he teaches courses in sales and marketing, and in this Mind Your Farm Business episode he talks about how trust — or lack thereof — can have a huge impact on your farm business, but we don’t measure or foster it as intentionally as we likely should.
Can you measure something like trust? “Well, there’s the trust that we give and the trust we get,” says Downey. If we think about trust, it could be how do employees view us, or how our lenders view us as leaders of our business. But so often we go by “gut feel” when it comes to how much we trust others, which begs the question, “Can you measure that?”
Trust is not necessarily measured in dollars gained or lost, Downey says, but we can boil trust down to four components: credibility; reliability; intimacy (how likely information will be kept private); and, how interested someone or some business is in their own advancement vs mine.
Listen on to hear Downey walk through each aspect of measuring trust with intention:
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Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.
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