by Stephen M.R. Covey with Rebecca R. Merrill
Has The Speed of Trust by Stephen M.R. Covey with Rebecca R. Merrill sitting on your reading list? Pick up the key ideas in the book with this quick summary.
“I trust you.” What does that mean? For many of us, trust is something like love: something abstract, something fluffy. But that’s not true: trust is a concrete and measurable factor. And it is an asset that we should devote more time to.
The book summary highlights the benefits you can expect from taking the time to build trust in your relationships. Whether you run a business or just want to improve your personal interactions with others, reading this tip can help transform your life.
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In this synopsis of The Speed of Trust by Stephen M. Covey with Rebecca R. Merrill, in this book synopsis you will learn:
- why acting with integrity is better than winning at all costs;
- Why pay a fiat tax every time you go through airport security? and
- how you should forgive those who betray you…up to a point.
The Speed of Trust Key Idea #1: Trust makes everything better by increasing speed and lowering costs.
Pick up a newspaper and you’ll immediately see headlines about dwindling trust in banks, businesses, and relationships. Trust affects everything. But what exactly is it and how does it affect us so much?
Trust can be defined as the trust you place in someone.
Trust is an advantage for us as it enables good communication. For example, it is much easier to understand someone when you trust them. On the contrary, it becomes more difficult for you to understand what you are talking about in unfamiliar people, even if they are speaking in simple terms.
Interestingly, trust allows us to get things done faster and at a lower cost. This is called the trust economy. For example, before 9/11, it took Americans 30 minutes to get through airport security and board a domestic flight. After 9/11, when confidence plummeted, the security clearance took an hour and a half. Because of the fear of terrorist attacks (reduced trust), everything took longer (reduced speed) and as a result, expenditure on machines and security personnel increased (higher costs).
So we see that the traditional economic formula strategy x execution = results are insufficient. An element of trust needs to be added and this comes in two forms.
A trust dividend when there is a high level of trust. The formula would then be (Strategy x Execution) x Confidence = Results.
Therefore, when it comes to airport security, the equation would include an escrow tax, resulting in a slower and less efficient final process.
Distrust creates many problems.
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The Speed of Trust Key Idea #2: Learn how to trust yourself by becoming credible.
Cultivating confidence is crucial; If you can’t trust yourself, how can anyone else trust you? To build confidence, you must make yourself credible by applying the Four Principles.
The first is integrity. This means being honest, respecting your principles, and doing what you say. You will do it.
One way to increase integrity is to make and keep commitments to yourself, even if it just means getting up every morning when the alarm goes off. A simple commitment like this will boost your confidence.
The second core is the intention, which means positive motives and behaviors. For example, research comparing professions we trust showed that we trust NGOs more than politicians, largely due to a general belief that NGOs’ motives are generally known.
The third core is skills. That is, develop skills that inspire confidence. You are likely to have increased self-confidence, which can benefit other areas of your life.
One way to improve your skills is to keep studying. Try to find out about new developments in your industry or do your own research in an area that interests you.
The final score is deliverables, in which you create a history of facts that you have committed to. FedEx, for example, has a respectable reputation for overnight delivery as promised…Because of this, we trust their delivery methods, as well as the company itself.
By working with these core principles, we develop our own confidence and ultimately help others to trust us as well.
The Speed of Trust Key Idea #3: Improve your behavior to increase trust in your relationships.
To build trust in your relationships, you must behave in a trustworthy manner. How often do we really believe the curmudgeon who uses charm and excessive flattery?
To make your word carry more weight than the miser’s, there are two things you can do:
First, tell the truth. Omitting information, double-talking, or storytelling are all different ways to avoid telling the whole truth, even if you’re not lying outright. If you have a reputation for being dishonest, you will find it difficult to maintain good relationships.
Another thing you can do is show respect for others by showing them that you care. They’re less likely to think you’re trying to trick them and start trusting you.
So how can you show that you care? You can make the thank you notes tried and true, recognize the contributions of those around you, be generous when giving credit, and avoid speaking ill of others.
However, remember that if you overdo it, you will negate all the good that comes from this behavior.
The following analogy will help you see clearly whether you are creating or destroying trust. Try to think of your efforts in terms of an escrow account. If you behave trustworthily, make a “deposit”. If you act in the opposite direction, you make a “retreat”. So the goal here would be to get the credit! This means asking others for their opinion on your behavior.
The Speed of Trust Key Idea #4: Build trust with stakeholders through alignment, reputation, and contribution.
In business, you’re often told that you need to keep your stakeholders happy, but what exactly does that mean?
Stakeholders can be classified into three types: internal (employees), external (the market), and social (other members of society who judge your company). Each of these stakeholders requires different approaches to trust you and your business.
In order to create trust with external stakeholders, a good reputation is of paramount importance. Earning the market’s trust means focusing on your brand or reputation. For example, unfortunately, Chinese products are perceived as less reliable than British, German, or French products because they have a reputation for being somewhat inferior and unreliable.
For the third type of stakeholder, the social stakeholder, trust is built through contribution. A company that has a reputation for doing good by contributing to society is greatly loved and respected.
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The Speed of Trust Key Idea #5: Trust can be restored by extending smart trust to others or by increasing our credibility.
Once trust is lost, many of us think it’s gone forever. But in fact, trust can be restored. Let’s see how.
Regaining and even strengthening trust requires effort, commitment, and intelligent trust extension. strikes the middle ground between distrust and naïve gullibility, and combines the following elements: an inherent sense that others are generally trustworthy and a close look at the potential ramifications of trusting someone.
Extending Smart Trust also shows others that they can trust us in return, and in this way damaged relationships can be rebuilt.
Trust can also be restored by improving your credibility. We cannot “correct” another person’s beliefs about us and force them to trust us, so we must try other means of restoring trust. Even if you’ve jeopardized someone else’s trust, you can make an effort to regain it by acting in ways that build your credibility.
In Review: The Speed of Trust book summary
The gist of this book:
Trust is a universal good that each of us can create. Trust changes everything for the better by accelerating interactions and reducing costs. When we behave in a way that fosters trust, trust will thrive and we will see the difference in our business and personal relationships.
PSPractical tip: count the little things.
The next time you want to show others that you care and want to earn their trust, remember that it’s often the small gestures that make a big difference. Take some time to call her or take her aside. At work, acknowledging their efforts helps build their trust in you.
Collection & Edit by Marketing Dept from Team Happy Leader Community – Shasu Group
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