The Key to Running a Successful Business
Many debate the most important element to running a successful business. Some place high importance on profitability, while others view customer retention and quality customer service as having more of an impact. As CEO of Rise Interactive, it is my belief that while these and many other elements are crucial to running a successful company, the core of operating a successful business lies in trust. While I recognize that this isn’t an earth-shattering concept, if a company is not built upon trust it can quickly unravel.
If you think about it, every aspect of business revolves around trust. I have highlighted one example of a situation that I encountered over the years that reinforces my belief that trust truly is the most crucial factor in running a successful company.
Trust in Employer
Like many other companies, Rise saw a decrease in revenue in the fourth quarter of 2008 and I had to take immediate action to ensure that Rise was able to continue operating profitably. I developed a strategy to pull the company out of the situation which unfortunately included a mandatory decrease in employee pay. In order for this to be successful, it was crucial that I build the staff’s trust that this strategy would work and was worth sticking with Rise in the long run, even though there would be short-term pain. To do this, I met with every employee individually to explain our situation, my strategy and where we needed to be to return to profitable ground. As it turned out, my employees kicked butt in helping the agency recover and I was able to repay every employee for the money that was initially cut. I received nothing but positive feedback from my employees regarding how I managed the situation and was able to build their trust during a volatile time.
HOW TO BUILD TRUST?
1.) Caring
Prove your commitment to employees, clients and vendors. If they know you have their best interest at heart and value the relationship, they are more apt to return the loyalty to the company.
2.) Actions
As you’re probably thinking, caring alone is not enough to build trust. The agency needs to take actionable measures to ensure it is living up to its promises and goals. Develop goals and standards for your organization and constantly keep those in check to ensure you’re reinforcing trust throughout the company.
To build trust within your agency, you need to fully believe and be invested in the goals and interests of all parties involved—be it employees, clients or vendors. I find that once trust is in place, employees will work harder to please clients, clients will in turn be thrilled with the quality of service, and therefore, the business continues to grow and thrive.
