Trust: the new currency?

We’re living through times when institutions, companies and individuals whose stability and integrity we’ve always taken for granted are demonstrating in dramatic ways that they haven’t warranted that trust. We’re seeing that corporations’ key strategic decisions have, after all,  been made on the shakiest of foundations.  We’re witnessing the exposure of Directors’ self-interest that has taken precedence over delivering on the promise to the customer.  We’re experiencing the fallout from banks – the backbone of economies – that have turned out to be fragile and to have energetically promoted business to people who were the poorest of investment risks.

In LWL’s work with clients, and in the wider world, the effect is showing as a growing reluctance to do business with strangers – with unknown providers whose standards, quality and substance can’t be taken for granted.  On the contrary, what we’re seeing – and we believe this will consolidate and grow exponentially – is that trust is the key differentiator in all manner of purchasing decisions.  No longer will it be enough for a professional provider – whether executive coach or lawyer, accountant or architect – to count on securing new business with a glossy brochure and an impressive client list.  What we’ll be looking for as purchasers is to be able to really trust these professionals to deliver what they’re promising, to work to ethical and professional standards, and to still be there when the tide goes out.

A key source of that trust will be where that provider appeared from: do we know them already and trust them because they’ve provided a good service to us in the past, or were they recommended by someone we already know (and trust)?  The importance of relationships has never been stronger – and we suggest that it will continue to grow even stronger yet.  We’re all going to need to nurture the relationships that are important to us, and that may in turn lead to further relationships that will sustain and stimulate our development as businesses and individuals, both at work and beyond.