Every relationship needs trust building tips but seeing we are entrepreneurs let’s focus on entrepreneur trust building tips. This is not to say you can’t apply them to other types of relationships you are involved in. It might just need a little tweak.
You are probably wondering why the title says instructive guide for entrepreneurship trust building tips.
While simple they are quite elaborate.
Four kinds of relationships are essential to the success of your entrepreneurial journey.
Accordingly relationship with employees, clients, investors as well as suppliers and outsource providers.
The foundation of these relationships is “Trust”. As earlier emphasized in Trust and Entrepreneurship.
These are the days of entrepreneurial surge due to technology advancement and more people seeing the need for innovation. Therefore leading to the “entrepreneurship boom”.
As a result there’s a struggle to win customers, gain investors, keep the best employees and retain lovely suppliers.
Furthermore trust plays a huge role in successfully achieving all these.
The idea of trust may seem hard for people who have never come in contact with it in any of their relationships.
Not to fret; this article will provide you with entrepreneur trust building tips.
Entrepreneur Trust Building Tips – Employees
• Reward efforts, promote at when due and encourage your staff.
• Another tip is genuinely care about your employees.
• Pay salaries and bonuses at when due. I had a boss who promised Sales Reps commissions. In over a year I spent there he never paid. Not even once. He lost the trust of his employees. They left, set up the exact business and poached his customers.
• As a business learn to endure mistakes from your employees though correct them professionally.
• Treat your employees with respect thereby gain their trust.
Entrepreneur Trust Building Tips – Customers
• Ensure all your sales/ service points are working properly, updated regularly and they all have the same information.
• Existing/ Intending customers need proof that you are genuine hence testimonials. Therefore use every opportunity that presents itself to showcase testimonials from customers who bought.
You see what I did there? That’s some of our customer testimonials.
• Ensure your Customer Service is prompt and effective.
• Always surpass customer expectations; never go below their expectations.
• Your products/ services should be exactly what you said in the description. Sometime ago I ordered a handbag online, when it was eventually delivered the leather had peeled. The seller never signified that in the description. Of course I returned it and she lost my trust.
• Ensure your payment process is transparent.
• Your products/ services should be readily available.
• At all times offer value and strive to meet and surpass deadlines.
Entrepreneur Trust Building Tips – Suppliers and Outsource Providers
• Stick to the terms of the contract.
• Provide good work conditions.
• Communicate effectively; avoid surprises.
• Ensure everyone understands the terms of the contract to avoid conflict.
• When you get delivery of your supplies ensure you pay at when stated in the contract. If you can’t pay inform them ahead.
Entrepreneur Trust Building Tips – Investors.
• To each his own; let each investor understand what they stand to gain from investing in your venture.
• Be sincere. Don’t tweak the numbers. If business isn’t going as projected at any time; let them know.
• Pay whatever percentage was agreed on. Don’t cheat them out of their investments.
As you have read It’s not so hard to build trust.
Essential trust building ingredients are openness, sincerity, truthfulness and straight forwardness.
To be trusted you need to be trustworthy.
No one will gift you their trust. It’s very expensive.
In conclusion you should earn the trust of the people you will be in an entrepreneur relationship with. When earned it’s hard to lose but when lost it’s hard to rebuild.
Please share in the comments other tips you know entrepreneurs can use to build trust in their business relationships.