In transaction world, our currency is money. In relationship world our currency is trust.
Trust is the only currency that matters, here’s why.
Trust and money are so intrinsically linked that:
1. You can get more, you can get less
2. You have to earn both
3. Both can appreciate in value when we invest in them
4. Both are exchanged between customer and supplier
He is an interesting idea; how does the concept of ‘interest’ affect both.
I think it’s pretty easy to see how the interest rate affects money, whether rates are high or low investing in money yields a +/- return.
How about the interest rate for trust. I believe that the interest rate for trust can be defined as how much self-interest we have in a relationship, and in fact, seems works the opposite way round to interest on money.
If either party has a high degree of self-interest, then trust tends to be low because it’s clear to one another that some other expectation is on the table and trust is reduced.
Think about that for a minute if you have a fee-based referral system in your business.
Here’s the key difference – if you have trust, money doesn’t matter, if you don’t have trust, money is the only thing that matters.
Why do you think so many businesses try to sell their stuff using money as leverage – because they have not invested in trust. Special offers, free stuff, price beating/matching are perfect examples of this.
I have recently written more about trust here, where I note that trust is two-fold, both implied and expected, so do have a look at that.
If you want to grow a strong, sustainable business then invest in trust and live in a relationship world, if you just want money work hard and hope the interest rate doesn’t bite you.
Work with me:
I help owners, founders and leaders create a scalable business that works without them, build a world-class team, and 10x profitability. Book a call with me here to see if we could work together.
Remember, there are only three types of people – those who make things happen, those who wait for things to happen, and those who talk about why things don’t happen for them. Which one are you?
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