Trust is central to an economy that works.
The global financial system is highly sophisticated, but requires two very basic elements to make it functional: trust and credibility. Seemingly, no amount of analysis can remove all the risk of transferring money and assets from one person or entity to another. This is as true in your local economic development system as it is on Wall Street.
The difficult task is to build credibility between leaders and organizations that are entrusted with moving the economy forward. Highly functioning cities, states and countries have systems that provide for checks and balances, but they also have a high level of trust between government, business and civic leaders that allow them to take risks and move forward while others stagnate.
How do you build trust? According to Stephen Covey’s Speed of Trust, there are six critical activities that build trust:
- Understand the individual. This means that you need to spend time together in dialogue, in both personal and professional settings.
- Attend to the little things. Show consideration and respect by doing small things that convey that your relationship matters.
- Keep commitments. If necessary, make extraordinary efforts to do so.
- Clarify expectations. Don’t assume that you know what government or business wants. It is better to ask what the expectations are before beginning an initiative.
- Show personal integrity. Do so in good times and bad.
- Apologize sincerely when you make a “withdrawal.” Not every deal works out. Apologize and make amends.
Does your community operate this way? Does your organization have and hold this trust? What practical thing could you do to improve trust or begin to build trust today?
One Columbus Update
- One Columbus has released a Healthcare IT Industry Profile that examines the Columbus Region’s position in the growing field and national trends behind the industry. The profile includes interviews with Columbus Region tech companies, healthcare providers and industry associations, and also includes several calls to action to key players in the industry. Click here to read the full profile.
- This week the One Columbus team is meeting with Mid-Atlantic companies and consultants. Our team will also join JobsOhio and JobsOhio Network Partners in New York for events and meetings.