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1-Page Summary of The Trust Edge

Overview

When you need to take a risk and trust someone, it’s important that they know how much you trust them. If they abuse your trust, then it will be hard for you to continue trusting them. However, most people will feel honored by your generous act of trusting them and do their best to meet your expectations of them.

Regardless of your personality or the quality of your product, if people don’t trust you, then you’ll never be successful. In The Trust Edge, David Horsager explains why trust is so essential to long-term relationships and how it can help companies thrive. He focuses on business trust because that’s where most businesses make their money—and lose it if they don’t have enough.

The author of this book identifies eight pillars on which trust is built. The pillars are: clarity, compassion, character, competence, commitment, connection and contribution.

In this passage, the author will offer advice on how to build trust and what can be done to sustain it. The reader will learn why people trust their friends more than critics, as well as how extending trust saves time, money and effort.

Big Idea #1: Trust is very valuable in a business. It helps you gain loyal customers, and it gives you free advertising.

Would you give your money to a bank that you don’t trust? The 2008 credit crisis showed how quickly and dramatically the loss of trust can destroy centuries of work.

This is true for any enterprise.

But there is a positive side to this. If you’re not trustworthy, customers will leave and find someone who is. But if you are trustworthy, it can help your business tremendously because people will be loyal and won’t have to worry about whether or not they’ll get what they paid for. Being reliable means that people don’t have to double-check with you constantly or call multiple times; it saves time and money for both parties involved.

Furthermore, loyal customers are more efficient and profitable for a business. Customers who have a stake in your company will be less likely to jump ship when times get tough.

For example, we are more likely to trust the recommendations from friends than advertisements. This is because our friends don’t have any stake in a company’s success. They earn our trust by establishing relationships with us and getting to know us on a personal level.

The financial crisis in 2009 was a tough time for many companies. However, Passlogix used the crisis to its advantage by focusing on what it did best and outperformed giants like IBM.

What’s the company’s secret to success? They rely on trust and good customer relations. For example, if customers have any problems, they’re invited to call the CEO directly.

Big Idea #2:

Clarity: Know what you want and let others know, too.

It is difficult to trust someone who has unclear plans and expectations. People with such qualities seem unpredictable, which makes them untrustworthy.

Companies can suffer from the same problem as individuals. To avoid this, companies must be clear and honest about their communication. This will likely result in a positive outcome for both the business’s bottom line and its relationships with customers and employees.

It’s important to be clear and specific with your work, since miscommunication can lead to failure. You need to make sure that others know exactly what you want from them so that they don’t have any confusion about it. If you’re not as specific as possible, then there could be some problems down the line when people aren’t doing what you wanted them to do. It’s also helpful for productivity if you are more specific in your daily tasks and goals because it will help you stay focused on the most important things rather than getting caught up in other things.