3 Principles for Building Trust in Business

As I approach two decades of work experience, I have encountered both successes and failures, often influenced by factors beyond the actual tasks. I firmly believe in the power of strong human relations as the foundation for thriving business relationships. The primary foundation of solid relationships is Trust.

Trust is not given; it is earned through time and interaction. Like a dance that starts with an invitation to the ballroom, business relationships begin with casual conversation, progressing into more profound, meaningful exchanges. Establishing Trust is a delicate process, and to successfully gain it, focusing on the following three principles is vital: transparency, big-picture thinking, and bottom-line focus.

1. Embracing transparency

I struggled to close deals in my earlier years despite crafting meticulous pitches that left no detail unaddressed. Only after I started explaining the reasoning behind my proposals' financial aspects did I see improvements. By breaking down costs into several categories—direct service costs, skillset-related costs, training and certification, indirect operating and management expenses, corporate overhead, and profit margin—clients better understand the proposed value. This transparency fosters trust and lays the groundwork for long-term relationships that benefit both parties.

2. Adopting Big Picture Thinking

When entering a business relationship, both parties continuously evaluate each other on various levels, from intellectual and professional capabilities to personal and social attributes. Generating Trust requires honesty and the assurance that both parties have each other's best interests

Contract negotiations can be complex, filled with legal jargon and intricate details. However, if the core terms are clear and mutually agreeable, it creates a solid foundation for collaboration. It's essential not to get lost in the minutiae; while details are necessary, focusing on the big picture and channeling your efforts into achieving common goals will ultimately yield the best results.

3. Focusing on the Bottom line

When working with clients, it's crucial to recognize that their primary objectives are, most of the time, to either earn more money or save more money. Your pitch should directly address these goals, showcasing how your services or products contribute to their bottom line. A sale might initially win over an executive, but if your offering fails to deliver tangible financial benefits, you risk losing the client in the long run.

By fostering trust and understanding between both parties, you can lay the foundation for enduring partnerships and mutual growth.