In working with our clients, we are large proponents of measuring performance to determine progress. It is about understanding and appreciating what is being accomplished and how that is advancing in the desired direction of the goals. It is also about learning what works well and what needs attention to make it contribute in a more effective and efficient way on the path to results.
Things which business typically measure are things like sales, expenses, profit, labor hours, and many, many more. All of these are not simply good to measure but critically important to understand where a business is in relationship to its target objectives. The better we know the details and the timelier you have access to them the great the opportunity is to take advantage of the good and correct the bad.
One of the aspects of the business arena which tends not to get attention is the currency of trust which either exists in the business relationships or not. There are various places for the trust currency to exist. Some of the obvious ones are with your customers/clients. If there is not some level of trust that the goods and/or services you are providing them will do what is intended, then the relationship is broken. The customer pursues a different provider.
A larger one to focus on this week is the trust currency which needs to exist internally to the business. The trust between fellow staff and between level of team members. Far too often trust is taken for granted. It is assumed that one party in the relationship is going to perform a task or duty because they work for the company and it is in their area of responsibility that it will get done etc. I realize this is an oversimplification of trust, but without trust existing at the tiniest of transactions then it will surely not exist at the more significant ones.
Trust is much like your business bank account. In order to have a business which is sustainable longterm you need to have money in the bank. To get the money in the bank you must deposit it there. The available cashflow comes from the business transactions of the team which generate revenue and is deposited accordingly. Withdraws are taken form the bank for expenses, payroll etc. When all is collected and paid for the business should have profit and support a greater stability moving forward. Your business and you personally have a trust account. The relationship transactions between team members make deposits when they are working collectively and directly supporting each other to a purposeful end. Withdrawals on your trust account take place when too many assumptions take place, and the relationships fall into disarray. Many times, a business goes into debt in their trust account by over drawing on the relationship and places the organization into a very difficult place. This debt in the trust account spills over into the real financial accounts showing up as lower revenues, higher expenses, and many other ways. Not only does the company have a declining culture and team attitude but the client opportunities begin to falter, and economics begin to shake.
This week take a closer look at your Trust account and see just how full your account is with your direct relationships and the other relationships through out the organization. When you find accounts where the balance is getting risky, get the parties together and have a conversation about how the trust account can be a focus of attention.
Need a trust advisor? Engage a Promise Guide to help guide you along the path by calling JKL Associates a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida. Or go onto our calendar below and schedule an initial meeting which works best on your busy schedule. JKL Associates looks forward to continuing to build relationships rooted in “Purpose.”