There is an old business axiom that goes something like this: “Quality. Speed. Cost. Pick 2.” The conventional wisdom has been that if you want something fast and good quality, you will pay a premium. If you want something cheap and fast, you will sacrifice quality. And if you want something high quality at a good price, you will have to wait. Most of the time, this is probably true.
Stephen M. R. Covey authored a book that touches on this topic, and attempts to reveal a loophole in this universally accepted logic. The book, “The Speed of Trust”, is really a reflection of the way things used to be. There was a day that business got done on a handshake, and you could take a man’s word to the bank. Somewhere along the way, that reality has succumbed to the new reality of dotting every “I” and crossing every “t” in a complicated world of red tape and multiple tiers of authority.
Of course, Mr. Covey gives us no magic formula for returning to the good old days at a macro level, but he does offer insight into creating one-off business relationships that break the current mold. The key, he writes, is creating and maintaining unusually high trust.
Covey states that, at a minimum, trust is built on two things: 1) Clear and transparent communication, and 2) Accountability for results. The first should be a commitment from the first handshake in the first meeting. The second: a demonstrated and proven philosophy of your business. Obviously, there are many more aspects of building trust embedded in the 322 pages of the book.
For all who aspire to transform your business relationships, your companies, or your industry, “The Speed of Trust” is worth the read. If nothing else, it is a reminder of what once was, and gives us a little hope that those who embrace the principles inside are on the right track.
