TopNav

Bankers And FIFA – Why The Absence Of Trust Can Destroy A Business

Many organisations have fallen into the limelight for the wrong reasons. Whether it’s a recent scandal or corruption, accusations can tarnish a business’ reputation for years after the incident, regardless of whether they are proven correct or incorrect.

A couple of recent examples would be the latest round of fines dished out to bankers on both sides of the Atlantic; or how about numerous bodies hurling continuous claims of corruption at football governing body, FIFA?

Needless to say, a tarnished reputation could damage a business beyond repair. The recent banking and FIFA scandals will no doubt result in a lingering air of distrust that will surround the organisations involved. And, this distrust will go on to affect all of the business’ relationships, whether they are between colleagues, clients, or sponsors.

All relationships are built on trust and so it would be fair to suggest that the absence of trust can destroy a business. For an organisation to run efficiently and to be successful, it must earn and demonstrate trust between all individuals involved with that organisation.

Leaders must trust fellow leaders, employees must trust their managers, clients must trust the business as a whole, and vice versa. All individuals need to trust and be trusted for an organisation to work as efficiently as possible.

There are numerous consequences for businesses which are deemed untrustworthy. For instance, clients will not want to sign up to use the services of an untrusted business, and that business may lose clients because of their reputation, too. Talented candidates won’t want to work for a business which is deemed untrustworthy either. This means that any business deemed untrustworthy may be missing out not only on business, but also on highly-skilled, talented employees.

How do you build trust within your business?