In the 1950s and 1960s, Johnny Carson, along with Ed McMahon, hosted a popular game show called Who Do You Trust? In the show, Ed McMahon introduced the contestants, a team almost always made up of a man and a woman. When the team came on-stage, Carson would tell the male contestant the category of the upcoming question. He would then have to decide whether to answer the question or “trust” the woman to answer
Today, that question is again at the forefront of everyone’s mind. After all, in recent months, billions of dollars have been lost to ponzi schemes with names like Maddoff and Stanford. The United States government has inserted billions into ailing financial institutions like AIG, Bank of America, etc., hoping to avert a total financial meltdown. Car manufacturers such as GM and Chrysler are struggling to stay alive. And, it’s almost impossible to pick up a newspaper without reading another corporate layoff announcement. Surprisingly, each of these scenarios, along with others, has surfaced without any apparent warning. And each is challenging the trust quotient around the globe.
So whom do you trust? Your banker? Your stockbroker? Your priest? Your boss? Your Congressperson? Yourself?
Here is a case in point. In January, I asked a group of CEOs from small to mid-sized companies the “Who do you trust” question. Their response was, “I know who I don’t trust, and I’m unsure who I do trust at the moment.” But another telling element revealed itself in that meeting. Several of these individuals no longer trusted their own ability to lead with conviction and confidence. Their current visibility into the marketplace was sketchy at best. Their supply chains were exposed, and they were uncertain how their employees would perform under such stressful conditions.
Leadership itself is as much an art as it is a science. And during trying times, the art component grows in importance. Today, people are seeking and supporting people they can trust.
In the book Without Warning, it states, “participating in and winning in a world that is connected, mobile, and increasingly transparent can be challenging, creating a multitude of problems for political and business leaders alike, and their organizations.” Winning in this economic cycle is dependent on rebuilding trust across the organization, the supply chain and the customer base.
Rebuilding trust begins with relationships predicated on honesty, transparency and clarity. Here are five steps to start the process.
- 1. Communication: In times of uncertainty, a “No news is good news” approach is often pursued, which often destroys trust. To rebuild trust, pursuing a posture of transparency and increasing the flow of information across the organization is essential.
- 2. Lonely at the Top: Business leaders often find it lonely at the top during good economic times, and desolate during bad economic times. Find a group of peers where you can discuss your most challenging issues.
- 3. Get Your Business to Work for You: Remind yourself; the future viability of the business does not land totally on your shoulders. Leverage the talent you’ve invested in during the good times, and let them become part of the decision making process.
- 4. Eliminate: Hundred hour workweeks are unhealthy and unlikely to save your business. Maintaining a healthy balance between work, family and exercise are essential components to making good decisions. You can achieve this by eliminating some of the tasks on your plate today, so you have time to focus on what’s really important tomorrow.
- 5. Hire a Business Coach: If you’ve lost trust in yourself, you must regain it. A business coach can challenge and provide you a sense of confidence and bring clarity to the multitude of issues you’re facing. Simply knowing that you are making wise decisions can help build confidence in yourself and trust amongst others.
An economic recovery is completely dependent on trust. Customers must trust that you’ll provide a quality product and that you’ll be in business to service it. Suppliers must trust that you’ll be able to pay for their products and services on a timely basis. Your employees must trust that you’ll actively lead through this economic downturn by making wise decisions today, and into the future. Only then when people raise the question, “Who do you trust?” will the answer be obvious. It’s you.
The other day I was at a medical clinic when the nurse walked into the waiting room and announced that is was “Mr. Madoff’s” turn to see the doctor. I’m certain it wasn’t “the real famous Mr. Madoff,” since he is currently serving time at a correctional facility in the Carolinas. However, I thought to myself, “Bummer of a birthmark, Mr. Madoff.” This sparked a stream of thoughts as relates to silent problems and birthmarks. For instance:
