The Power of Trust

Trust is one of the most powerful commodities on earth.

Is that statement too strong? No! If anything, the power of trust cannot be adequately expressed. When trust is present, things happen faster. When trust is absent, productivity, effectiveness, and things grind to a halt. Stephen M.R. Covey calls the increase in effectiveness, productivity, and commerce a "trust dividend" and the ineffectiveness and lack of productivity that results from the absence of trust as a "trust tax".
Allow me to share a recent experience:

I realized that my lifestyle no longer needed a large truck (Ford F350). Because of gas prices, family size, and other factors, I needed, and wanted, a car. In a previous life, I was a banker. I had the privilege of doing business with an amazing car dealership. We completed a great deal of business together. I also came to know and respect the CEO of a local financial institution. When it came time for me to purchase my new car, I texted the automobile dealer. I briefly informed him of what I was looking for in terms of style, function, gas mileage, age, etc. A few days later, a driver shows up at my place of work with a car. He dropped off the keys and took my truck back to the dealership. I test drove it for a few days and texted him that we were good to go. He texted back the particulars (cost, trade-in value, etc.). I then texted a one word response: "Done". I also asked him to contact the CEO of the financial institution and set up the loan. The CEO emailed me with my approval and the particulars of the loan. The auto dealer is sending a driver with the papers to sign to complete the sale, as well as my loan documents to sign. Done!

You might ask why I took the time (mine and yours) to relate the above experience. Think of the trust dividend that was realized. I was able purchase a car while taking only minutes from my day. The automobile dealer sold a car (and, yes, made money) without a salesperson or finance person expending any time. The local financial institution was able to gain a100% guaranteed loan (again, from which they will make money). All this was done through texting and email. Reflect on your last auto buying experience. Was it this fast and easy? Were you able to get approved for a loan without applying for it?
The difference is TRUST. Everyone involved in the transaction was a beneficiary of a trust dividend. I knew that the automobile dealer would treat me fairly. I never had a doubt that he would sell me the car at anything other than a fair price. I knew that he would give me an honest value assessment of my truck. The CEO of the financial institution knows that I will repay the loan. He trusts me. I didn't need to "rate shop" with respect to the loan. I knew he would give me the best rate possible. In terms of productivity and efficiency, this transaction was incredibly high for all concerned. That is the power of trust. Trust is evolves through developing relationships. A little time invested now yields huge dividends later.