How many investors express confidence that they will meet their revenue forecast in the coming months? According to Bank of America’s 2023 survey of average business owners, 75% say they are expanding. Their hope is a breath of fresh air amid concerns about current news and the expected high rate of corporate bankruptcy.
This deal reflects the determination and efficiency often associated with startups.
But making a decision alone is not enough to take your business to the next level. Organizations thrive when there is trust between everyone involved. It does not matter whether this trust is based on the principles of Lencioni’s Pyramid of Trust or similar trust.
The bottom line is this: Even if you have great people, a lack of trust in your organization at any level will hinder your ability to measure effectively.
Strong belief is very important. When trust is built, people can have transparent conversations and discuss difficult topics without any barriers.
They have the ability to let go, facilitate difficult conversations, and engage in conflict. In an environment of trust, people are willing to listen, engage, and take responsibility for their actions. They also like to keep themselves together.
Fostering Trust and Shared Vision for Growth
As leaders know, a clear vision of the company is the foundation of growth because it acts as a guide. When there is enough trust in a shared vision, team members can clearly see that they can contribute without any obstacles.
They better understand their role in the wider context and ensure their efforts contribute to the overall success of the team. When people lower their defenses, they can demonstrate their motivation to be more successful and achieve the organization’s goals.
Thanks to trust and shared vision, people do not feel like just cogs in a machine; Instead, they believe they are making a special contribution and know the truth about the brand; Nearly two-thirds of employees express this desire, according to McKinsey & Company survey completion.
When there is no trust, you will find people with different motivations going in different directions and pursuing different goals. Within such a dissonant environment, there’s a palpable lack of momentum for substantial growth.
While you might develop minimally viable products or implement sprint-based strategies, achieving effective scalability remains elusive until a foundational level of trust is established.
So, the question arises: How can you harmonize the efforts of all your team members and stakeholders to converge towards a shared vision that fosters a robust sense of trust?
1. Identify Your Stakeholders
Establishing meaningful connections with your stakeholders is contingent upon recognizing their identities (and undoubtedly, you’ll have a multifaceted array of stakeholders). Your responsibility is to cultivate trust with all pertinent individuals, as a lack of trust can lead to a fragile and unstable foundation.
In our organization, we’ve invested substantial effort in cataloging our diverse range of stakeholders for precisely this reason. Our stakeholders encompass members of our leadership team, middle managers, individual contributors, partners, board members, investors, sponsors, and layers of customers who purchase various branded products from us.
Our inventory ultimately comprised 26 distinct stakeholder groups we serve, surpassing our initial expectations. It’s likely that your list will also extend beyond what you initially anticipate.
Upon realizing the breadth of our stakeholder base, we recognized the imperative need to proactively foster trust among and within these various groups through deliberate actions and effective communication.
Trust, we understood, wouldn’t spontaneously materialize within such an expansive and diverse collection of stakeholders a realization that might have escaped our notice had we not comprehensively enumerated our stakeholder list.
2. Maintain Ongoing Engagement with Your Stakeholders
Recent research indicates that most individuals can discern when communication is awkward or unclear. Expert Market delved into this issue and found that 86% of employees concurred that ineffective communication ranked among the top reasons for business failure.
In essence, if your stakeholders are not actively engaged and well-informed, it’s improbable that you’ll generate the productivity and performance needed to achieve your growth objectives.
The remedy to this predicament lies in maintaining frequent and proactive communication with all stakeholders. Whether you’re asking for their input on a project or posting important messages and updates, it’s important to keep them informed and engaged.
We provide information about our past, present and future by organizing short company-related events every three months for selected stakeholders. Keeping the lines of communication open and reaffirming everything from our core values to future products is key to building valuable “trust.”
3. Write and Implement Feedback for Stakeholders
Do you have stakeholders interested in your idea? Do they support your chosen path? Some of these answers can only be made by analyzing the comments. “Where are we in terms of clarity?” Start investigating questions like these more deeply. Or “Please help me understand your concerns.” Leave an open invitation such as.
It is important to keep your users, your product and the people in the group in mind throughout this process. Listening carefully to your users and learning from them about their needs allows you to adjust and improve your product or service as you cross different channels in your relationship with them. For example, you can ask them what they think of your performance, which provides a useful check-in.
Stakeholder Engagement and Business Growth, Example
For example, Coca-Cola uses social listening techniques to gather information to improve its products, services, and marketing campaigns. This constant feedback allows the company to better understand its customers’ needs and how to meet them. At EOS, we talk about this with our users through a tool called “DOS”, which stands for tools related to risk, opportunity and advantage. >
Although not all discoveries made during DOS need to be made immediately (clarification is important), all information is useful for understanding and creating solutions for our customers.
Religion is also something important that has never existed. In all your development plans, it is important to gain the trust of everyone important to your success. Don’t stop building the relationships that will eventually build your company. You’ll quickly see results change on everything from reputation to financial performance.
In business, trust is the key to growth. Trust fosters open communication, aligns stakeholders, and encourages goal achievement. Without trust, different motivations can hinder success. To be successful, you need to identify stakeholders, engage them, and collect feedback. Coca-Cola’s social listening and EOS ‘DOS’ tools are examples of successful partnerships. Confidence is the basis of perseverance and success.