#241: Trust is an Entrepreneur's Most Valuable Asset with David Horsager
Straight from the leading global expert, this episode is all about trust: how you get it, how you grow it and how you get it back if you lose it. And we do lose it, every day, unless we’re actively putting in effort to prevent the attrition. How you constantly and consistently show up for people — whether they’re employees, vendors or customers — is how they’ll trust you to show up, so ask yourself: what message are you sending? The big takeaway is that trust is the most important thing that makes the world go round. Trust is more important than capital. Capital comes after people trust one another. The most important thing you can do is to earn the trust of all your stakeholders. Growing the value of your business comes after earning the trust of others.
What You Will Learn In Today's Podcast Interview
- Howhis 8 pillars of trust can solve every organizational or leadership issue
- The practical metrics that help you build the skills required to build trust
- How to engage with contrary viewpoints and start productive conversations
- Coaching advice for employers and managers looking to improve engagement and results
- What healthy coaching is and how to build a workplace culture that encourages it
- How speaking his truth lost him a client temporarily but ultimately deepened the client’s trust in him for the long-term
- The importance of accountability groups that operate as trust circles where you’re held to what you say and forced to examine your level of truthfulness
- Three places you can find good advisors and how to evaluate if they’re a fit for you based on the number of touch points you share
- The benefit of actively pursuing alternative points of view to increase your ability to build trust in others
- Tips on building (and rebuilding) trust in any relationship
- Why saying “I’m sorry” makes you a lying apologizer if you don’t follow-through on your new commitment (the real purpose of an apology)
Are You Growing The Value of Your Business
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- Are your company's current initiatives intentionally designed to increase the value of the business?
- Do you know what you want from your business long term and why?
- Do you know what your company is worth?
- Do you know the differences between Management, Family Transitions, PE Firms, ESOPs and Strategic Buyers?
- Does the business have a written strategic plan on how to achieve the desired normalized EBITDA and valuation?
About the Guest:
David Horsager (MA, CSP, CPAE) is CEO of Trust Edge Leadership Institute and a global authority on helping leaders and organizations become the most trusted in their industry. He is the inventor of The Enterprise Trust Index™, director of the annual study The Trust Outlook™, and national bestselling author of The Trust Edge and Trusted Leader: 8 Pillars That Drive Results. With clients ranging from Fortune 100 companies to professional sports teams and global governments, David has taken the platform across the United States and on 6 continents.
08:12 - “The number one reason people want to work for an organization is trusted leaders.” – David Horsager
08:49 - “I believe nothing affects the bottom line more than trust. I believe trust is always the leading indicator.” – David Horsager
09: 13 - “The biggest Harvard studies show that diversity on its own pits people against each other unless you increase trust. The only way to get the great value of diversity is by increasing trust.” – David Horsager
11:19 - “Trust takes a long time to build! It can, but in a moment of crisis like 9/11, complete strangers trusted each other in a second if they’re running in the same direction.” – David Horsager
11:38 - “Your fastest opportunity to build trust is in crisis. You have a massive opportunity if people are ticked off at you to build trust than at any other time.” – David Horsager
14:49 - “Atrophy is guaranteed without intentional action.” – David Horsager
15:51 - “Every relationship you have is atrophying every single day because of two things: time and change.” – David Horsager
18:55 - “If you get the right language, you have a chance at solving it.” – David Horsager
26:44 - “Show them the impact that they’re making, but some will not get it.” – David Horsager
34:46 - “When you have a healthy organization, they can push you or mitigate your weaknesses.” – David Horsager
35:59 - “If you’re doing leadership alone, you’re doing it wrong.” – David Horsager
42:33 - “The people that I trust are reading things different than themselves.” – David Horsager
49:06 - “Institutional trust is down and has gone down drastically since Watergate in the US.” – David Horsager
50:30 - “People are trusting businesses and entrepreneurs to do what’s right for the best of all more than about any other institution.” – David Horsager
52:37 - “The question we want to ask is: is that loving to all? Is that loving the customer? Is that loving my employees?” – David Horsager
55:27- “Attrition costs 2.5 hiring costs.” – David Horsager
Links and Resources:
Trusted Leader: 8 Pillars that Drive Results, by David Horsager
Reach out to me if you have questions about the boot camp!
Brought to you by Ryan Tansom of Intentional Growth