Trust creates a competitive advantage for business
Issued by Pyrotec - Jul 31st 2018, 13:29
Business success is dependent on a dynamic network of positive relationships, of which trust is a critical component. Trusting relationships in your business network extend to all your stakeholders – your customers, employees, suppliers, and shareholders.
Pyrotec offers an extensive range of coding and labelling equipment, on-pack informational and promotional devices, and software that ensures product integrity. To do this, the company’s Managing Director, Rowan Beattie, insists that Pyrotec remains rooted in its quest for innovative production focus, above-board dealings, life-long learning, long-term ethical business relationships, and an ethos steeped in equality.
Rowan believes that organisations adopt the characteristics of their leaders and has always understood that successful customer relationships are critical for sustained business success.
Trusting relationships with customers enables Pyrotec to explore their specific needs, and non-financial partnerships with suppliers – some spanning a few decades – underline the value that Rowan attaches to nurturing long-term relationships. It’s these relationships that have enabled Pyrotec to create various lucrative niche markets. ‘With sound relationships based on shared values, you can build a successful business and survive. We’re proud of our achievements, our experience and our history, as well as our ability to remain focused on innovation and provide service and product excellence well into the future,’ Rowan maintains.
Working relationships built on trust create a sustainable competitive advantage because trust is both valuable and rare. There are certain components of trust that every client, customer or other stakeholders in your business looks for when doing business with you. Here are five that stakeholders in your business will look for:
• Technical competence and know-how – Customers want to do business with a company or person whose competence inspires trust.
• Trust in ethical conduct and character – An excellent reputation is essential, and your honesty and integrity must be exemplary.
• Interpersonal skills and relationships – You must inspire trust to ensure that customers believe their business, or any sensitive information, will be treated with the utmost respect and confidentiality.
• Transparency and openness in business relationships – A lack of transparency may well make you vulnerable to a damaged business relationship.
• Be a person of your word – Hold yourself accountable in all your business interactions.
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