How Important is Trust? – Very

“How important is trust in establishing long-term business relationship?” – Dr. North

But have renounced the hidden things of dishonesty, not walking in craftiness, nor handling the word of God deceitfully; but by manifestation of the truth commending ourselves to every man’s conscience in the sight of God. – 2 Corinthians 4:2

Trust is important in any relationship in life. Establishing trustworthiness and honesty is honoring God. Certainly, in the business world to be successful clients/customers rely on your honesty with them in a relationship. Treat others the way you want to be treated.

Integrity is essential to building a strong foundation and reputation. This means you will have an abundance of reoccurring loyal customers. It is known that word of mouth is the best kind of advertising. You know who you would want to do business with, so be that person.

Building trust begins simply with the way you greet the customer. Energetic positive vibes will create the stepping stone needed to begin that long term relationship. After that, continuing to establish yourself as trustworthy requires many other things. Punctuality can prove to a customer their importance to you. Sincerity will also be key in letting your customer know you truly care. Be sure to nurture the relationship by staying in touch with your customer. Always take responsibility when something goes wrong. Apologize and assure your customer you will do whatever is necessary to correct the error. These are just a few things to help a customer to feel like they can trust you.

Trust is synonymous with your reputation and it begins with the very first customer. Maintaining a certain product or service will reassure them that they know what they are getting every time. This gives them confidence in you.

Again, I can not stress enough the importance of knowing your expectations as a customer because this will translate when you are on the opposite side providing the service. I have written my paper as the provider of the service but these are also the qualities I would need to see if I were the customer paying for a service/product.

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In the words of Bob Marley integrity builds the greatness of who we are in all aspects of our lives. The fact that this will make us successful in business is a nice reward.

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Would I Sell my Business?

“I will sell my business when it makes a profit of [$??] a year, so that I can [??].”

When asked this question, I think I would sell my business when it had reached what I feel is the peak of it’s performance. In other words, if the revenue is the same after 2 or 3 years in a row, regardless of the amount, then I would say it has reached it’s full potential at my hand. So now I would have to consider outsourcing some aspects of the business so that I may grow the company. However, for me, honestly I am not sure what I would do at this point. There are a couple of options I suppose. If I were to sell my business, I would use the money to invest in a new company. I would work really hard to grow the new company bigger and better than the one before it. Now I would have some capital behind me at the beginning rather than at the end. Of course, on the flip side of this, maybe I would not sell my business. What if I took the profit to hire more people. Then I could produce more product quicker thereby getting a bigger return on my investment? If I did choose this option I would have to be careful my expenses did not cause my revenue to decrease. After writing about both of these options I do think I would be more inclined to sell my business at it’s plateau. I would not want to compromise the quality of my product after working so hard to grow the company to the point where it was at. Maybe I could take a small percent of the money from the sale of my company and put it in a secure investment for my future and use the rest to reinvest in a new company. Although it may be difficult to sell a company that I would have put my heart and soul into I know that it is important to recognize when it is time to let go.