#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

Take The 2-Minute Assessment To Get Your Intentional Growth Score™ And 1-Page Vision Board.

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.

Quotes:

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