Hidden Cost: How Distrust May Be Silently Sabotaging Your Business
When customers don't trust a brand, loyalty wanes, and sales decline. As an entrepreneur, you get that. It’s the whole reason we spend all our time focused on building a brand reputation that will inspire trust and customer loyalty.
But what about our own sense of trust? For many of us, trust has been broken in our personal lives. Perhaps in our childhood or perhaps during our adulthood.
We think we have a handle on it. We think it isn’t affecting the way we do business. But what if we’re inadvertently sabotaging our business growth with distrust?
In this article, we will explore the hidden cost of distrust and how you can tell if distrust has seeped into the way you do business. We will delve into the detrimental effects of a lack of trust and provide actionable strategies to rebuild your sense of trust.
Join us as we discover how to create a culture of trust that fosters collaboration, engagement, and long-term success.
The Hidden Costs Of Distrust In Your Business Relationships
Trust is the bedrock upon which relationships with customers, employees, and partners are built.
Distrust, on the other hand, will have you trying to put your fingers in every single thing and unintentionally fucking it up as a result.
Imagine going to a restaurant for a dish everyone has been telling you about. “It’s amazing,” they say, “You have got to try it.” So you order it.
But then you tell the chef, "Sub this and this. Take this ingredient out. Put this ingredient in." Then when your dish comes out, it’s “eh, not that great” and you wonder what everyone was raving about.
Crazy, right?! But stay with me.
It might seem crazy when it comes to food, but I have seen people do this with everything from copywriting to photography to design for their businesses.
And I get it. Your business is your baby, and it’s so hard to trust someone else with your baby. But if trusting others is hard, you’re not alone. (In a 2022 trust and credibility survey, nearly 60% of respondents reported that their default mode was one of distrust.)
When you don't trust others, productivity suffers, and innovation takes a backseat. If distrust is silently eroding the foundation of your business, it will hinder growth and inadvertently sabotage your success.
The first step to fixing this problem is recognizing when distrust has seeped into the way you do business.
3 Signs That Distrust Has Seeped Into The Way You Do Business
Recognizing the signs that your distrust in people has seeped into your business is crucial to address the issue before it causes further damage. Here are some to watch for:
1. You’re exhausted and overworked.
You want to outsource, but you can’t find good help. No one does things exactly the way you would – never mind that it’s not your particular skillset or expertise – so you have to do it all yourself.
2. You keep losing the help you hire.
You’ve tried building a team, but they keep leaving and you’re not sure why. Or if they do stay, they seem to become more and more disengaged with your business and less productive overall.
3. You have strained professional relationships.
You’ve noticed that businesses you’ve partnered with in the past have begun overlooking you for collaborations. And was it your imagination, or did your most recent phone call or email with them seemed a little…off?
The 5 Detrimental Effects of Distrust on Business
When distrust seeps into your business, it can manifest itself in various ways that have detrimental consequences on relationships with third-party contractors and employees.
1. Micromanaging
When you don't trust your team or contractors to do their job effectively, you may feel the need to micromanage, which is to constantly monitor and control their every move. This not only hampers their autonomy and creativity but also sends a message that you do not have faith in their abilities.
2. Second-guessing
When you lack trust in your employees or partners, you may find yourself second-guessing them or constantly questioning their decisions and ideas. This undermines their confidence and creates an environment where individuals are afraid to take risks or speak up, leading to missed opportunities for growth and improvement.
3. Nitpicking
Nitpicking happens when you are constantly searching for flaws and mistakes in the work of others. It sends the message that no matter how hard they try, it will never be good enough. This can lead to decreased motivation, poor quality work, and ultimately, a decline in the overall success of your business.
4. Cynicism
Cynicism is the belief that people are in it for themselves. If you go into a partnership convinced they’re not going to do their best work for your business, you will never have a chance to like the results. If you believe they're only using you for their own gain, you’ll have trouble accepting help.
5. Gaslighting
Gaslighting is a manipulative tactic where you distort or deny the reality of a situation to make the other person doubt their own perceptions. Gaslighting can be telling someone "I trust you, I trust you" and then not listening to a thing they say. It’s a situation in which you tell them one thing and then do another.
When you gaslight your team or contractors, it can not only damage their self-esteem and confidence but it can also erode any trust they have in you. Gaslighting creates an environment of fear and uncertainty, where individuals are constantly second-guessing themselves and their abilities.
How To Rebuild Your Sense Of Trust in Others
Rebuilding your sense of trust is not an overnight process, but with effort, it’s possible.
Become self-aware. Acknowledge that distrust may be harming your business and take responsibility for your role in it. Reflect on your actions and behaviors that may have contributed to damaged relationships. This self-awareness is crucial to make meaningful changes.
Communicate openly and honestly. Communicate openly and honestly with your employees and partners. Be transparent about your intentions to rebuild trust and listen to their concerns and feedback. Create an environment where everyone feels heard and valued. Encourage open dialogue and collaboration, and be willing to admit when you are wrong.
Hire people you trust. If you've hired a professional, whether a designer, copywriter, accountant, photographer, or whatever – there is a reason you chose them to do this project for you. Show them you trust them by giving them autonomy and relying on their expert judgment. If you’ve selected them to make choices for your business, trust those choices.
They're the ones who have been trained, the ones with years of experience, the ones you’re paying to lighten your load. By demonstrating trust in others, you will inspire them to trust you in return. If something is terribly off, end the relationship and find someone you can trust.
Be patient. Rebuilding trust takes time and consistency. It requires a commitment to change and a willingness to learn from past mistakes. If you think “I’d do that differently,” ask questions to learn the knowledge that went into the decision. Remind yourself who the expert is.
The Bottom Line
From strained relationships with third-party contractors to missed growth opportunities, the consequences of distrust in your business can be extensive and damaging.
However, by recognizing the signs, taking responsibility, and implementing strategies to rebuild trust, you can overcome these hidden costs and create a sense of trust that will propel your business to new heights.
Trust holds the power to free you up for business success, but it’s a practice that will also help you in all areas of life.
If you want quality work done by a true professional, it starts with trust. When you hire someone to do a job, trust them to do the job. Empower your team by trusting them with responsibilities.
Want to know the best part about trust? Once you start doing it, you’ll realize how freeing it can be. Invest in trust, and watch your business thrive.