Tag Archives: Trust

The Speed of Trust by Stephen Covey

Summary

  1. Speed to market is the ultimate competitive advantage and lack of trust creates tremendous friction. You can build trust through competence and character

Key Takeaways

  1. Competence + Character = trust
    1. Can build trust simply by keeping your commitments
    2. When you add trust, you add speed and reduce costs. Low trust is an invisible tax on everything whereas high trust pays dividends
    3. Strategy x execution x trust
  2. 5 Trust Waves
    1. Self-trust – credibility
      1. Have to start with yourself before you can hope to build and have trust with others
      2. Credibility made up of integrity, intent, capabilities, and results
      3. It’s not hard to make decisions when you know what you stand for
      4. Integrity – keep commitments to yourself, stand for something
      5. Intent – genuine caring, win/win mindset
    2. Relationship – consistency
    3. Organizational – alignment
    4. Market – reputation
    5. Societal – creating value and contributing to others 
  3. 13 Key Behaviors
    1. Talk straight
    2. Demonstrate respect
    3. Create transparency
    4. Right wrongs
    5. Show loyalty
    6. Deliver results
    7. Get better
    8. Confront reality
    9. Clarify expectations
    10. Practice accountability
    11. Listen first
    12. Keep commitments
    13. Extend trust
  4. 7 taxes that arise from a lack of trust
    1. Redundancy
    2. Bureaucracy
    3. Policy
    4. Disengagement
    5. Turn over
    6. Fraud
    7. Churn
  5. 7 loyalty dividends
    1. Increased value
    2. Elevated and profitable growth
    3. Enhanced innovation
    4. Increased collaboration
    5. Stronger partnership
    6. Enhanced execution
    7. Heightened loyalty
  6. Other
    1. First job as a leader is to inspire trust in others. This must start with yourself – you must trust yourself before anybody else could possibly trust you
    2. Leadership is the ability to get results while inspiring others
    3. Listening is not something you can delegate

What I got out of it

  1. Good refresher and perspective on the importance of trust and the dividends it pays – competence + character

The Life of Elbert H. Gary: A Story of Steel by Ida Tarbell

This book is full of practical wisdom and deserved a longer write up.