New Podcast:
This was a great show with Will Haynie. One of Shreveport’s brightest on Bitcoin, investing, and Air B&Bs. C’est Bon!
Building Trust
What is trust and how do we build it with others? At the end of the day, everyone sells trust, your doctor, your lawyer, even your neighbor. Investors need to trust me, lenders need to trust me, my wife needs to trust me. Before talking about how we can build it, lets talk about how to destroy it.
Be unreliable. Say you will do something, then don’t do it.
Make a mistake, then don’t tell anyone about it. Hoping it will either go away or no one notices. Typically the cover up is worse than the mistake.
Violate Moral law. (kill, steal, covert your neighbor’s wife)
Develop a drug problem.
How do we build it with others? (This is from a business perspective but applies to personal relationships as well.)
Step 1: Stating what is you intend to do. For example, creating a budget and time line for a new storage project.
Step 2: Updating everyone involved about the progress and when challenges arise. When a challenge comes up, create a game plan to attack and resolve it. Steel prices are 15% higher than expected.
Step 3: Completing Step 1. Following through with your commitments. Do what you say you will do.
Step 4: Delivering results, good or bad, in a consistent format that is easy to understand.
Step 5: Repeat this process with consistency while NOT chasing shiny objects. (other opportunities outside your skill set)
Step 6: Somewhere in this process being venerable is important. It adds authenticity. I find that vulnerability too early in a relationship comes off as weak minded, but never do it at all and you can come off as arrogant.
I would love your thoughts on building trust. How do you do it? What did I miss?
Question I ask myself: What seeds of trust can I plant today that may come to bear fruit in 5-10 years? In my faith? In my family? In my work?
Word on the street: My favorite new buzz word is “price discovery”. As in there is a lot of price discovery right now between buyers and sellers given the new interest rate environment. Let me break it decode this, “ya asking too much!”
It was short and sweet today. If you enjoyed this today, please forward it to another curious friend. I love your replies to The Real Deal. I read every single one, and I try to respond as often as I can.
www.pearsonpartnerspe.com