It’s not an economic crisis – It’s a trust crisis

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The phrase ‘It’s not an economic crisis – It’s a trust crisis’ I heard today from a guest on Radio 4 and is one I wish I had thought of first.

It was made in the context of a discussion about the current state of the economy and the global crisis facing business. It’s fair to say a lot of the problems facing businesses currently is a lack of funding, and this is what is often referred to as the credit crunch.

The thing is it’s not that the money has disappeared, gone or vanished, its the fact that investors and banks are being extremely cautious. Why? well they’ve lost trust. Trust in the system, and trust in people and business to pay them back. This, of course, is having knock-on effects down the line, affecting your business.

So what can we do to Trust?

We as businesses need to help each other. We need to work together and continue to trust each other. Don’t let the negativity creep into your business. Trust in your suppliers, trust in your customers, and they will in turn trust you.

It is a form of this trust that drives social media. “give and you shall receive” – that takes trust. Take a look at Twitter, there are thousands of conversations going on. People helping each other, free advice, a point in the right direction etc. Help and advice from strangers, who have never met.

Maybe it is this search for trust that has seen Twitter’s growth in the UK triple in 1 month?

Don’t standstill

You have your customers, suppliers and relationships. Build on the trust with them, invest in communicating with them and working with them. Have a dialogue with them and help them identify their problems and then help them solve them. Remember trust is a 2-way street.

If you can do this and continue to implement this, then you will build trust and you will build your brand.

So what are your thoughts on this? Let me know if you think it’s an issue or not by leaving a comment.