Business Trust

In a business trust is important.

Your customers, staff and suppliers need to trust that you will do what you say you will do. If you don’t do what you say you will do, you will lose customers, staff and suppliers.

Without trust your business can not successfully operate.

And if there is one thing I have learned over the past 30 years is that business trust can be fickle and easily lost.

Some examples of lost business trust in recent times

Let’s take police in Australia. According to the Roy Morgan Image of Professions Survey 2021 released in April 2021, the rating of ‘very high’ or ‘high’ for ethics and honesty in police in this country was down 25% from 4 years ago and at its lowest level in over 40 years. Effectively 1 in 2 people don’t believe the police have rating of ‘very high’ or ‘high’ for ethics and honesty. And that is before all the footage we are seeing in Western Sydney and Melbourne as part of the policing the current lockdowns. I would say that the ratings for police will be down again when the next survey is released.

Let’s take Doctors. In that same Roy Morgan survey referred to above, the rating of ‘very high’ or ‘high’ for ethics and honesty in doctors in this country was down 7% from 4 years ago. And that is before it became widely known that unless doctors follow the government line re covid vaccinations and treatments, they will reprimanded and may lose their licence to operate. So much for trusting the doctor has my best interest at heart.

Let’s look at public servants, the faceless people behind all the decisions made by our elected officials. According to this same Roy Morgan survey, the rating of ‘very high’ or ‘high’ for ethics and honesty in public servants in this country was down 10% from 4 years ago. Effectively nearly 3 in 4 people don’t believe the public servant have a rating of ‘very high’ or ‘high’ for ethics and honesty. And the rating of politicians halved in the same time with now less than 1 in 10 people have a rating of ‘very high’ or ‘high’ for ethics and honesty for politicians.

So don’t forget, without trust your business can not successfully operate.

If you want help to improve your your businesses chances of being one of the businesses that last more than 3 years, contact me below.

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Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times. Wayne Wanders, A Real CFO wayne@aRealCFO.com.au

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