Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

October 23, 2018

Why Trust is so Important When Building a High-Performance Team

By Achim Neumann

At the core of any successful company is a high performing team, a team working together for the same goals, a team who have set high standards for themselves and a team that most importantly, is bonded together by trust. In spite of the important role that trust plays in a high performing team, it is not a feature which all businesses can depend upon. Ernst & Young recently carried out a global survey which found that less than half of the workers that participated actually have a ‘great deal of trust’ in their colleagues. Trust is essential to any team’s success, and here is why.

The Importance of Trust

A team that is made up of great individuals can be easily outperformed by a team with less able individuals, but a more trustworthy team dynamic. These are just some of the benefits of a trusting team.

  • Customer Satisfaction

Everything comes down to the experience and the impression of the customer and if a team is working in different directions, customers will realize and they will lose faith in the company as a result.

  • Dynamism

The goal for almost any business is to have a high performing team which works in such a way that increases productivity, while ensuring that the business is as dynamic as possible. Teams without trust, working at crossed purposes, is a surefire way decrease productivity and therefore the dynamism which businesses seek.

Building the Trust

The onus falls on the management when it comes to creating a team of employees that work in a trusting environment. The culture of trust needs to be built, it is a highly rare occurrence that individuals can be put together, and instantly work on the same wavelength. Let’s look at some of the key pillars of such a culture.

Integrity

Integrity covers honesty and morality, two essential characteristics in any team which plans to be successful. In fact, in the very same Ernst & Young survey that we mentioned earlier, integrity was deemed to be the number one factor behind those who had high levels of trust in their colleagues.

  • Respect

In the same way that integrity is a hallmark of a team which works in perfect unison, respect is also a highly important aspect of a trusting environment. Without respect for one another, trust is unlikely to ever come about.

  • Motivation

A team that works with one another rather than against, is able to find motivation for higher standards and increased creativity. The motivation itself will come from what the rest of the team is putting out, serving as a network of inspiration and influence which fires the rest of the team up.

Key Rules of a Trusting Team

There are some general rules of thumb which should always be in mind when trying to create or maintain a culture of trust in the business.

  • Open and honest communication at all times
  • There are no bad ideas
  • The team comes before any individuals
  • Win together and lose together

In companies around the world that have managed to instill a culture of trust within their business and its teams, the results have been happier customers, happier staff and a more profitable bottom line, never forget the importance of trust.

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

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