Executive Coaching Tip: The Hidden Cost of Distrust
The lack of trust in an organization's capability acts like a tax which can easily double the cost of doing business. Please read below for an example of how this can cost YOUR business, if you have any questions please visit my website here, www.your-executive-coach.com
Stephen M. R. Covey recently published a fascinating book, "The Speed of Trust", in which he argues that mistrust doubles the cost of doing business. What follows is a personal example of why this is true.
While waiting for my car to be serviced, I asked a salesperson to price out a new car. Despite being close to my home, I never bought from this dealership because their prices were uncompetitive. The salesman assured me that management had changed and things would be different. He called me with his "absolute best" price which seemed high. Then he offered to lower his best price by $500.00. I began to question his integrity.
When service was completed, I presented the clerk with a discount coupon which was rejected. He was not aware that his dealership was offering this discount on repairs and services. And since the damaged tire was replaced rather than repaired, he insisted that the coupon was not applicable, I began to question the intentions of an organization that failed to communicate information with its staff and seemed to be splitting hairs with their customers.
I agreed to settle the matter later and picked up the car. While driving I noticed that the dashboard was indicating under inflated tires, even though the service was to replace, inflate and rotate tires. I began to question the competence of the service department for failing to reset the on board computer.
A new salesperson who "heard" I was looking for a car. called me at home. I told him that I was already dealing with a salesman at his dealership. Later I received a call from the original salesman saying that he "heard" I was interested in a new car. He was unaware that I had been called by another salesperson, that he had already met me at the dealership and that we had previously discussed price. I began to question whether this company was really interested in results or was just interested in activity from its employees.
My lack of trust in this company's integrity, intention, competence and results kills any chance that I will ever buy from them. How many potential customers feel the same way and hide their feelings?
