Case for Trust

These are notes I took from a brief video clip I just watched of of Stephen M.R. Covey briefly exlaining the economics of trust in action.

Trust effects speed and cost. When trust goes down, speed decreases and costs increase. This happens in all areas of life from business, relationships (personal and professional), to teams and organizations.

When trust goes up, speed increases and costs decrease.

Stephen sites September 11, 2001 terrorist attack. After that event our nations trust in air travel went down dramatically. As a result, we taken great measures to compensate for that lost trust by means of installing high security measures for air travel. The result is perhaps restored trust, and definatly higher costs and more time spent in traveling by air.

Great measures always have to be taken to compensate for lowered trust levels, which always leads to increase costs and decreased speed. Lack of trust comes at a great price because of the steps that have to be taken to compensate.

I encourage you to read Stephen M.R. Covey's book The Speed of Trust for more on this.

I just read an article by Rodger Dean Dunkin, an associate of Stephen where he elaborates more on this truth about trust levels. View it at
http://www.meridianmagazine.com/businessmatters/090206trust.html

Check out Stephen's web site @ www.coveylink.com