Trust: A Key to Business and Economic Success in Africa

The “Art of Making Business Happen” aired a segment on trust as an active ingredient to one’s success in business. While its role is often taken for granted, there is a very strong relationship between trust and revenue. Anna Bernasek, economic writer and author of “Economics of Integrity,” joined the show and talked about her insights on how to leverage trust to grow and sustain a business.

Anna says trust and integrity translate to wealth through relationships. The relationship between a company and client starts with a single transaction. The company provides something of value to a client, which engenders trust. As the customer continues to return, the benefit of each single transaction is multiplied for the company in revenue and future growth. Toyota became a symbol of integrity and gained customers because of it.

When an organization, or even an economy, stops delivering on its promise (integrity), people lose trust and wealth is depleted. Part of the reason that the U.S. economy may not be bouncing back quickly is because there is a lack of business and consumer confidence. After all, a recession is basically a “set back” of trust. In Toyota’s case, it will be interesting to see if they will regain and move beyond what was lost recently.

Listen to this podcast?