EM – Any organization or business model in society and in the market that wants to develop must be based on two fundamental factors. It is human and system, in which the decision subject is human. And the element that connects people in an enterprise is culture, the core of which is trust. It is both the beginning and a decisive factor for the sustainable and long-term development of the business.
The power of trust!
There are different ways to start a business and different paths to success. But in what ways are successful people alike?
Eleven years ago, in 2011, Jerry Flanagan and his wife started garbage collection. Jerry’s wife took requests and he directly drove the truck to work and looked for the next job. In the early days of the business, Jerry’s message was simply: “I am your neighbor, our children go to the same school, so you can trust me to help you clean up.” Now, Jerry Flanagan’s JDog Junk Removal & Hauling has more than 200 franchises serving 40 million US residents.
Jerry Flanagan’s JDog Junk Removal & Hauling garbage trucks have become familiar to millions of US residents.
“The decisive factor in business is not revenue, investors, employees or customers, but the belief of the founder. Creating a circle of trust with people in the same business is a testament to a wise growth strategy.” At least that’s the secret to Jerry Flanagan’s success. It is this belief that has helped Jerry Flanagan grow his company so big. It is the trust between employees in the same company, the trust in the development strategy that helps the company to expand the franchise nationwide. Each individual has their own strategies associated with the chances of success or failure. For Jerry, the secret is simply building credibility.
“Appearing at the right time, in the right way, with impressive dedication are the basics, but how to positively affect the customer’s emotions to make an impression on them is another story. No matter what product you’re selling, it’s imperative that you build trust with your customers. Customers believe your product will solve their problems, contrary to that belief, your business will definitely fall apart. Deliver on promises, receive and fix problems, and you’ll have loyal customers,” says founder and CEO of JDog Junk Removal & Hauling.
The Origin of Belief
According to experts, businesses that want to develop must be based on two fundamental factors. It is human and systems, in which the decision subject is human. The difference between successful people and the average person is that they have a strong belief in what they do. This belief gave them the strength to stand up to any challenge, and ultimately triumph in any circumstance.
The source of belief is the filter that selects information and guides all actions. People don’t necessarily believe what they see, but tend to see what they already believe. They also often dismiss information that is contrary to what they already believe, without considering whether beliefs and biases are based on objective facts or just subjective feelings…
Trust will become the strength to help businesses develop sustainably
This is very important in the survival and development of the business. Because when they believed in each other, every faults can be pardon, but “Fool me once, shame on you. Fool me twice, shame on me”! When people trust each other, it creates an invisible bond in the workplace. It will help raise morale and work attitude and create visible results. On the contrary, when you work in an environment with an atmosphere of tension, gossiping, harming each other, the result is not only that the work is affected, but worse, the organization is soon disbanded.
There are many factors influencing and constituting the beliefs of each person, in which environmental factors have the greatest impact. If all we see, or everything that happens around us, is just failure and despair, it is very difficult for us to form the mental images that help us achieve success. On the contrary, if you are surrounded by confident, determined people, you will feel stronger than usual. Therefore, successful and sustainable businesses often have a leader who respects the word “reputation” who is absolutely trusted to create motivation and an exciting environment for all employees of the unit.
A recent global survey showed that up to 55% of business leaders believe that a lack of trust creates a threat to the ability of the business to grow. And 74% of people who work in businesses with high trust experience less stress than those who work in places with low trust. People with business confidence also had 106% higher energy levels at work, 76% more engagement, and a 40% lower likelihood of being overwhelmed.
The results of another survey of 597 managers and employees in the fall of 2018, showed that 91% of respondents said that trust is a prerequisite for them to contribute to the business. Up to 85% of managers say they spend time and energy building trust in the team.
Research by Watson Wyatt (USA) also shows that organizations with high trust generate 286% higher returns for shareholders than organizations with low trust and always create more value for customers through rapid growth, innovation, close cooperation, sustainable partnerships, effective execution and enhanced loyalty.
What we will do?
Born late, but also more than two decades old, absorbing all the quintessence and technology of mankind, in an extremely favorable environment when the construction industry develops like a storm, Vietnam elevator industry also have reputable Vietnamese elevator brands that have won the trust of users, but why have they not developed to the right size?
That is not only a question but also a torment of those who are enthusiastic about the profession, with the development of the elevator industry in the future.
Many economic experts point out that one of the important reasons why our elevator industry cannot develop is the mentality of stagnation, dependence, and loss of confidence in the future. There are not many businesses that venture to invest in manufacturing elevator equipment and components, although there are also some units that produce non-important mechanical parts of the elevator. As a result, important equipment and components such as traction machine, electrical cabinets, guide rails, etc. are basically imported. Therefore, although the market has increased continuously in size over time, we are basically just “sellers for hire” to foreign countries with very small added value.
In addition, the situation of unequal competition with fake goods and with price is quite common. There are many units that choose low-value equipment, do not go through the canonical route, assemble finished elevator products and dump them on the market. If such issues are not thoroughly addressed, it is not possible to create a healthy environment for the industry to develop.
The main cause of this situation is that businesses do not have internal trust, between businesses, leading to strong competition, competition at all costs and losses for all parties, pulling themselves back. As a result, customers are also disoriented, do not know who to trust when gold and brass are mixed. Therefore, domestic elevator brands have lost their advantages in the home field when they cannot win the trust of customers.
“Each business will have different strategies to make a difference in competition. That is the driving force for development. We are Vietnamese with red blood and yellow skin, we understand Vietnamese culture. So why don’t we exploit the competitive strategy by culture?”, that is the view of Mr. Nguyen Hai Duc, Chairman of Vietnam Elevator Association (VNEA).
According to VNEA leaders, in the new trend, sustainable industry development is a vital factor for current and future businesses. There are three important factors for sustainable development: Environment – Society and Governance (ESG). In which the establishment and application of Industry Standards and Regulations is important. The construction industry in general and the elevator industry have had sets of Industry Standards and Regulations based on reference to European Standards (EN81 for the elevator industry). However, the application of the Standard in practice is facing many problems, due to the lack of testing machinery and equipment; Social awareness and capacity of enforcers are not high…
ESG integration is an opportunity for companies to develop sustainably, build trust with customers and internally
In such a context, with the goal of efforts towards industry development, VNEA has proposed to the government to support training to improve management capacity and professional expertise for the enforcers of Standards and Regulations, increase Strengthen trust building by communicating to businesses, employees and product users. On that basis, there should be stronger sanctions on this issue. At the same time, support the development of National Occupational Skills Standards to assess and classify the workforce to create motivation for development and improve competitiveness. Along with that, it is advisable to support the establishment of support funds in the future to help the industry be more autonomous in this regard, improve the competitiveness of domestic enterprises, especially small and medium enterprises… businesses operating together, competing according to a common standard, then there will be sustainable trust, enterprise’s trust in the Government, customers’ trust in enterprises and trust among businesses to develop together, sustainable and long-term development.
An Annual Edelman Trust report points out: “Trust is not only a reward, it is also a tangible asset that an organization needs to create, maintain, and see as the basis of all its activities. While trust brings great benefits to the business, doubt or loss of trust causes a lot of damage. And so, it can be said that the culture of belief is both the driving force and the core value of each enterprise in its long-term and sustainable development strategy.
Culture of trust is also the research topic of many scholars, economic and cultural experts, etc… According to experts, building corporate culture and business ethics is very important because it is a prerequisite for businesses to receive long-term trust from consumers, thereby creating more values and benefits, overcoming storms to grow stronger./.
