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The Speed of Trust

I’m in Cancun this week, participating in the Transformational Leadership Council (a network of transformational trainers and profesionals started by Jack Canfield in 2004).

I had an opportunity again to hear my friend Stephen M. R. Covey speak about his book, The Speed of Trust, and it reminded me just how much I love this book and why it is so important to networking.

During his presentation, he told how Warren Buffet bought a company from Wal-Mart in one single meeting of two hours. Both parties shook hands and, 29 days later, Wal-Mart had its money. In Buffet’s annual report he said; “We did no due diligence. We knew that Wal-Mart would do what they said, and they did.”

In this day and age of long contracts and huge legal bills, this sale was done quickly because there was high trust on both sides. The result was a deal done in less than a month, saving millions of dollars.

Trust is the most compelling form of motivation. Covey spoke about “Three Key Ideas” to move at the speed of trust:

  1. There is a compelling business rationale for trust. It affects cost. There are economic benefits. High trust is a divedend and low trust is a tax. When trust goes down, speed goes down with it. When trust goes up, speed goes up and costs go down. This is a dividend, a high-trust dividend. Trust is a qualitative and quantitative factor. Nothing is as fast as the speed of trust.
  2. In today’s new global economy, the ability to establish trust is key to every organization. We are interdependent. In a cluttered world, trust helps you cut through the clutter. It is a performance multiplier. When people trust you, everything else you do is enhanced.
  3. Trust is a competency. It is something we create and can get good at. It all starts with self-trust and personal credibility. Are we behaving in a way that builds trust and transparency? Are we keeping commitments and talking straight?

One of the best ways to obtain trust is to extend trust. When trust is reciprocated, it moves faster.

Covey ended his presentation by asking, “Are there people that you work with that you could extend trust to who you can make a profound difference for?” Now the key is to follow your conscience. Develop relationships and extend trust.

I love Covey’s book and I highly recommend it to anyone wanting to build and improve his or her personal network.

Shown in photo – Stephen M.R. Covey, Ivan Misner and Greg Link (Covey’s business partner at Covey-Link).

The Case of the Disappearing Business Cards

Are business cards disappearing? Well, sort of. I don’t mean your business cards. They better not be disappearing. You need them to network with. But what about all the cards you’ve been collecting when you meet people? What’s happening to them?

Business cards are the most powerful single business tool, dollar for dollar, that you can invest in to help build your business. They are a “marvelous, compact, energy-efficient, low-cost, low-tech instrument–a self-contained device with no gears, springs or batteries that keeps working for its owner hours, weeks, years, even decades after it has left his or her hands.” That’s what I said about them in my book It’s in the Cards a number of years ago. Well, I still believe all of the above except for one thing: I’m not so sure that our actual business cards continue to work for us hours, weeks or especially years after they have left our hands.

More and more I am seeing the business card become a disposable advertisement for people. Don’t get me wrong; I still think that business cards are very important. However, I also recognize that technology is replacing the “card box” and Rolodex I once had on my desktop. It has, for me, been replaced with Outlook. For many years, I had all the business cards I collected in a well-organized and categorized alphabetical card box. In recent years, I (like many other people) get back to my office with a pocket full of cards and have the information entered into my Outlook database. And the cards?  Well, let’s just say they used to disappear. But not any longer. No, today I keep them digitally using a CardScan.

I recently got a CardScan Executive and I love this product. I found it really, really easy to use (this said by someone who only reads instructions if absolutely necessary, and it wasn’t). The palm-sized device makes an image of the card and then automatically strips out the information into all the correct categories (name, company, address, phone, etc.). It then allows you to download all the information directly into your computer database (and did I mention that it was easy?).

Although I must admit that cards I used to receive went to that great big card box in the sky, now I can say they live on forever as a digital image and, more importantly, as a contact in my digital database–which is very important to the operation of my business. I really love the CardScan and I highly recommend it to anyone who is serious about networking. You can get more information about it at www.CardScan.com.

I’d love to hear your feedback on this type of product and how you use it in your networking efforts.

If you’d like to read some other articles that I’ve written about the effective use of business cards, take a look at these two columns here at Entrepreneur.com:

Article: Smart Ways to Use Your Business Card

Article: Creating an Effective Business Card

"Act as if. . ." Party

I’m spending a couple days at Jack Canfield’s home in Southern California participating in a strategic planning session for an organization I belong to called the Transformational Leadership Council (an organization he founded about 4 years ago for trainers and thought leaders).

Kathryn Lodal, one of my Executive Directors for BNI requested that I ask Jack a great question that I thought would make a good topic to discuss in my blog today. In Jack’s latest book, “Success Principle’s,” one of the things he recommends that people do is to create an event where they “act as if” they were the person they aspired to be 5 years from now! Kathryn wanted to know how to best do that. So, I asked Jack for some suggestions and I loved his response.

Jack suggests that people put on an “Act as if” event where everyone comes dressed as the person they want to be five years from now. He said the key to making this work is using props and video recording the event. Make sure that you create a vision for where you would like to be and to record that vision so that you can more effectively attract that in to your life. Dress like the person you want to be, talk like the person you want to be, create a story around the person that you want to be, and make sure to record that vision during the event.

I’d love to hear from anyone that has done this and how the event worked out. I know that Kathryn and her BNI members in San Diego will be doing it a few months from now and and I can’t wait to see the video!

Brand "You" by Writing

I just found out this week that my most recent book, Masters of Sales, hit the New York Times Bestsellers list.  Of course I am ecstatic about this, but it also got me thinking about what an amazingly powerful advertising and branding tool it is to be a an author.  With each article and each book that I write, I am building brand recognition for me and for my business.  This is a technique that has worked well for many people I know.   For years I’ve recommended that people write as a way of developing personal and professional credibility in their business.  I’m always amazed at how many people say it’s a great idea but then don’t actually do anything about it.

Recently, I’ve formed a small mentoring program for people within my business to brainstorm and talk about writing and how to get published.  Since then, many of these people have published dozens and dozens of articles.  As a result, I thought I would share some of my thoughts on how “you” might like to begin this process.

Let’s be real here—most business people certainly do not have time to sit down and write an entire book, but writing articles are something that most people could find time to do at least once a month.  Writing articles consistently and for an extended period of time is a plausible, virtually costless way to brand yourself and your business by increasing visibility and enhancing credibility in the community—it’s just an idea that most people are simply too lazy to implement.

But for those who are willing to step up to the task, here is my best advice:

• Think about the things you know and understand best, pick out the elements of that knowledge that might be of interest to the general public, and then review the types of media outlets that write for that audience.

• Either by phone or letter, tell an editor why readers will be interested in the feature idea you have or why it’s newsworthy (or better yet, use your network to connect with the editor).

• Stick with it and remain consistent in submitting articles and before you know it, you will be well on your way to branding yourself as a local expert through being a recognized, published author.

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