Anchor Advisors

Anchor Advisors offers small business consulting in the Chicago area. Our advisors help businesses to grow with confidence and make better decisions.

CALL US! (773)-282-7677

  • About
    • Case Studies
    • Speaking
    • Jobs
  • Services
  • Articles

How to create value out of “nothing”

By Brad Farris

Today, I’m going to take you on a bit of a journey – warning: it involves algebra!

How many people do you have in your life that you trust? I mean, you’d let them hold your wallet, trust. You’d let them babysit your kids, trust. Think about it for a minute.

Now, think about just your business/professional world. How many people in that world do you TRUST?

I’m guessing it’s not that many!

Here comes the algebra!

We know that scarce things are more valuable, right? It’s a supply and demand thing. The more rare something is, the greater its value.

If trust is rare and rare things are valuable, then to the extent you can build trust within your professional network, your value increases.

Put another way (You + a community that trusts you) = You with more money!

How do you build wealth trust?

David Maister and Charles Green developed something called the trust equation to help explain how to build trust. They posit that:

Trust = ( Credibility + Reliability + Intimacy ) / Self-Interest

You can increase the trust that others have in you by:

  • Increasing your credibility – your credentials and honesty
  • Increasing your Reliability – do you do what you say you will do?
  • Increasing the intimacy in the relationship – we don’t trust people we don’t know. By being self-revealing, we increase trust.
  • DECREASING our self-interest. Are you more focused on my needs or the other’s needs? The more people see us as focused on their needs, the more trust we build.

Want to put some money in the bank? Build trust with your business network.

The Trust Equation

(You can read more about the trust equation in The Trusted Advisor)

Filed Under: Email Archive

About Brad Farris

As Principal Advisor, Brad Farris guides business owners through the pitfalls and joys of growing their business. Brad is passionate about helping business owners find better ways to do things, make more money and enjoy life more. Brad is a speaker and author. Connect with Brad on Twitter and LinkedIn.

Consistent help to grow your business

Search

Take our business growth assessment

For More Information:

  • Privacy Policy and Legal Disclaimer
  • Contact Us
  • Join the conversation!

Search

Connect with Us

  • LinkedIn
  • Twitter
  • YouTube

Copyright © 2022 · Anchor Advisors, Ltd. · Call 773-282-7677 · 7061 W. North Ave #352, Oak Park, IL 60302