About trust and value of words in business

Today, I want to talk about trust. Based on trust, relations are built not only in the domestic format but also in business. Throughout my career, I build trusting relationships with colleagues, subordinates, business partners, investors, and, of course, clients. Often, agreements are not based on contracts, legally certified documents, but simply on verbal agreements. It’s a big risk, and several times I failed because of other people’s dishonesty. But it’s ok. Each CEO, businessman or top should not only be a professional in his field, but also an excellent psychologist. The ability to understand people is one of the main skills needed for every entrepreneur. So what is the value of a word in business? What is trust based on?

So, there are obligations under the contract, there are verbal agreements, and there are unspoken, implied agreements.

Consider, for example, such a thing as business immigration. It is a very complex process, with many factors and pitfalls. No intermediary can guarantee you a successful outcome of business immigration. And those who assure you of a 100% positive plan implementation are simply deceiving you, since it is impossible to give guarantees for the outcome, which mostly depends on the authorities.

According to the contract (if you read it carefully), the lawyer promises only his “assistance” in achieving the goal. Naturally, he exposes his rate with a certain amount of dollars per hour. And this is normal. The consultant under the contract may, for example, take full payment only after reaching the goal.

If you don’t sign a contract and work with a consultant by verbal agreement, then he can promise you his assistance, for example, with obtaining a patent.

As for the unconditional but implied agreement, you can hear a phrase like “we will bring you to the end, even if Armageddon breaks suddenly”.

The first can be decided with lawyers in the courts, the second determines the choice with whom to work. But the third determines the most important thing – the trust. With whom to work long-term. Who to recommend with complete confidence. There is nothing more important than trust in business relationships. Trust is already serious.

For a better understanding, I will give an example from the life of two of my business partners.

About 8 years ago, two of my friends needed business immigration. Later, the law changed, and everything became extremely difficult. The lawyers, who did the work received their hourly pay and retired, leaving my friends in complete confusion. The new lawyers mostly wrote long letters that did not really help the process. I advised my friends to contact one trusted lawyer who helped me repeatedly and always successfully. He worked solely by verbal agreement and took the most difficult cases. Like many others, he took hourly pay after reaching the goal.

As a result, my business partners had no choice but to take a word and wait for the results. The process was long, because of the changing conditions, additional costs were found. However, the lawyer did not take a single extra penny from them and completed the work almost with a minus to himself.

The thing is that everyone determines his own word value, and there is something much more important than momentary profit. And that is trust. From a business point of view, trust is useful long-term: repeated transactions, recommendations. And for yourself – it helps to respect yourself.

As a result, both of my friends received permanent residence. 8 years later.

And for me, it’s not about business immigration, not about lawyers, not about money. For me, it’s about trust. And about the value of the word.