While sagging market conditions continue to leave millions of investors disappointed (that is a gross understatement) there are many other investments that turn equally as sour.
As a business owner I find myself investing everyday; Technology, training, equipment, time and people. No matter what the nature of the investment is, whenever it fails to meet expectations it is disheartening, disappointing and if allowed to consume, debilitating.
Any time we invest in such things as software, hardware or other types of technology we know in the back of our minds, “this will eventually break”. We know it will, however we are essentially betting on the utility that it will provide, and in almost all cases, they come with warranties, so we have a re-assurance of at least the minimum return which can be expected.
Sure we have some influence on its ultimate value in how we handle and maintain these types of investments, but in the end, we are dealing with an inanimate object. When it fails and the return on investment ceases…it is not due to the equipment simply deciding to quit.
When investing in the markets we take calculated risks, with no guarantees or warranties as to what the ultimate return may be. The performance of your investment in the markets is dictated by a laundry list of external factors from interest rates to political unrest in countries thousands of miles from our own. However, much like our first example, when your investment fails or disappoints, it is not because the market itself decided to fail you.
Which leads me (collective thank yous from the one lonely reader that has made it this far!) to a lesson learned as a business owner. For me, the most disappointing investment, is the failed investment in people. The failed investment in people that have the ability, but not the desire. The failed investment in people that are given tools, training, encouragement and opportunity, but are done-in by lack of work ethic and lack of responsibility.
Each of us, in one form or another, invest in people, and more importantly relationships, every day. Be it co-workers, family, customers and friends, we invest heavily in those we care about and those we wish to care about us.
It is the emotive aspect of investing in people, for me at least, which makes these types of failed investments the most daunting. Everyone makes mistakes and at times these mistakes in judgment or actions are puzzling and hurtful. Anyone with kids knows exactly the situation I speak of.
To me, a building block of any relationship, is trust. Trust in those involved. In the business world, this is paramount. Without trust, your business or brand is devalued. With trust customers are far more likely to buy from you, and “invest” further in the relationship.
Building trust comes from being sincere, up-front and doing just as you say you will do. In today’s post-consumer society, where “bullshit meters” are pegged, trust and transparency are crucial to success, both on the business and individual scale.
You are what you are…..don’t be afraid to be yourself…..warts and all. Tell people of your faults, and they are more likely to believe you when you brag about your strengths. Fess up to mistakes, take ownership of them, show responsibility and make amends, and then allow what was once a detractor to become an evangelist.
I feel I speak for the majority, and do so quite comfortably, when I say we are tired of the “the best in the industry” type of marketing jargon. Some are so busy telling people they are #1 that they aren’t listening to the most valuable resource they have….feedback.
Facilitate and create conversations, listen, listen, listen and listen some more and then let people know you are listening. When you tell someone you are going to do something….do it. Take advantage of situations and relationships, “pull the wool” on those that care about you and you will find yourself in the un-enviable position of losing trust and credibility…..two things you almost never gain back.
Be yourself, communicate, act…build trust and your business and relationships will flourish be it with customers, suppliers or employees.