In Thee We Trust – Why It’s Important To Build Trust At Every Stage

By Author: Akansh Malik
Total Articles: 67
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Stakeholders are individuals who have an interest in the business. Anyone who can contribute to the growth and success of the company is considered an important stakeholder. The primary stakeholders of any business include their investors, employees, suppliers and customers. In a modern world however, the term stakeholders will be used for a variety of more people. Now, even the community, government and trade associations are considered to be important stakeholders. It is crucial for all companies to know their stakeholders and understand their importance. During any crisis, it is by maintaining this trust that businesses survive. A business can hire crisis management services to help them maintain this trust level with their stakeholders when going through any crisis.

Even though the company’s top management sets the policies and decides the decision in which the company goes, it is the employees who actually get the work done. They play a crucial role in ensuring the success of the company and hence must be taken care of. Stockholders provide the capital that the company needs to grow, expand or in the case of startups ...
... help launch new products or services into the market. The customers are another stakeholder without which no business can be successful. A business has to produce products and services which meet the needs and wants of their target customers. It is only by doing so can they reach breakeven and then incur profits and survive in the market. The community plays an equally important role as they provide the workforce a business requires and also play the role of a watch dog to ensure the company does not dabble in illegal practices

Every business and company needs to maintain a strong level of trust with all their stakeholders. It is only by doing so that one can continue to grow and expand their business and survive in the industry. A business should try to keep all their stakeholders happy. In the case of employees that would involve providing fair wages and salaries along with reasonable work hours. It is only when a company’s employees are happy can the company continues to be successful. A community does not simply care about a business’s success. It is important for the business to focus not only on earning profits but also helping the community grow. Trust can only be maintained with the community if they see that the business cares about their welfare as well. This trust makes it easier for the business to survive and hence must not be broken at any cost.

For the survival of any brand or business, trust must be maintained among all stakeholders. There is no point is simply reaping in profits if your stakeholders do not trust the company. Unsatisfied stakeholders can lead to poor quality work by employees, difficulty in getting approvals, share prices dropping making it difficult to raise capital and survive in the industry. Particularly when a business is facing a crisis, it is important for them to work on maintaining these strong relations. Crisis management support agencies can be hired on a routine basis or during a crisis to maintain the trust level.

About the Author:

Akansh Malik talks about the importance of a company maintaining trust at every stage with their stakeholders. In the event of any crisis taking place, crisis management services he believes will not be effective if no trust is maintained. It is his opinion that crisis management support is not the entire solution to helping a company avert a crisis. To survive in any industry he believes trust is crucial with the employees as well as the customers.