Building Trust in Business

Have you ever thought of purchasing a product without trusting the brand, the manufacturer, or the supplier?

There’s a higher chance that the answer is NO. This is because if you don’t trust something you can’t buy something, and it’s a demonstration of how trust affects businesses.

Whether you’re just starting your business or have extensive experience in dealing with customers, you should always remember that you have to build credibility in a bid to make your business successful. When it comes to building trust in business, there are several things that you must get right. In that light, here are five tips to help you build trust in your business:


Build Mutually Beneficial Relationships

Everyone, be it a customer, employee, or business partner, wants to believe that they’re making a wise decision to work with you. Customers need to have a clear understanding of how your products or services will benefit them. Similarly, employees need to feel as if they own the business. Besides promoting accountability, this feeling also shows how much you trust your employees.

Namely, trust is about letting people know that you have their best interests at heart. They’ll care about and trust you in return.


Uphold Respect

You should keep in mind that everyone possesses the sovereign right to reason, act, and conduct themselves the way they please. As such, you need to be respectful of others and strive to keep the interactions clean. Manipulative and obnoxious behaviour is not the right way to build trust in business – it drives people way.


Practise Patience and Flexibility

You should learn to tolerate mistakes and avoid being an unyielding judge. Always try to find the middle ground in case of a disagreement with another party. Be considerate of situations that may have led to mistrust. Ignore the set rules where common sense dictates. Adopt unusual solutions for problems that cannot be solved by usual techniques.

It is worth noting that trust takes time to build, especially when dealing with a person who has never experienced trust in his relations.


Be Truthful and Authentic

Everything you do or say, it is imperative that you uphold truth and authenticity. If your customers, employees, or business partners suspect that you’re not authentic, you’ll make a negative impression. In fact, never make the mistake of underrating most individual’s intuitive nature, particularly women.


Deliver The Unexpected

Surprising and delighting customers is one of the most effective ways to build trust. Deliver what your customers asked for, but add a little more. This can be:

Extra time

Extra service

Extra convenience

Surpassing your customers’ expectations goes a long way and promotes value and trust. In fact, customers will talk positively about you, netting you more business.


Conclusion

Trust is among the keystones of building a successful business. In fact, without trust, there’s no credibility. A business with no credibility cannot attract customers. In addition to the above trust-building tips, you can also contact WEDC, as they can teach you how to run your business successfully.

Challenges Facing Female Entrepreneurs

While all entrepreneurs face certain challenges in their daily business life, women normally have more challenges and hurdles compared to their male counterparts. Business women who are raising children experience even higher demands on resources, which include time, money, and energy.

Nonetheless, it should not be taken that women are less successful than men in the entrepreneurial world. In fact, according to statistics, women are starting businesses at twice the rate of men.  In light of their burgeoning success rate, women entrepreneurs are resourceful and have a potential to succeed, the odds notwithstanding.

Here are some of the most common challenges that entrepreneurial women are exposed to, which undermine their quest for business success.

It is worth noting that these are generalizations and hence not a reflection of all women entrepreneurs.


Letting Fear Guide Their Decision Making

Generally, women are less likely to take risks and normally let their own fears stand in their way of pursuing their entrepreneurial goals. Such fears include:

The fear of success

The fear of failure

The fear of being oneself

To deal with such fears, you need to have confidence in every project you undertake. You can achieve this by ensuring that you are prepared in the best possible way before embarking on your business endeavour. Likewise, you should have faith in what you’re bringing to the table, in addition to valuing your time and capabilities.


Difficulties To Raise Funds

Entrepreneurial women typically struggle to raise the necessary start-up capital as well as the on-going funds to help in growing their venture. Getting venture capital especially has been challenging for female entrepreneurs.

Fortunately, there are a growing number of alternative sources of capital for entrepreneurs looking for smaller loan amounts. For instance, you can apply for SBA-guaranteed microloans. This is a program that focuses on helping early-stage enterprises and borrowers with limited credit history, as well as minority and women entrepreneurs who do not qualify for bigger loans.


Limited Access to Industry Connections and Networks

Networks deliver highly significant information for entrepreneurs. They help entrepreneurs understand the industry better and develop key connections for business growth. It can be challenging for female entrepreneurs to find the necessary business connections in the initial stages of their business as well as later on when they’re seeking counsel for business development. For budding entrepreneurs, in particular, networks are the best platform to master how the industry works.  They’re also an excellent source of connections for new businesses.


Wearing Too Many Hats

Naturally, women tend to try to be everything. Namely, they wear so many different huts that managing everything becomes quite challenging. Thus, when women add entrepreneurship into the equation, this trend is overblown. This tendency is attributed to the fact that women normally feel they’re the best person to handle every task and find it difficult to delegate tasks to others.

As a result, they end up spending more time working in their business as opposed to working on their business. In order to make success out of your business you need to strive to overcome this challenge.


Final Thoughts

Entrepreneurship was once a reserve for men. However, the tide is rapidly shifting with more women becoming entrepreneurs. In fact, in the United States alone, women own over 9 million companies, which create about 8 million jobs and generate close to 1.5 trillion U.S. Dollars in sales. This is according to 2015 statistics released by the National Association of Women Business Owners.

Be that as it may, women normally have more challenges compared to their male counterparts. Fortunately, this challenges can be overcoming by learning to do things right. This is where organizations such as WEDC come in. They offer business trainings and services that are geared towards helping women entrepreneurs realize their business goals with minimal hurdles