PPB December 2020

opportunity for long-term success, but examining opportunities for alignment in the boardroom amongst the leadership teamoften serves as a substitute. While it’s still better to have a plan withmany stakeholders participating, it’s more important to begin than it is not to begin out of fear of a lackluster start, so if your efforts need to begin with the executive teamonly, inmost instances that’s better than not starting at all. The most important consideration in this exercise is authenticity. You can’t manufacture your desire to get behind something as a means to fool people into giving you their money. You have to have a sincere desire to build (or inmost instances, remodel) your business to be a clearer reflection of what and who the people behind your business are all about. Once you’ve hammered out how you intend to start, it’s vital that youmake these efforts part of your business-planning process. Devoting time and attention to the development, implementation andmeasurement of your progress should be a part of your strategic planning efforts. By committing your efforts to the written parts of your business, you’ll remain attuned to the day-to-day activities necessary to demonstrate your newly crafted, purpose-driven status. With repetition comes improvement and consistent repetition requires commitment; a commitment that often will fade with time when not made a foundational aspect of the business plan. Standing out in a sea of sameness requires focused attention on creating and fostering a differentiation strategy. By developing the purpose behind your business and committing to the activities that come along Figure 1 The Nature of Trust Has Changed Trust: Competence and Ethics Trust today is granted on two distinct attributes: competence (delivering on promises) and ethical behavior (doing the right thing and working to improve society). Currently, no one institution is considered both competent and ethical. Trust Moves Local Trust has moved from a top-down vertical model, dependent on traditional leaders, to a horizontal one in which people rely more on friends, family and “a person like me.” 35 Ethical -35 Unethical Competent 50 Less competent -50 NGOs (-4, 12) Business (14, -2) Government (-40, -19) Media (-17, -7) The dynamic shifts in trust: How the vectors of trust have changed over two decades Top-down trust: People trust or distrust in response to the decisions and messages of an authority figure Horizontal trust: People trust or distrust based on their interaction with a peer, or “a person like me” Local trust: People trust or distrust based on their interaction with others who are personally close to them in their community, workplace or family As these elements of trust emerge in importance, it’s paramount for businesses to be able to communicate how they are walking their talk. | DECEMBER 2020 | 17 INNOVATE