You know, way too often we buy something and then it falls far short of what we expect, and I’m talking here about a service, not a physical product. We’re gonna talk about a phrase, which I think is really an important part in and mindful for us in business: trust but verify.

We always wanna start with trust, but if we don’t verify along the way, there’s a good chance that that trust could be taken advantage of. So watch this short video and learn what that means and how to use it in your business.


Transcript

You know, way too often we buy something and then it falls far short of what we expect, and I’m talking here about a service, not a physical product. You know this is really true when I talking about marketing consultants. I’ve just had really bad luck with marketing consultants. I’ve hired them, they sounded good about what they said, but at the end of the day, the work that they provide fell way short for this. And too often I’ve been disappointed with services that I bought, and they didn’t even have the decency to follow through on an effective basis.

I’m not gonna spend our time today whining about marketing consultants, or airlines, or bookkeeping services, or CPAs, or any professional service. We’re gonna talk about a phrase, which I think is really an important part in and mindful for us in business. You might be curious what that phrase is, and I’m not gonna make you wait forever. I’ll tell you right now. The phrase is trust but verify. I was recently reading something and somebody put that line out there. And as I was thinking about my experience with people over the years, it’s really important that trust starts first. We always wanna start with trust, but if we don’t verify along the way, there’s a good chance that that trust could be taken advantage of.

Hi, I’m Josh Patrick, the founder of Stage 2 Planning Partners in the Sustainable Business. I’m also the one who’s responsible for putting together our Cracking the Cash Flow Code Program. And I’m the author of Sustainable: A Fable About Creating a Personally and Economically Sustainable Business.

So let’s jump in and talk about what trust but verify means.

Trust but verify is not something that’s meant to distrust who you’re working with. It’s really a way of building trust. I’ve often talked about the thing called the trust formula, which is reliability plus confidence plus intimacy divided by self-interest is gonna tell you how much you trust somebody. It’s really important for you to understand that trust formula and be verifying that the people that you’re working with are checking those boxes.

Are they confident in what they do? Are they doing what they said they’re gonna do when they said they’re gonna do it? Are they being consistent? Do they care about you as a person or they just care about the money that you give them? And are they working in your interest or their interest? So those are the verify things that you need to be doing as you’re looking with trust but verify.

So how can we use this in our business and not just use it as something to whine about, which is how I started out this video today?

  • Now when you’re delegating, you have to trust but verify. If you’re not trusting but verify, if you’re not verifying what you’re delegating, there’s a really good chance you’re gonna become disciplining with delegating. Believe it doesn’t work. And stop doing it. I do not want you to ever stop delegating. I just want you to get better at it.
    .
  • When you hire a new person to join your firm, you’re always excited about that new person joining your firm. You want to start up with trust. You want to start up believing this is the right person I’ve got. At the same time it’s really important for you to verify because if they’re off in certain areas when they first join your company, that’s the time to help them learn what they need to do. And if you find out that they can’t learn to earn your trust and you can’t verify that they’re the right person for your company, it’s better for both of you to part ways earlier than later.
    .
  • Same thing goes with an outside advisor. You know I often say that when you hire an outside advisor, you should do the exact same thing that you do for hiring an employee that’s sitting in the office right next to you. Too often I see people sitting there saying, “Uh, I just need a skill set from an outside advisor.” No, you don’t. You need to have an advisor who is willing to do what you need to have done and be excited about it and have to fit in with what your belief system is. Otherwise, there’s a really good chance your gonna get advice that’s not what you want to get or how you do that.
    .
  • And you need to be doing trust but verify when you start a relationship with a new vendor of any type. Now when I first started trying to hire people as marketers I gave them really long rope, a really long time to figure out whether they were good or not good, and the truth is I was giving them way too much time. I wasn’t spending enough time verifying. I was hiring them. And I said, “Well, they’re the experts, “so they’re gonna know what to do.”
    You have to be a little skeptical as you hire people. It’s really important with the outside advisors that you’re a bit skeptical, that they’re actually gonna deliver what they talked about in the beginning. And as you’re having the conversation with somebody about whether they’re the right person for you be clear about what your expectations are and be clear in following through to make sure you’re getting what you want to get.

So how do we use this phrase, which is kind of a snarky phrase, in a positive manner?

  • Well, let’s have a system in place for hiring people properly. That’s a good way to start. We’ve talked about my stage two hiring process in the past. Go back and take a look at it and see if it’s something that makes sense for you.
    .
  • Remember my mantra about delegation, which is expect, inspect, accept. I learned this from my first mentor, Shields Harvey. I’ve been using this for 41 years now. If you don’t set a clear expectation and inspect to make sure you’re getting what you want and accept it, you’re not gonna get what you want. And that’s the whole nature of trust but verify is that I set clear expectations, I inspect, which is the verification process, and then I accept, which builds trust even further.
    .
  • You know if you’re not able to verify that you’re getting what you think you want to get, you gotta be ready to pull the plug. You gotta be ready to pull that plug sooner than later. The longer that you go on with not being able to verify or having verifications tell you this is not the right person or the right service for you, the harder it is to do and the more frustrated you’re gonna be w hen you finally get around to pull the plug.
    .
  • But at the same time you want to make sure you don’t pull the plug too early. This is kind of an art thing more than science. You have to be, and this is where experience comes in. The chances are when you first start playing with trust but verify, you’re gonna spend way too much time before you pull the plug, and then you’re gonna go back to the other side of the pendulum where you’re gonna start pulling the plug way too early before you had a chance with the person you’re working with to either perform or not perform.
    Now the way I like to find out whether I should pull the plug or not is when I have a conversation with somebody where I’m asking them to think about something in a different way. If they refuse, I know they’re not the right person for me ’cause they’re not listening. If they go along with me and they say, “Well, here’s my experience, “and I’m willing to challenge and try what you’re doing “or let’s talk about this and come up with a different way”, it’s not time to pull the plug. So here’s something I also want you to do.
    .
  • I want you to be clear with all the parties who you’re involved with before you start. This is true with outside parties, the people who work inside your company, as well as suppliers. You don’t want to tell them, say, “Look, I work through trust but verify.” Just know this is something that you need to be doing.

So there you have it. What do you think about trust but verify? Why don’t you scroll down, leave me a comment below?

And while you’re at it, DOWNLOAD our Free infographic on the success path for Cracking The Cash Flow Code In Your Business. You’re gonna learn the five steps that it takes to reach cashflow freedom in your business and your life. Hey, this is Josh Patrick. Thanks a lot for stopping by. I hope to see you back here really soon.

Topics: Video, vendors, services, verification, consultants, trust, Sustainable Business, Hiring, delegation, trust but verify

Posts by Tag

See all

Subscribe Here!