Trust: An Essential Ingredient in Business Success

October 30, 2006

In a recent post, I explored a sad truth: fear stops many entrepreneurs before they even start. Today, I want to explore how a lack of trust can STOP you from growing your business.

Eventually, as your business achieves success, there will come a time when you can’t have your hand in every pot. The trouble is many entrepreneurs insist on keeping their hands in every pot. They micromanage, and what drives them to do it? They don’t trust their staff.

It’s sad to see.

I know entrepreneurs who have stood at the crossroads of expansion with real growth prospects MANY times. One fork means they take on new staff and expand their direction. After years of doing the same things day to day – and knowing its safe and that they can manage the workload – they shy away from expanding because they don’t trust that other people can their jobs.

You don’t need to grow rapidly to see cases like this – they are everywhere and it’s a shame in my books. Choose your team, shape your team, and trust your team. Chances are they want challenges anyhow. I’m not advocating growth for growth sake – I abhor that – but growing can help you reduce turnover, improve job satisfaction, add more value and increase your margins. These are great benefits of the journey which is growth.

So, if you are considering growth and you have a solid business case and customers at the ready, spread your wings, trust your staff and grow your business….or stagnate and die slowly as competitors take the steps you won’t. There’s a happy thought.

about the author

Co-Founder & CEO, FreshBooks Mike is the co-founder and CEO of FreshBooks, the world’s #1 cloud accounting software for self-employed professionals. Built in 2003 after he accidentally saved over an invoice, Mike spent 3.5 years growing FreshBooks from his parents’ basement. Since then, over 10 million people have used FreshBooks to save time billing, and collect billions of dollars. A lover of the outdoors, Mike has been bitten so many times it’s rumored he’s the first human to have developed immunity to mosquitoes.