The Importance Of Keeping A Commitment Today
In today’s hyperconnected world, business, success is based on an open ecosystem rather than the 20th-century metaphor of a closed command & control machine. The speed of change occurring in the marketplace requires stakeholders such as employees, partners, suppliers, and customers to create, co-create and collaborate together to solve problems faster than the competition. Whether making commitments to customers, co-workers, partners, or your boss, they are watching, collaborating, and making judgments about you.
Keeping commitments has always been important to higher performing leaders and their businesses. The difference today is the hyper-connectedness and transparency of social media platforms such as Twitter, Facebook, and LinkedIN. It has empowered people to participate in the conversations of your marketplace. Your ability to influence opinions through traditional marketing campaigns or public relations programs is rapidly losing its effectiveness. Nothing speaks louder than making and keeping the right commitments to your stakeholders.
The ability to make & keep commitments has become more of a social activity and trust is foundational to these interactions. As just in time teams come together across this ecosystem to innovate and solve problems together, the best way to speed up the trust is for all participants to show or account for their earned Relationship Capital (RC).
A commitment goes beyond just words of intent, but the actions that lead to positive outcomes. Leaders who operate businesses are responsible and accountable for a commitment or suite of commitments. Now multiply these commitments across each member of the organizational team, partners, suppliers, and customers. This creates actions that overcome obstacles and achieves operational excellence.
Your organization is a commitment-oriented entity
Without making and consistently keeping commitments to your customers, you will not be generating the revenues to fund your growth and innovation. This should be news. Your growth comes from building a trusted reputation. Earning the relationship capital that allows others to refer customers, employees, partners, investors, etc. to you. These ambassadors lend their trust to you with each and every referral. Imagine all of your stakeholders as trust ambassadors. This is where it is going. If your kept-commitments are not consistent, the people that support you will not continue to do so.
You also will lose the opportunity to build new additional advocates. Important considerations from leadership expert Marc Michaelson:
Relationship Capital (RC) is an open standard metric and reward for a fulfilled commitment. It has always been a key performance indicator of high performing leadership, individuals, and teams. The challenge has been that this intangible asset is based on the values, perceptions, and behaviors of the individual & group, of which behavior is the only observable element.
Whether you are an executive leader of a global corporation, an entrepreneur, or a business professional, you compete in a global marketplace. The rapid deployment of mobile devices, cloud infrastructure platforms, and big data analytics technologies creates an environment that will transform the competitive landscape across whole industries. Add open standards for capturing and measuring what has been an intangible asset and you can foresee a business world that competes on high proactive trustworthiness or Relationship Capital (RC). Outcompeting by out-behaving the competition.
The speed at which a product or service innovation can be created, sold, and implemented through these global digital channels is mind numbing. The ability to earn and maintain trust by capturing Relationship Capital (RC) is as important as any other forms of capital (financial, intellectual, human, etc.)
Now, through the explosion of social media and other digital channels, we have entered the “Relationship Capital Economy” where establishing and building a trusted reputation or “RC” with you entire ecosystem of customers, employees, and partners is the new currency or even gold standard for success.
In this transparent social business world, how you keep your commitment is as important as the outcome itself to attract new customers, retain top performers, and any other meaningful stakeholder relationship.
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