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An Economy of Trust?
A couple of month’s back I attended a fascinating workshop during which it was mentioned that a new, post-GFC economy may be coming into existence - the Economy of Trust.
In this economy, reputations and ethical values really do matter. One's word would be one's bond. There would be no misuse of inside information. There would be no exploitation of consumers. A "free" offer really would be free! Confidential information would actually remain confidential - even without any signed legal agreements. And the spirit of an agreement - not just the letter of the law – would be honoured.
I'm sure most of us would like the business-world to be as described above. It would certainly reduce our legal fees! But unfortunately the practical realities of the real-world often seem to intervene.
In Australia, for example, we face a real challenge. The World Economic Forum's Global Competitiveness Report 2009-2010 put Australia at 11th place in its ranking of the ethical behaviour of firms. In comparison, New Zealand firms were ranked first in ethical behaviour.
Of course, both business owners and consumers are all well placed to influence the realisation of an Economy of Trust:
1. Recommend and support companies and individuals that you trust
2. Treat other businesses in the way that you would like to be treated
3. Don't reward sub-standard ethical behaviour with your repeat business
4. Don't accept unethical or dishonest corporate behaviour as normal
Fortunately, in Pittwater we have great opportunities to meet, network and support like-minded ethical businesses and to promote these concepts. And as they say in the classics, from little acorns mighty oak trees grow!
The "Economy of Trust" may actually become a reality!
And Australia may actually beat the Kiwis!!!
Andrew Blunden is the founding director of Pittwater Business Limited and is CEO of Part Time Professionals (www.ptprofessionals.com.au). Part Time Professionals helps companies seeking part-time or contract accountants, financial controllers, CFOs and other experienced executives. They now represent over 280 qualified accountants and executives throughout Australia.
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