The term “full faith and credit” actually has a specific legal meaning. It refers to a specific clause in the U.S. Constitution that requires all states to recognize the legislative acts, public records, and judicial decisions of the other states. It was hoped this would unify the country, yet give the states proper autonomy. Over time, though, “full faith and credit” has been used in many other contexts, including the notion that the U.S. unconditionally guarantees its financial obligations. Regardless of your political ideals, you have to wonder about the wisdom of doing anything that damages that faith. Because once a government loses public belief in its financial integrity, it’s tremendously hard to rebuild trust.
In much the same way, business professionals have their own “full faith and credit.” Your clients agree to do business with you because they believe you are competent, will provide suitable solutions, and guarantee to be there for them when they need service, not just tomorrow or next week, but years or decades from now. They believe that you have integrity and will do the right thing, unconditionally.
Yet anyone who reads the business media knows that people sometimes act in ways that erode that faith. Big lapses like soliciting for Ponzi or pyramid schemes. Little things like being sloppy with paperwork or failing to return phone calls. And everything in between, from selling unsuitable products and misrepresenting product features to not staying current with product trends and giving lackluster advice. With each ethical transgression, a client’s faith in a businessperson’s integrity weakens. What started out being unimpeachable develops fissures over time, inevitably crumbling in disgrace.
So how to you maintain your own “full faith and credit”? Here are some steps you must take:
-Do everything by the book. Make sure your marketing and administrative practices are locked down tight.-Do business with professionalism. Part of this depends on you knowing your stuff. The other part depends on you acting with unconditional integrity.
-Exceed client expectations. Be sure to set—and reset— client expectations as needed.
-Communicate, communicate, and communicate with your clients. And when you’re done, communicate some more.
Always do what’s best for your clients. Never forget that it’s about them, not about you. Whatever your business, adopt the mindset of a true fiduciary.