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  • Writer's pictureErin Ryan Diffenderfer

Prioritize TR&E for Healthy P&L in Business

Updated: Feb 27

start with trust respect and mutual enjoyment and business profits and successful results will follow.

In today's fast-paced business world, success in profits, growth, and market dominance matters. However, the most successful businesses and work relationships prioritize trust, respect, and mutual enjoyment first, knowing the healthy financial picture will follow. For any business, ask yourself often: Are the foundations of these three things in place and action for us as a team, with our clients and suppliers, and if not, how can we foster them?

They're the three things I've identified that impact me and any team I've been a part of the most. When they're in place, things flow well even during challenges, and when they aren't, even the most straightforward situation or easy transaction will feel challenging and taxing. I look for mutual respect, trust, and enjoyment while we work towards our goals.

Breaking the three down:

Trust is a key element for business success.

Trust is the cornerstone of any successful business or business relationship. It's the belief that you can rely on someone to act in your best interests, be honest and transparent, and keep their promises. Trust is necessary to establish a solid and lasting partnership with clients, customers, or colleagues, leading to good, healthy, prudent decision-making.

Respect is a key element for business success.

Respect is equally essential in any business relationship. It's the recognition that each person has unique strengths, talents, and perspectives that contribute to the organization's success. When we show respect to others, we create an environment where everyone feels valued and appreciated and can contribute their best work. Respect is hard to come by when you don't have trust, so pay attention to yourself and those you are working with consistently regarding honesty and transparency. Are my and their words and actions aligned regularly? You can’t expect perfection out of anyone. However, regular alignment of words and actions shows good character and deserves respect.

Mutual enjoyment is a key element for business success.

Finally, mutual enjoyment is a critical ingredient in any successful business relationship. With trust and respect in place, people feel safe, and when people feel safe, they thrive; when people are thriving, they tend to be less tense and add to an atmosphere of fun, consistent, cohesive productivity. When we enjoy working with others, we're more likely to collaborate effectively, communicate openly, and be creative in problem-solving. Creating a positive and productive work culture that fosters innovation and growth will result in healthy business relationships, financials, and repeat business that you can count on.

While profits and market share are crucial to a business thriving, they're not, and shouldn’t be, the only measures of success. To build a successful business or business relationship, you must establish a foundation of trust, respect, and mutual enjoyment to reach your financial and market share targets. Doing so will create an environment where everyone can thrive and achieve their goals together. So, the next time you evaluate a business opportunity or build a new partnership, remember to look for and prioritize these essential elements for long-term success before you do anything else.

Mutual trust respect and enjoyment are the key foundational ingredients for a truly healthy business culture and lead to success on every level.

Prioritize TR&E for Healthy P&L in Business

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