It is risky for a business to trust because if the trusted entity fails on it’s promise it could harm the business. Business leaders, entrepreneurs, and professionals need to differentiate themselves, their businesses, and products from rapid commoditization in the marketplace based on their track-record of trustworthiness.
Business, product, and individual relationship entities will have the opportunity to build their credibility with every interaction. With open standards that capture and measure quality of relationships, it will be easier for these entities to earn tangible measures of Relationship Capital (RC).
Relationship Capital (RC) is an accounting of the interactions between “entities”, including people, businesses and products. Interactions include Commitments (actions) and Perceptions (thoughts and feelings). Entities earn RC by keeping Commitments and obtaining positive Perceptions. They receive a Relationship Capital Point (RCP) for each fulfilled Commitment, and an RCP, or a fraction thereof, for each positive Perception obtained. RCPs are deposited in an RC Account under the strict control of its owner entity.
The objectives of RC are to provide a common vocabulary for relationship interactions and to account for the interactions as they occur. Accordingly, RC uses a “standard-in-the-cloud” platform to enable entities to engage in interactions and capture RCPs in near real time. The platform is provided by RNIA, an independent body.
As important as revenue and profits are as a scorecard of success for business, Relationship Capital (RC) brings an important indicator of the quality of relationships with all key stakeholders and this has always been important for success offline. RC just makes trustworthiness more tangible for social business success!