In today’s issue of Profit & Joy Simplified, let’s talk about gratitude. November is traditionally the month we focus on thankfulness. We'll be celebrating Thanksgiving in just a few weeks with family & friends.
But this is a business newsletter so why are we talking about gratitude here?
Practice Gratitude in Business
Gratitude is more than an excellent personal practice - it also makes good business sense.
Our team:
The results from Global Happiness Council’s 2019 study showed a correlation between recognition & increased retention rates and year-over-year performance.
In fact, 26% of employees ranked recognition for their work in their top 3 factors for staying with their current employer.
Our clients:
Sadly, our clients often don’t know we even care. That same study reported that 68% of all people leave a business because of a “perceived indifference.” Wowza on that upsetting stat.
That definition does seem applicable to business too, right?
Who to Show Appreciation To?
Your team (employees and contractors)
Your clients
Your vendors
A well-run business relies on all these to be well-run & profitable. So why not make an intentional effort to show appreciation to them?
We spend a lot of resources (money, time & effort) to get new clients, but did you know it costs 5 times more to get a new client?!
We can increase revenue more easily & cost-effectively by hanging onto the clients we already have & offering them additional ways to buy.
Simple No & Low-Cost Ways to Show Appreciation
With a potential recession looming, you may want to thank those that make your business as great as it is - clients, team & vendors - but also don’t have a lot of profit left over to spare this year.
I get it. No worries. I pondered & read a lot of different ideas…and I’ve curated some great no & low-cost ways to show you care.
Let’s dive in...
For your Team
Recognize work anniversaries & birthdays
Cheers for peers - give people the opportunity to call out positive things others are doing
Ask your team how they’d like you to express your appreciation - their answers may surprise you
Public recognition - social media spotlight
Private recognition - some people prefer this! Know your peeps!
Thank you notes - even texts or emails
Surprise treats
Mentoring
Recognize initiative, work ethic, and values (actions vs just outcomes)
Make your own staff appreciation day
Recognize their achievements outside of work
Lunch & learn on a topic your employees care about (I do these for businesses!)
Recognize achieving goals as well as exceptional soft skills
For your Clients/Customers & Vendors
Thank you notes (bonus points for handwritten!) or video or call
Public recognition - social media spotlight
Gift a small meaningful gift (requires careful listening & observation!)
Reward with referrals (who doesn't love a referral!)
Recognize anniversaries of working together as well as milestones
Host a client (& vendor?) appreciation event
Send an article or some other communication that would be of interest to them
Provide a little extra for free as a surprise treat
We cannot operate our businesses efficiently and profitably without our vendors. Showing them extra kindness and love will stand out, especially because this is definitely outside of the expected norm.
Gratitude does seem to apply to business too, right?
But I'm sooooo busy already...
Yes, I know you are busy. So much to do.
But we would have so little to do as business owners if we didn’t have amazing clients, vendors that supplied what we needed, and our team to help us carry it all out.
Action Step:
As we head into the week, what if we picked one practice from each category to begin implementing right away?
You don’t have to personally be in charge of all of this. Someone on the team can run with the implementation of these ideas.
But you DO have to actively participate. When the leader doesn’t walk the talk, it isn’t very meaningful. Just saying. Years of experience observing so that's some straight talk for ya - said as kindly as possible. :)
Recession or not, these ideas cost almost nothing to implement and will pay you back with a team, clients, and vendors that feel more connected to your business.
And research shows that gratitude is contagious. So expect to watch it catch on if done right! And that’s a pretty good ROI according to this fractional CFO, right?
Wouldn't you love to be part of a business that intentionally lived out an attitude of gratitude?
TL;DR:
Gratitude isn’t just for your friends & family! It matters to your business too!
1. Stats show businesses benefit from showing gratitude
2. Without a team, clients & vendors, we have no business
3. Show appreciation to your team
4. Show appreciation to your clients & vendors
5. Gratitude is contagious. Watch what happens next!
And I cannot end this without saying THANK YOU to YOU for reading Profit & Joy Simplified each week.
I think of you as I write each newsletter - knowing you are running your business and doing your best.
My goal is to provide simple actionable tips & lessons that you find valuable. And for you to know that I’m cheering you on.
I'd love to hop on a call to learn more about your business (I especially love the how & why it started stories) and about you too.
After all, you’re more than a reader to me. You’re a real person. And life is better connected.
Hope you enjoyed this. Thanks for reading.
See ya again next week, my friend!
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