“A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large” – Henry Ford
To me, it’s always been a no-brainer. If you look after and build strong relationships with all the people involved with your business, the profits will follow. People = profits.
Let’s have a look at what I mean in terms of all the people you will be dealing with in your business.
Staff / Outsourced Providers
Your staff deal with your customers, whether internal or external. If you look after your staff, they will look after your customers and your customers will look after you. If your customers are looking after you, their loyalty means more profit for you.
What matters to your staff? It’s not always about pay, it can be about many other things, such as being appreciated for their hard work, providing great training and development opportunities and/or promotional prospects or perhaps being able to contribute to local charities or wider society. Find out what motivates your staff and work with them to get the most out of them. This will reap many rewards for your business.
If you outsource some or many of your functions, the same principle applies. The more you look after your outsourced providers and have a strong relationship with them, the better they’ll look after you and your business. Win-win!
Your customers are the reason your business exists. Looking after your customers and providing exceptional customer service should be your absolute number one priority. Statistics show that acquiring a new customer costs five to fifteen times more than looking after an existing one (‘The Unforgettable Customer Experience’, Richard Kimber). Loyal customers will therefore contribute to increased profits so, if you want to excel in business, it’s worth looking after your customers.
And just think about what those lovely customers are saying to their family, friends and colleagues. By looking after this group of people, the chances are you will naturally be growing and increasing the profits in your business with free advertising known as word of mouth!
Most businesses will have other businesses that supply them with goods and services. Developing a strong relationship with your suppliers is key to ensuring you have everything you need to run your business smoothly and efficiently. This in turn will ensure you are able to look after your customers effectively.
Looking after your suppliers includes paying them within their credit terms. How do you feel when you are paid late? Who would you choose to work with – someone who pays you on time or someone who consistently doesn’t? Now you are in your suppliers shoes. Look after this group of people and they will pull out all the stops to look after you and your business.
Building a good relationship with your bank will make your life a lot easier. You are more likely to receive help from your bank if you work with them and provide them with what they need and when they need it. They are asking for certain information for a reason so work with them. The information you provide them with is likely to help you run your business better, too. Win-win and potentially more profits!
If you don’t like your current bank or don’t feel you work with them as well as you would like, switch to another who is willing to work with you!
Whoever you have dealings with, treat them with respect, professionalism and courtesy. Being known as a professional, friendly and ethical person to do business with will reap dividends for your company. The word will spread, keeping your marketing and advertising spend down whilst earning you new customers. The growth and profits will continue to follow.
As I say, if you look after people, i.e. everyone you deal with in your line of work, the profits will look after themselves. As Henry Ford himself said: “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”
So if you don’t consider yourself much of a people person and that looking after people is touchy-feely nonsense, consider the impact on the growth and profitability of your business. You may now agree that this people stuff is actually not soft at all and is very hard-core. In fact, the very success of your organisation could depend on it.
Interested in becoming more financially savvy?
To find out more, please click here
Contact firstname.lastname@example.org for more details or call 07921 252758. We look forward to hearing from you!