A thriving business has plenty to be thankful for. There are two components that a business should have. The first one is profit; the company’s profit should be increasing. It is usually the main focus, if not the only focus of a company. The second one is expressing business gratitude. It is the component that is easily overlooked. For entrepreneurs, expressing business gratitude can go a long way in terms of success.
Though it is true that profit is important for stakeholders, it is also important to show gratitude for business transactions as well. But how exactly do you express business gratitude for different stakeholders of the company? How do you express your gratitude to those who choose your products or services? How do you express your thanks to the employees who help increase the company’s profit? The business might not have reached this far without the help of these people.
Reasons Why You Fail to Practice Gratitude
Most of the time, managers think that employees only want a salary raise. However, not all employees are after monetary benefits. One study proved exactly this. The employee engagement study showed that only 13 percent asked for a salary raise. At the same time, 36 percent of employees asked for expressions of appreciation. A focused group session was done by one of the employees who wanted expressions of appreciation as a sign of gratitude. He stated that he was an employee of the month. Although he did get a monetary benefit, however, he wasn’t congratulated personally. This shows that the congratulations were more important than the monetary benefit.
There are plenty of reasons why you fail to practice gratitude at work, and here are some of the reasons why you fail to do so:
It is awkward.
It might not be true to all, but some people find it difficult to express business gratitude. Often times, you might find it uncomfortable or awkward even. It might also be because you don’t know how to show appreciation to others. When you don’t often receive appreciation, it is also hard for you to express gratitude for business setting as well.
We don’t prioritize it.
Expressing business gratitude is oftentimes overlooked. Most would tend to focus on getting new customers, higher revenue, and many more. Gratitude has always been an afterthought and the last one on the list. You are always busy rushing that you tend to forget small things like saying a simple thanks.
Expressing Business Gratitude to Stakeholders
Expressing gratitude in business and to everyone who has contributed to your company is crucial. Gratitude should be genuine and not just about the monetary benefit. Everyone cherishes appreciation. It is the basic need of recognition for a person and their contributions. Thus, being grateful is an essential trait of a productive entrepreneur. Here are some of the ways you can show your appreciation:
It is always important to recognize your staff for their accomplishments and contributions. Appreciation is a great way to develop your staff professionally. Therefore, expressing business gratitude should be an important part of the culture of your office. You must create gratitude exercises for the workplace where you and your employees can show appreciation. It can be done privately or publicly.
A boss showing appreciation in the workplace can increase the morale of the team. The supervisor can do it in weekly or daily meetings. Here, one can feel free to recognize all team achivements that have taken place. You can also create an appreciation wall or gratitude jar at work. It can be where your staff can post about the things and people they are thankful for. Another way for you to show appreciation is to give out incentives.
Expressing gratitude in business transactions is crucial. When you show gratitude to your clients, it shows your commitment to making your customer relations better. You can get creative and send out handwritten letters of thanks. You can also start an appreciation campaign. Here, you won’t only thank your clients but the general public as well. It will help form loyalty and strengthen your relationship with your clients. Showing your sincere gratitude can make your customers more loyal towards you and your products.
You must also send your thanks to everyone who has helped your business grow. Send your thanks to the mentors who gave you advice and encouraged you to develop yourself. You meet these people either during your academic years or professionally. They may have helped you with researching and making your business plan. Other times, they may have suggested new concepts that turned into opportunities for you and your business to grow.
You must always remember to thank everyone who has helped your company to thrive. It can be through a simple “thank you” card, gift, or an email. You must also be specific and authentic. No one wants to receive mindless praise. Expressing business gratitude is a daily practice. It should not only be during the holidays but all year round. After all, gratitude boosts your company in more ways than you can count.
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