You’ve probably noticed that whenever someone in one of your social or professional circles shares their success, everyone gathers around to celebrate their accomplishments or good luck.
This can be explained partly by the psychological notion that one group member’s win is also a win for every other member by proxy. In other words, sharing doesn’t have to mean boasting, and allowing the group to be a part of the positive experience strengthens its communal bonds moving forward.
The same principle can also be applied to a small or medium-sized business. If you purposefully foster positivity by sharing successful experiences and changes, you’ll be able to reap significant benefits, as outlined below.
Higher staff engagement
Engaged workers take a personal interest in their company’s well-being and success, but it is essential to remember that they are not born that way. Workers and staff members who truly care about their organization are shaped by their own experiences both at the office and outside of it.
According to Forbes, highly engaged teams are 21% more productive than their unenthused counterparts and much less likely to leave the company prematurely. Adversely, disengaged employees cost U.S. companies up to $550 billion a year, so there are significant motivators for employers to foster a positive environment in which workers feel connected all year round.
A good workers’ communication strategy is key here. For everything from reaching a sales goal to the birth of an employee’s child, make sure everyone in your company hears about it on internal bulletin boards, designated meeting days, or through special events intended to celebrate each and every win to the fullest.
Closer ties with customers
Most consumers see similar businesses as easily interchangeable and initially choose between them based on convenience, prices, or location. But, as their relationship with a specific business deepens, strong feelings (both positive and negative) develop, either keeping consumers coming back or making them keep their distance.
That’s why you should consistently communicate with your customers on a personal level and not just regarding sales and products. There are plenty of ways to go about this.
For starters, find the type of information that may be useful or simply interesting to your customers even if it is not part of your offering and tell them about it through targeted ads, mailing lists, or everyday interactions. Next, try to go above and beyond by surprising them with the gift of intimate knowledge. For instance, offer clients an exclusive glimpse at the inner workings of your business and any celebration-worthy news to create lasting loyalty and foster a sense of community.
Longer vendor relationships
Vendor relationships are a very important, if not the most important, part of any business’s ecosystem, and it is feasible to stick to the same vendors for years or even decades.
If you don’t have a vendor newsletter already, consider starting one in order to let your partners know how your business is doing and what plans you have to improve or grow over time. For example, if your business recently adopted a new digital technology, say, a simple and efficient B2B payment tool such as Melio, it may be a good idea to communicate it to your partners.
This serves a dual purpose. First, it lets your partners know your business is innovative and open to new ideas and solutions. Second, it gives them a chance to adjust, if needed, to any new procedure and maintain a long and prosperous relationship with your business.
When you have open communication lines in your relationship with employees, customers, and vendors, and when you let all of these parties in on your successes, big or small, you’ll be surprised at the level of transparency, loyalty, and trust you’ll get in return. And that would definitely be cause for another shared celebration.
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.