Two words that are priceless…

Did you know there is a very simple business strategy that costs virtually nothing to implement but will help reduce team turnover, turn customers into raving fans, improve your supplier relationships and make cash flow easier? Ultimately it will help you to be more successful and generate more profit too. It is a strategy that can be summed up in four words – Just say ‘thank-you’.

Success is a box of chocolates

Have you ever thanked your prospects for the opportunity to quote for their business, your existing customers for their continued custom and new customers for choosing to buy from you?  An MD client of mine (a business with a turnover of £10 million and typically 55 new customers a month) writes to every new customer to welcome them.  He also sends a small box of chocolates as a token of thanks.  He in turn receives emails thanking him for the chocolates and for taking the time to write personally.  Since implementing this they have significantly increased the incidence of second, third and forth orders and reduced overall customer churn.

Reduce team churn

Your team are arguably the most important asset in your business.  It is they, after all, who look after your customers.  When the team does well or an individual puts themselves out, show your appreciation by thanking them either one to one or in a team meeting.  Showing your team that their efforts are recognised means that they will work harder, will be more committed to you and the business and, ultimately, the good ones will be less likely to leave.

Make cash collection easier…

How many of us have ever thanked a customer’s accounts administrator for sorting out the payment of an overdue invoice?  One client was forever being paid late by a large customer and it was causing cash flow difficulties.  Rather than rant at the accounts administrator they befriended her and, when payment finally arrived, they sent her a bunch of flowers. No-one had ever done that before and, guess what, they no longer have to wait for their money.  Indeed, it is often paid early and their cash flow is much improved – phew!

It works with suppliers too…

Don’t forget to thank your suppliers.  Your suppliers are a key part of your team. For many of us the way our suppliers react  can directly affect the quality of service we provide our customers.  So, when a supplier puts themselves out to help thank them and write thanking their Managing Director.  You will be amazed the effect when you need something in a hurry or a special price as a favour.

Saying ‘thank you’ needn’t cost you much but it will ‘pay back’ massively.

No matter what industry you are in, or how experienced you are, if you want to find out how you could achieve more, simply click the button below or call Mark Cadbury on 07711 393123, it will change your business…and your life.