4 reasons why saying thank you is good for business

26/07/2019

It’s just two words or eight letters – not much to ask – yet in business it often goes unsaid. And, this failure to show gratitude could be having a detrimental impact on your business.

So, here are four reasons why saying thank you is good for your company.

1. Staff retention

Your employees are likely to be your company’s biggest asset so it’s important to make them feel valued.

If your staff aren’t happy in their role they’re more likely to move on to another company which could leave your businesses in a tricky situation.

You can improve their motivation and job satisfaction by rewarding your staff for a job well done.

Whilst rewards programmes with incentives for meeting targets are great at helping businesses to retain talent, the power of a simple thank you is often overlooked.

People like to feel appreciated for the hard work they put in, so a verbal thanks or an email of gratitude can help encourage your employees.

Not only will this improve staff morale it can also boost your business by driving additional sales.

2. Customer loyalty

If treated properly your customers will keep coming back for more which is obviously great for your business. So, it’s important to encourage brand loyalty at every stage of the process – even after your job looks like it’s done.

High-quality customer service is one of the best ways to achieve this loyalty. By going the extra mile to make your clients feel valued you can leave a lasting mark which will encourage them to come back next time they need a product or service you offer.

Saying thank you for their custom might not seem like much but it will be the last thing they remember about using your services.

Extra points if you offer some kind of incentive or gift as a thank you to encourage them to use your business again even sooner!

3. Attract new business

In a world where many businesses are competing for the same customers, the power of showing that your company rewards its customers and staff cannot be underestimated.

And, thanks to social media doing this has never been easier. Simply showcase your reward schemes on all your networking channels so the world can see that your business looks after its customers and employees.

This will encourage potential prospects and new recruits to look more into what your business could do for them.

4. Improved collections

You’re probably wondering why it’s necessary to thank a customer for paying on time when they should just do it anyway. But, in an age where late payment is all too common a simple thanks could drastically improve your collection efforts.

By thanking your customers who pay punctually you show that it is appreciated and often encourage them to continue to do so going forwards.

You can also thank customers who pay early by offering early settlement discounts. Whilst this may seem counterproductive the cash flow benefits of receiving payment early cannot be ignored.

So, if you want to show your gratitude and encourage these practices, sometimes all that’s needed is a simple thanks.

Thanks for reading. Now it’s your turn to have your say. Do you think saying thank you is necessary in business? Please share your thoughts in the comments below.