Enlightened Leadership Blog | How to See Beyond Transactions in Business | July 2024
Have you ever felt you were just another transaction to a business? Money in. Good or services out. It doesn’t have to feel this way. The meaningful impact happens when we prioritize genuine connections beyond transactions.
Sometimes we need to slow down to refocus on why we do what we do. Let’s explore some practical steps to ensure we are more connected and less transactional.
Nurture Meaningful Relationships
Business is about relationships, relationships with customers, employees, suppliers, and the broader community. Viewing business as more than transactions means investing in these important relationships.
Action Tip 1: Listen to key stakeholders to understand their needs and concerns. Implement feedback mechanisms to foster responsiveness, open communication, and collaboration.
Enhance Customer Experience
Customer perceptions reflect how they are treated. While some may be challenging, prioritizing exceptional service ensures continued satisfaction, especially amid rising costs. Don’t assume they will continue to pay more and more for the same service because you say your costs are increasing.
Action Tip 2: Deliver exceptional customer experiences. This doesn’t require a big budget to host parties or send gifts. Talk to your customers. Listen to your customers. Interact with your customers. And think twice about weighty cost increases.
Foster Loyalty and Advocacy
Authentic connections with stakeholders go beyond transactions. Customers who feel valued are more likely to recommend your brand to others. Employees who feel valued within a positive environment are more likely to stay, care for, and serve as ambassadors of your company’s culture.
Action Tip 3: Track repeat customers and referrals from existing customers who become new customers. Check in with your team regularly.
Measure Success Beyond Financial Metrics
Financial performance is important. Your business’s impact on stakeholders is also important. And you can measure what matters for your business.
Action Tip 4: Continuously assess how your business decisions affect stakeholders and the community, ensuring positive contributions beyond immediate transactions. Tune into three areas:
(1) Customer satisfaction – Monitor feedback and retention rates to gauge customer loyalty and expectations.
(2) Employee/freelancer engagement – Measure morale, turnover, and feedback to be aware of how your team feels working for your company.
(3) Community impact – Track community involvement to ensure you’re contributing to the well-being of a world outside your own.
See Beyond Now
The true essence of business lies in fostering meaningful relationships, enhancing experiences, and cultivating loyalty. Let’s look beyond immediate gains to focus on a more enriching business journey.
By Jennifer Musser
Do you want more tips to boost your business? Visit JLM & Associates Consulting (jlmaconsulting.com). Sign up at the bottom of any page to join our email list.