So, let me just start by allowing Captain Obvious to speak his piece: YES. Cash/income is essential to a thriving business.
However, there are many times in history (on a macro scale) as well as personally (on a micro scale) that your business might not be rolling in the dough. I’m thinking about everything from the effects of the Great Depression or the housing market crash in 2008 or – even more recently – the COVID-19 Pandemic all the way down to a personal health crisis impacting how you’re able run your business. You may find yourself in times where you don’t have the cash to re-invest into your business. What do you do then? Is it possible to continue building wealth and grow even though you might not be making sales?
AB. SO. LUTELY.
Business is more than Cash
Even when customers are giving you their hard-earned dollars, it’s much more than just a product or service they are buying from you. They are buying an idea, passion, lifestyle or grand pursuit you have put your blood, sweat and tears into. They are investing in YOU.
And your customers are much, much more than a dollar sign to you. Your customers are the people – the family, friends, business partners, acquaintances, Instagram followers, and everything in-between – who understand and support your vision!
What I’m saying is that the true lifeblood of business isn’t cash. The true lifeblood is relationships. And everyone knows that ( good ) relationships take work. Make a commitment to re-investing relational currencies into your business and you won’t regret it. In fact, you will likely see a 100% return on those investments. Now that’s priceless!
The currencies we are going to talk about today in part one of this two-part series are gratitude, authenticity and integrity. Let’s unpack how you can spend more of these as you grow your business.
Zig Ziglar once said, “Gratitude is the healthiest of all human emotions. The more you express gratitude for what you have, the more likely you will have even more to express gratitude for.” Not only is it healthy to express gratitude, but we’ve also found that it’s contagious. Once you create a habit of expressing gratitude in your professional world, you might be surprised where else it shows up.
Try making a habit of regularly expressing what you’re grateful for on your social media platforms. Give an abridged account of what each person, place, or thing has done to earn a special place in your mind. You can start with your:
- Brick and mortar or virtual business location
- Creative marketing teams
- Regular customers
- Reliable equipment & other tools
Be real. Share the reason you get up every morning. Talk about the challenges you’ve overcome in your life and ask others to share their challenges. Our world is starving for transparency and authentic connections.
Consider trying these authenticity boosters in your business:
- Share a mini bio including a candid/silly/casual photo of yourself and your family on your website
- Do a podcast or blog post on how your business idea was born and the challenges you overcame to get where you are today
- Work with a coach or mentor to re-invent your mission statement so that it clearly articulates the difference you seek to make in the world with your business
In business, integrity and honesty go together like peanut butter and jelly. It’s also well known that you can’t have one without the other. Being the kind of person who does the right thing even when no one is watching shows the world that you truly care about the quality and culture of your business.
Integrity attracts loyal employees, helps create healthy business practices and boundaries, and – best of all – lets you sleep like a baby! If integrity is not already a currency you are utilizing in your business consider integrating more honesty in your team meetings. Be willing to admit where you made mistakes that negatively impacted a deadline or process.
I hope this post inspired you in some way. Stay tuned for part two of this series coming in just a few weeks—I’ve got THREE more currencies for ya!
Article written by Emily Krill, Editor & Content Specialist