Compassionate Financial Lessons of Covid-19

"How can I serve you?" This question is one I have posted many times to my clients this year. Sharing compassion and empathy is an essential act of kindness that businesses and their leaders need to exercise. In fact, I believe this is Profitable Leadership's, fundamental element!

This year for many, it's been a roller-coaster of emotions, inciting stress and anxiety, particularly around business financial components. From having high hopes and plans in place to facing reality out of your control to stepping up courageously to be the voice of reason and confidence all at the same time, can understandably send any business leader into a vicious cycle. Mainly, I want to address the area of paying or keeping employees, making your bills, or collecting from your customers so you can keep your agreements.

As a leader in the consulting and coaching industry, I am afforded opportunities to work with exceptional clients, so why would I waste my time dealing with client financial issues? For two reasons…

#1 Because it makes smart business!

#2 To be an example of the most fundamental element of profitable leadership!

Smart Business

Compassionate Financial Arrangements - makes it easier for individuals to receive the support or services they need without stressing over the immediate effects of covering expenses. The strength of my business is in building long-lasting “partnerships” with my clients. Whether this is an individual executive or a corporation, I take to heart the real-time needs and concerns of my clients. I invite my clients through the initial rules of engagement established with the application process to work with my company; these are – be accountable, regular and open communication, and give each other the benefit of the doubt.

Establishing these expectations from the beginning of our relationship sets the foundation for trust to grow. In the event of difficulty making financial agreements, my clients can lessen the heavy "emotional" toll discussing their situation can bring and have a trusted baseline to openly discuss their unique needs and come together to build a pathway forward.

We have used this model with several of our clients this year. The result, or ROI, is that they are still in business and are developing and expanded in these unprecedented times. As we are here for the long-haul, it made perfect sense for us to extend arrangements and "walk beside" our clients strengthening our relationships. They feel relief and, as a result, keep leaning into the much-needed support. We know we are maintaining our repeat and referral opportunities --That's smart business!

Profitable Leadership

Cultivating compassionate leadership in a crisis to me is a REQUIREMENT! There are four essential qualities - awareness, vulnerability, empathy, and compassion - to be a Profitable Leader. All are critical for business leaders to care for people in crisis and set a stage for business recovery.

According to studies, organizations that operate with compassion have employees with greater job satisfaction and less stress. What's more, workplace compassion also promotes employee engagement, dedication, and loyalty. Employees who work together with compassion are more likely to cooperate and help each other out. Bonus: This can't help but expand into elevating the customer care and experience and, in turn, build your bottom-line and profits.

I know this first-hand, as with my 20+ years supporting clients to create and implement their customer experience guide (our CEG model), engaging employees with compassion, along with providing expectations and authority to exemplify, turns any team into a magnetic "profit-center." This profit is measured by increased well-being and high-impact contributions to customer retention.

As I've demonstrated, I am very passionate about this subject and could expand even further. However, what I’d like to leave you with is this…

If you need support from your service or credit providers, speak up and ask how they can serve you. Be ready to have an offer to negotiate with and to exercise patience in their flexibility, as they are working within their company guidelines. Speaking calmly and being consistent with your request can break down barriers and often get you the help you need during these times.

If you are a service provider or even a large corporation, take stock, don’t assume! What do I mean? Review your policies, options, and authority afforded to team members to make decisions. Get creative with ways for your customer to pay you. I realize you have, like me, responsibilities and need to get paid. Yet, carving out payment "pathways" keeps the cash-flow coming in versus stalling and further impacting your bottom-line. Consider promissory notes with specific deliverables, break a monthly into weekly, add a payment to the back-end of a contract, refer incentive credits towards outstanding balances, or perhaps barter for services you need. These are just a few I have exercised with my clients. And from their feedback, they are genuinely grateful that we can keep serving, and the synergy and results keep them aligned with their higher vision.

How will your business's "compassionate" brand be reflected this year? Because we will all come out of this eventually, and customers will remember how you made them feel. I know my clients, and I will do so intact through compassion, communication, and kindness!

 To the power in you,

René Johnson

Recently awarded one of Manage HR Magazine, Top 10 Leadership Development Training/Coaching Companies 2020. See my post here.

Keep an eye out for the release of my new publication – Journey Into New Levels of Profitable Leadership. Dropping on Amazon this month!

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? December 10, 2020, Author René Johnson, Power Zone Coaching, powerzonecoach.com