The importance of service profit chains in a business
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A service profit chain is the link between employee performance and customer satisfaction, and as a result, the increased profits and growth of a business.
Service profit chains are something all businesses know about, all businesses discuss the importance of, but few dedicate enough time and budget to. Given the fact that surveys and statistics clearly show the financial success of businesses as a result of successfully working service profit chains, one would think this aspect of the business would be reassessed bi-annually, if not quarterly each year.
As with many employee-centric strategies, the chain begins with strong and committed leadership and a supportive work environment. An approach which involves employees feeling recognised, valued, engaged, and fulfilled, in a working environment which is positive, provides opportunities for growth and development, as well as promoting a healthy work-life balance.
Satisfied, employees are motivated, productive, and committed to their work. They tend to go the extra mile, provide better customer service, and contribute innovative ideas. In addition, positive employees who enjoy their working environment, are more likely to stay with the company, reducing staff turnover and the costs associated with staff recruitment and training.
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Ultimately, a positive and engaging work environment translates into higher profits and long-term business success. Richard Branson emphasised this point, when he said “Take care of your employees, and they'll take care of your business. It's as simple as that. Healthy, engaged employees are your top competitive advantage.”
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