Want to Build a Successful Business? This One Personality Trait is Critical

Are you an entrepreneur, and you want to build a successful business? Well, there’s one character trait critical to your success — empathy. Here’s why being empathetic is the foundation of a strong business.

Improved Sales

Look, every business needs customers. So, if you’re struggling to find a way to increase revenue, then look no further than putting yourself in someone else’s shoes and treating them how you want to be treated. According to Entrepreneur, this improves your company’s sales. One example — Ryanair implemented the “Always Getting Better” program, which eliminated hidden fees and other customer annoyances. This strategy increased sales by $1.39 billion! Not bad for treating others how you want to be treated.

Also, I am a firm believer in showing gratitude, and I make sure to do this in multiple ways. For starters, I constantly send clients gift cards through Thnks to show my appreciation for our partnership. I even make sure to check in with my clients on a monthly basis. This proves I think of them as more than just a “sale.” The bottom line is, no one wants to be reduced to being just the “bottom line.”

Increased Employee Loyalty

As a business owner, I understand how chaotic life can be. One of the many things I constantly worry about is if my company is as productive as possible. However, I also realize everyone is human, and sometimes work isn’t the most important thing in someone’s life at the moment. This is why whenever an employee is late or misses a scheduled appointment, I take a deep breath and remember there can be a million reasons why. When I give people the benefit of the doubt, I find it leads to less friction in relationships and makes people realize that I care about them beyond their contributions between 9am-5pm.

Also, I make sure to be available to my staff. Everyone wants their work environment to be the best, and a lot of people have great ideas to achieve this. I find by listening to my staff’s concerns and needs — and most importantly providing actionable steps I will take to address these issues — my employees know I have their backs.

Remember, we all know the old adage that employees quit bosses, not jobs. This is why it’s critical to apologize when I make a mistake. As Business Insider argues, one of the main ways people can tell if they have a bad boss is if a boss lies. So, if you can admit you’re wrong, people won’t ever question your honesty.

All of these actions can be the difference between a happy employee, or one who’s looking to leave. Employee retention is crucial to success because, according to Josh Bersin of Deloitte, losing an employee may cost you 1.5–2x their annual salary! Being nice costs you nothing, but being mean — as you can see — costs your business a lot more.

If you want to build a successful business, it starts by being empathetic. You’ll find kindness pays in so many ways.?

Rebecca Shamtoob

@rebeccashamtoob