The Power of Gratitude in Business

“Thank you” are two powerful words that can uplift someone, build bridges and strengthen relationships. It is a significant aspect of life, even in business and in the workplace. 

Gratitude and appreciation are types of affirmation of something that is good, magnifying positivity and encouraging people to perform better. With this, entrepreneurs and business owners see the value of thanking their staff members, partners, and clients and putting effort into expressing it in various ways.

For Hayden Brass, Founder and Managing Director of Zea, “This is an aspect that we find so important, particularly for our staff and customers. With our staff, we are a fully remote team even before COVID, so it is vital for us to continue to connect with them and remind them they are part of a team with a great purpose.”

There are so many ways to show gratitude towards others. David Fastuca, CMO and Co-Founder of Locomote, shared his personal take on this. “I take a really simplistic approach to this and just think, how do I want to be thanked?”

David cited some examples. “I do a role reversal. If I'm a customer of someone else's, how do I want to be thanked? There are a couple of ways. I just try to be really genuine and thank them, where I send a little video message thanking them for working with us. I don't do any of the gifts or sorts of stuff because they probably get 100 different gifts. If I gift them, it's based on me really knowing them. They might love arts and crafts, so I may send them something that's relatable to that. Otherwise, I try and help them in their role. If I know that they're in sales I try and refer customers to them. If they're a founder of a business and we've done some work together or they're a customer of mine, I'll try and reciprocate and then recommend someone to them. If they're looking for a particular type of service, I really think about it and put myself in their shoes – what would I like and how would I like to be treated, and then I try and do more of that to my customers and try and help them succeed in their roles even if it's got nothing to do with what we provide,” he said.

Studies have shown that gratitude evokes a feeling of positivity, happiness and satisfaction. It also helps in improving health and decreasing stress levels. This is why gratitude, when expressed sincerely, can be a significant factor in strengthening relationships in business and in the workplace.

Hayden also shared how they extend gratitude to their team members, partners and customers. Within their organisation, “We conduct 1-2 retreats per year, try and have a team-building exercise of some kind at least once a quarter, and regularly celebrate birthdays and other occasions in their personal life. It’s to remind them that we are human and to show that we care about them in both their work and personal lives.”

With regards to their clientele, Hayden noted, “For our customers, we are always trying to go above and beyond with their experience so that it will be memorable and will hopefully see them come back to us in the future. This is why we place such a key focus on customer service and making sure we not only answer their questions but try and give them an experience that is beyond the norm.”

When it comes to those they do business with, this is what they do as a sign of gratitude. “And finally, with our partners, such as manufacturers and suppliers, we try and treat them with respect and loyalty. We understand how difficult it can be to run a business, particularly an SME, so we are always trying to be professional but also respectful of the challenges we are both facing and coming to a solution together. When we are establishing a relationship with a key partner for the first time, it has been important for me to build trust in the relationship from the outset. Some of our longest and strongest relationships in business have been with us for the whole journey, and it all started from making a bit of extra effort and understanding from the beginning,” Hayden revealed.

There are so many ways to express how thankful we are to people who have helped us along our entrepreneurial journey. No special occasion is needed to say “thank you” to someone because every day you’ll find a reason to be thankful for something good done to you. People will remember your good gesture of thanking them and appreciating their work, help or loyalty. It will create a positive ripple effect that will later come back to you a thousandfold.

How do you express gratitude to your stakeholders? How does it help you in your business? We’d like to hear your stories through our comment section below.

Managing conflicts within your business

Disagreements, miscommunications and misunderstandings are never absent in any organisation, even in business teams. There will always be varying opinions and work styles because each individual is different and you cannot always control how they respond to certain situations. But when all these arise into a conflict, how do you handle them so that the entire team is not affected and work will not be jeopardised?

Before a conflict can escalate into something uncontrollable, it is better to nip it in the bud, come up with a resolution and review ways on how you can avoid such situations in the future. These are some tips and insights on how you deal with conflicts and ease the tension within your team. The aim is that differences and problems will be resolved, build better working relationships and lessen similar instances going forward.

Have an open and honest dialogue

The first thing to do when there are misunderstandings and opposing sides on certain issues is to come together and have a dialogue between the parties involved. A mediator can help neutralise any agitation and encourage a calm and genuine discussion. It’s good to see each other’s side as to where they are coming from, where the gap happened and where both parties can be heading after the dialogue. 

“For us, open and honest conversation is the key to conflict resolution; overseen by a third party if it cannot be resolved between team members,” shares Nitasha Badhwar, Co-founder and Chief Strategy Officer of Sunpower Renewables.

Nitasha explains, “Company culture is very important in instilling a strong sense of ownership of a common goal within the team and our shared common objectives act as a strong unifying force. We do have a lot of passion and enthusiasm within the team, which sometimes leads to frayed nerves and strongly differing opinions. Ultimately, as team members with a common objective and compassion for the environment (being a renewable energy company with a focus on sustainability) and one another, it is easy to find our way back to a resolution. The understanding of each other’s roles and responsibilities from the ‘buddy days’ also creates a better understanding of each other’s perspectives while working towards resolving the conflict.”

Clarify intentions and interpretations

Conflicts sometimes happen due to communication errors. It could be that the message was not conveyed clearly, the message or the feedback was misunderstood, or there were gaps along the way, such as lack of information or delay in communication. People may perceive things at one angle only, and thus, often arrive at a different conclusion, which may raise antagonism or discord. This is often a challenge nowadays, especially with the lack of face-to-face communication among colleagues and co-workers.

John Bevitt, Managing Director at Honeycomb Strategy, acknowledges this as a concern to having effective team communication. “I would say that the majority of ‘conflicts’ that happen within the team occur because of a miscommunication or misunderstanding – which has only been enhanced during COVID-19 and lockdowns when everyone’s working remotely and predominantly communicating through email and Slack.”

So, how do they address such concerns? Here’s what John imparts. “With 93% of communication being non-verbal, you miss all the cues that help to understand someone’s intentions when you communicate through text. So the first thing we do now whenever we feel there’s a risk of a misunderstanding is jump on a Zoom or phone call to discuss. Once something has been discussed, having the other person playback their interpretation of what’s been covered and clearly communicate next steps and actions help further minimise the chances of miscommunication and make sure that the team is in alignment.”

Create a culture of care and compassion

There’s a saying that “prevention is better than cure”, and it’s the same with conflict. It’s better to mitigate things and prevent them from escalating into a full-blown dispute. This is what Karl Simity, Managing Director of Canopy, tries to achieve within his team by having a corporate culture where members extend kindness and understanding to one another.

He illustrates, “Our focus is on making sure that it never gets to ‘Conflict’. I believe that a major contributor to this is having the value of first-class communications embedded within our culture. First-class communications to us are anticipating concerns and communicating any problems before they become an issue. We pride ourselves on always being clear and honest in the way we communicate with one another. In being authentic with our communication, we avoid any conflict and challenges are dealt with head-on and resolved from a place of care and compassion.”

How do you handle conflict in your workplace? Share with us your tips and experiences.

Corporate values and nurturing them in your business

Corporate values are important in every organisation because they provide a strong foundation for decision-making, team building, customer relations and driving your business forward. It is your company’s compass that directs you which way to go and the backbone on how to run your business successfully.

Every organisation has their respective corporate values, depending on the preference of the owners or board of directors or the purpose of the business for operating. Nurturing your corporate values strengthens your team and enables you to achieve your mission and goals. Here are some corporate values that entrepreneurs have in their businesses and how they ensure that these values are upheld in their organisations.

Integrity and accountability

Integrity is defined as “the quality of being honest and having strong moral principles; moral uprightness,” while accountability is “the fact or condition of being accountable; responsibility.”

For Nitasha Badhwar, Founder and CEO of Immersify and Co-founder and Chief Strategy Officer of Sunpower Renewables, “Integrity and accountability are the most important values for us. In an organisation that values innovation, having integrity in what you believe in, what can be seen through to completion, and where time and resources need to be prioritised, is a crucial success factor.”

These two values are also often found in other organisations as they build trust within the team and from customers and third-party partners. Nitasha added, “We strongly believe that integrity in the workplace promotes an open and positive working environment that helps in developing happy, resilient, and successful teams with a strong moral, ethical and fair code of conduct.”

Diversity

John Bevitt, Managing Director at Honeycomb Strategy, revealed one of their core values that resonate well with their team. “Of our three core values, I think one of the most powerful ones is ‘Celebrate our Superpowers’. I love this one as it helps to celebrate our diversity – no matter the role or level of seniority, everyone has a ‘superpower’ that helps make them unique from everyone else. It’s the one thing that, if focused on, trained and nurtured, makes everything else easier or unnecessary,” he stated.

It’s not a common corporate value, but it is something that can stick to everyone’s mind. John further explained, “Every team member has an idea of what their superpower is and we create a development plan homing in on it and using it to help achieve their personal objectives, share learnings with the team and create an environment focused on strengths, not on weaknesses. Having clarity on these superpowers and knowing how these can be combined across the team creates a multiplier effect and is what has helped to take our business to the next level.”

Drive for results

With the end of sight, Canopy Managing Director Karl Simity shared that “Canopy was founded with the vision to create inspiring workplaces that encourage and enrich the lives of workplace inhabitants to build and grow successful organisations.”

Corporate values are often anchored on the vision of the business and its owner. A corporate value aims to help achieve this vision. Karl cited an example, “One of our values is to ‘Drive for outcomes’, and this value is something I see all our employees live by in their day-to-day activities. What helps us create these inspiring workplaces is the drive our people have to make it happen, to always push for success, and their persistence over resistance to solve problems.”

People first

Businesses are made for people, with the aim of providing solutions to concerns and challenges affecting our society. Corporate values are also people-centric because they are to be lived out by people for the people that the business serves, whether they are internal or external stakeholders.

This is why for Nick Clift, Co-founder at Otto and Founder of DWM Solutions, people are significant pillars of their corporate values. He expounded, “At Otto, our key corporate value would have to be People First. We are redefining the industry and Humanising Technology. Otto, as a brand, represents the humans behind the technology — the human hands that make the tech work. Essentially, we are a human-led, tech company, so I guess you could say that technically, we are anti-tech.”

If you look through other companies, businesses and organisations, you will find varying corporate values, yet these values define who they are as an institution. Values put a soul to your brand, especially on how you and your people act and conduct business accordingly.

What are your corporate values and why have you chosen them as your values? How do you ensure that your people live up to them? We’d like to hear your thoughts.

Building your team through a strong corporate culture

Having a strong and desirable corporate culture helps attract and retain exceptional talent. Every company has its own values, and an inclusive and healthy culture can assist you to attract high-performing and engaged team members.

It’s time to look into your internal environment and assess what particular aspect of your culture keeps your team going and even brings in impressive recruits. To help you get started, some EO Melbourne members share their experiences and best practices when it comes to maintaining a culture that supports the growth of their business.

Nurturing relationships with key stakeholders

Having good relations with people you work with is a major factor for wanting to stay longer in an organisation. The same goes for third-party service providers, which prefer to conduct business with those they have amicable dealings with and those they can trust. This is why Austin Vaughan, Managing Director at Pacific Solar, emphasises strong relationships as part of their corporate culture. “Our core values are towards nurturing relationships with key stakeholders, such as contractors, suppliers, developers, and builders, so that they continue to think of Pacific Solar first when any new or forthcoming opportunities are presented. When something unexpected occurs (and it always does in construction), they have our back to pull us through and vice versa. A good cooperative approach is essential to our success.”

Open communication and encouragement of team members

Open communication helps build rapport with team members. It also enables business owners and HR managers to lessen misunderstanding and address concerns at the onset before things can blow up into serious issues.

Ben Stickland, Founder and CEO of Alliance Software, shared how they do it in his business. “The best corporate culture technique we have is a one-on-one interview with every staff member. We ask the staff member to reflect on challenges and coach them to consider and act on solutions. It's 30 minutes, that's all about them. We always ask the question ‘from a 1 to 10, how happy are you,’ and follow this up with ‘and what would it take to get to a 10’. People become unhappy for many different reasons and the key is to get to people early in their ‘unhappiness’ cycle and coach them to a good outcome rather than pretend there are no issues. Look for issues, don't avoid them.”

And for Dion Castle, CEO of Struber, it’s all about having “High-performance behaviours + high-performance habits”. A culture that fosters behaviours and habits that help increase productivity and create positive energy will encourage team members to always do their best and aim for the utmost results in all they do.

Building mutual respect and a sense of belongingness

Trust and respect are strong foundations of a good relationship and a positive corporate culture. But how do you achieve this? According to Steve Jackson, Director at PurpleMonky and Founder of Moon & Back Co., “People on the team respect each other, have fun with each other inside & outside of work, but most importantly, they support each other daily. No one is in it for themselves, and the ability to produce a shared vision where ‘when one person wins, the entire team wins’ is invaluable.”

Similarly, for Nyree Hibberd, CEO of Koh Living, it’s all about promoting a safe and healthy environment where those in the organisation feel they belong to the team. She explained, “We had a guest speaker in a recent EO forum, Fiona Robertson, who wrote ‘The Rules of Belonging’ and we applied it immediately in our business by asking each of the staff what they felt the rules of belonging and being accepted within Koh were. It was an amazing exercise to get clarity on the culture or rules of belonging, and we now use that not only in the interview process by selecting more carefully but also in the induction process by outlining those rules of belonging to help new staff slide in and feel more comfortable a lot faster.”

Culture is important in the longevity of a business and an organisation. Share with us below what particular culture you uphold within your company that strengthens your team and helps it go forward.

Shaping your corporate culture

Corporate culture is an important facet in the success and longevity of a company. Similarly, if a corporate culture incites undesirable behaviours within its people, it may lead to the downfall of an organisation.

Culture is not something that is built overnight. It develops over time until it becomes a standard and comfort zone of a set of people. When it is ingrained deeply in their minds and conduct, it becomes an accepted norm. On the other hand, the wrong values or culture that become a regular practice in your organisation will be difficult to undo and change to how you want it to be.

Hence, it is vital that an entrepreneur shapes the corporate culture of his company in the onset. However, not all business owners may have this in mind when everything is just starting to roll, especially for those who spend the initial stage doing all the roles by themselves and employed people only a few years later. Before they know it, the establishment has grown and people have become absorbed to a particular mindset, psyche, belief, language, behaviour and interaction that may dictate to how things are perceived and done in the organisational space.

If you want your company to adapt to a particular corporate culture, there are a few things you need to do to shape it according to how you want it to be. It may yield far longer than you have anticipated, so you have to exercise patience, persistence and consistency to achieve the desired results.

1.       Determine the values you want to inculcate

Envision the kind of workplace and interaction you want to attain within your business. From that, identify the values that you want your company, brand and employees to have. You may want your business to be attributed as a fast, efficient and reliable one. It could be that you prefer a family-type of environment among your staff and with your clients. You may want to hype creativity within your group that others will associate you for your out-of-the-box ideas. Whatever it is, your vision of your work environment is essential in carrying out the specific tasks to introduce and build a particular culture in your organisation.

2.       Include in the policies

The good thing about being an entrepreneur as compared to working as an employee in a huge company is that you have a hand on how the work culture would be within your business. To reinforce your aim and turn your ideas into action, you will often need to put it into policy. For example, if you want punctuality as a culture within your venture, then you need to have HR guidelines on work hours, turn around time and activity timelines.

3.       Communicate and listen to your team

For you to be successful in shaping corporate culture, there has to be a buy-in from your staff and stakeholders. Keep mentioning about the kind of work environment you’d like to have during meetings whenever you give a pep talk to your team until it has become ingrained in their thoughts. Include this as an agenda in your regular huddles. Create an atmosphere of suggestion where your team can openly share their thoughts on the culture. If everyone agrees to it, emphasise it through reminders on your bulletin boards or in your various communication channels. You can introduce a culture or policy through a teambuilding activity, where you can hire a consultant to help you convey to your team the culture you have in mind.

4.       Hire according to the culture fit and skills set

The challenge often is when a new person comes in and it disrupts the current culture of the team. When hiring a new staff member, look into the candidate’s culture fit as much as you review the credentials and skills set that they may bring to the table. Once you have successfully selected the right person for the position, make sure to orient the new hire about your corporate culture to avoid misunderstanding or possible conflict in the future. They must know what they’re getting into and be committed to abiding by the rules and culture of your business.

5.       Validate right behaviour with rewards

To fortify actions that contribute to the corporate culture you want to build, validate them through a rewards system. As in the example above, if punctuality is something you want to be part of your culture, then include an award for employees who come to work early or do things without delay. When employees develop a good feeling towards something they have done, they will tend to continue with it or improve on it.

6.       Lead by example

The best way to entrench in the consciousness of your team about the kind of culture you want to have in your workplace is to live by example. Whatever they hear from you or read in employee manuals will be substantiated by your action. You cannot stress punctuality if you come late to work. Otherwise, it will cause some cracks in your organisation because people will no longer take your word seriously.

If you don’t know where or how to start shaping your corporate culture, seek counsel from a mentor or someone who has done it before. Remember that culture involves people and people are dynamic. Thus, culture may evolve or it may come out differently as to how you imagined it to be.

Stay focused on your vision, mission and values, which are the foundation of your corporate culture, and set your directions based on that. Conduct self-reflection and evaluate your work environment regularly. A positive and encouraging culture can bring happiness to you and your entire team, which can lead to a motivated staff that works with you in achieving your goals.