By Bryan Citrin, founder of LeadFlows.com. Expert in digital marketing & automation. John Maxwell certified coach, speaker, & international philanthropist.
Conventional capitalism teaches us to keep overhead low, maximize sales opportunities and remove religious convictions to reach optimal profitability. But what if the traditional rules to maximum profitability were flawed? In this article, I reveal unconventional ways entrepreneurs are boosting their revenue without compromising employee health, satisfaction and their deep-rooted beliefs.
Putting conviction and people first may be your missing ingredient for greater impact and revenue. More and more consumers are making buying decisions not only just on price, but on personal values. Below are five values you could consider implementing in your business to start seeing an immediate impact.
1. Develop A Generous Culture
Oftentimes, the most impactful organizations are the most generous. Generosity should be measured in the percentage of giving rather than a static monetary amount. This allows for all of us to be generous, regardless of our economic status. This means every entrepreneur can be just as generous or more generous as Forbes’ Most Philanthropic Billionaires.
What you’re able to give today doesn’t have to be the same 10 or 20 years from now. There is an old proverb that still rings true: “The best time to plant a tree was 20 years ago, the second-best time is now.” Today is the day to make a choice toward generosity. Donating 10% of your profits is a great starting point and you can build from there. Choose something you’re passionate about and make a commitment to help.
2. Set Your Own ‘Minimum Wage’
David Green, the founder of Hobby Lobby, recently made the decision to increase their self-imposed minimum wage to $18.50 per hour. Hobby Lobby’s commitment to continually raise their minimum wage since 2009 has helped offset inflation faced by employees. In his memoir, Giving It All Away… And Getting It All Back Again, Green said that their bottom line hasn’t been impacted by increasing their employee compensation. The increased annual compensation was offset by attracting higher quality workers, employees working harder and less inventory shrinkage from employee theft.
3. Implement A Shorter Work Schedule
On a per-location basis, Chick-fil-A generates more revenue in six days than McDonald’s, Starbucks and Subway combined. The founders’ deep-rooted convictions make honoring Sundays a non-negotiable. This allows their team members to spend more time with their family, attend church should they choose and rest.
Hobby Lobby has followed this model and taken it a step further. Not only are its stores closed on Sundays but in the fifth chapter of Green’s memoir under the section “Our Employees Matter,” it reveals the decision to close an hour earlier than their competitors during the week. Despite working fewer hours per week compared to their competitors, Chick-fil-A and Hobby Lobby’s revenues are soaring.
4. Support Employees Mentally And Emotionally
A little-known fact is that Tyson Foods has had over 100 chaplains on staff since they started the program over 20 years ago. This program has been helpful to all employees, regardless of their religious affiliation. The program includes chaplains who are willing to “listen, encourage, or pray with team members who reach out to them.” Tyson has said religion in the workplace has been good for business.
You don’t have to have a trained team of chaplains to provide mental and emotional support, however. This could come in the form of consistently having one-on-one meetings with team members to check in on them and see how they’re doing. Another way to support your team is by implementing a process that intentionality shows gratitude. In many organizations, team members are continually informed when they do things, but how often are they wrong when they are doing things right? Consider routinely having managers email, text or meet with their direct reports to show gratitude for the good work they are doing. Everyone needs to feel like they are appreciated and loved. Showing this often can go a long way in boosting employee morale and productivity.
5. Reflect often
I’m a firm believer that God wants to help us in every aspect of our life. In my upcoming book, Wild Expectance, I share countless stories of how God practically helped me in ministry and business. For example, while walking the streets in Haiti, I prayed to God regarding how I could make a bigger impact there. I was tens of thousands in debt, my previous business ventures were a failure and I couldn’t raise enough to make the impact I wanted to make. Through prayer, God gave me an idea that would set me free. I executed on that thought and my new business snowballed into a national client base.
Prayer isn’t the only thing you can do to find solutions for your business. Regardless of religious affiliation, everyone’s business can benefit from the power of personal reflection. Consider taking time to slow down and reflect on your business and how to make a bigger impact, both for your clients and your team members. Serving our customers more will solve our unique business problems. Serving our team members will retain and motivate them. If we’re able to contribute more to our customers and team, this will inevitably boost our revenue in return.
Don’t be afraid of generosity. Investing into each aspect of your team’s well-being can yield greater company loyalty, produce harder workers and help mitigate company theft. Putting your conviction first will attract other like-minded individuals who are excited about your passions and who will continue to work hard because they believe in the vision you set before them. And remember, it’s alright to slow down. In those moments you will get ideas that could transform your business forever.