How to Grow Your Business Faster by Giving More
How to Grow Your Business Faster by Giving More
How can generosity help business owners reach their goals?
I used to focus on prioritizing outcomes that mattered to me personally. These include thinking about my daughters, celebrating 30 years of marriage, and building a lasting business. However, I'd approach it differently now and consider generosity as the master key to unlocking whatever you want.
What are examples of thoughtful ways to professionally help someone?
In the context of giving, the approach is crucial. Excessive generosity can lead to burnout or other complications. However, there is a right way to give that yields positive outcomes. For instance, about five years ago, I reconnected with a former Chief Marketing Officer from a major company who had lost his job unexpectedly. He had been with a Fortune 500 company where we had conducted extensive training. During his job search, I offered him support by connecting him with potential opportunities and allowing him to attend our three-day business development course free of charge, which he had previously completed at his company. This was meant to help him view his skills through a different lens.
Years later, during a follow-up call that included an account manager and myself, he shared how much my actions during his difficult time had meant to him. While the connections did not directly lead to a new job, they kept him motivated. He was very emotional and expressed his deep gratitude, reminding me of the significant impact we can have on others' lives through thoughtful actions. This experience reinforced my belief that consistently helping others leads to beneficial outcomes for everyone involved.
How can business owners apply strategic giving to maximize success?
Research from the University of Pennsylvania has identified that strategic givers, or what researchers refer to as successful givers, often achieve the most success in life. There are three main types: givers, takers, and matchers. Interestingly, while some givers are the most successful, others end up as the least successful, representing both extremes. The successful ones, or strategic givers, excel by knowing when to say yes or no to giving opportunities.
When they decide to give, they adjust the extent of their generosity based on the potential benefits. As an actuary, I often think in terms of expected value equations. This means not just giving freely without thought but giving strategically. For example, if someone from a college asks to spend half a day with me to learn about building a business, I might limit that to a brief 10-minute conversation. Conversely, if a potential major client could bring significant business, I might invest more time, like traveling to meet them and planning future collaborations.
It's essential to give without expecting anything in return, which aligns with the research findings. However, the approach to giving should be calculated based on the expected value of the outcomes. This skill can be developed over time, allowing us to decide how much time and resources to invest in each giving opportunity.
How can business owners manage family expectations in business?
Discussing family dynamics in business can be complex. We have a friend who is facing pressure from a relative demanding more support, comparing what was given to another family member. This highlights a common scenario where 'takers' often seek out 'givers.' It's essential to recognize that even among relatives, support should be earned, not expected as an entitlement.
In my own life, my daughters are my priority. If they need me, I'm there, no matter what. This close bond means they receive the most substantial support from me. One of the ways I've shown my dedication is by creating annual family movies from video footage, capturing the growth and changes each year. This project was particularly meaningful and showcased the value of family time.
Recently, at a conference for our new book, "Give to Grow," my younger daughter surprised me by presenting a compilation of the funniest moments from these videos, followed by heartfelt accolades about my role as a father. It was an incredibly emotional moment that highlighted the deep connections forged through genuine giving.
What strategies deepen client relationships for business owners?
To deepen potential client relationships, the key is first to understand and empathize with their problems. By asking engaging questions and letting them articulate their challenges, you set the stage for a deeper connection. Once you've demonstrated that you understand their issue, the next step is to offer them a taste of what working with you would be like.
A simple yet powerful way to transition into this phase is by using the phrase, "Would it be helpful if...?" For example, after confirming you understand their problem, you might suggest, "Would it be helpful if we had a Zoom call to map out a process tailored to your needs? You can use this plan whether you hire us or not, but it will give you a clear idea of the time required to achieve results and consider your team's effort."
*This interview has been edited and condensed for clarity.*
