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How to Tap the Power of 'Thank You'

November 22, 2011
URL: http://www.entrepreneur.com/article/220770

Five Signs You're Losing a Sale -- And How to Save ItThere may be only one day a year devoted to giving thanks. But expressing thanks regularly -- year round -- and doing it well is one of the most profitable business strategies you can have.

Study after study reveals that when you say "Thank you" to your customers, they both spend more money and tell their friends about the exceptional service and products you deliver, increasing your profits. Volumes chronicle how employee productivity zooms when appreciation is expressed, raising your margins. Vendors go the extra mile to extend credit and deliver "just in time" when they hear gratitude regularly, not just in November, and keep your cash flowing.

Giving thanks works in business. But you're already doing more with less and the last thing you want is another item on your to-do list. So what are the most effective and efficient ways for you to express gratitude to these important players in your business' success?

Related: Building a Business in the 'Thank You Economy'

Here are some tips you can use to develop the profitable habit of saying "Thank you" to your customers, employees, and vendors not just in November, but year-round:

Implement these tips, and your business will likely say "Thank you" back to you as you increase your profits year-round.

Related: Seven Steps to Coaching Your Employees to Success