Think a big balance in the bank will help you run a successful business and raise a family?
There’s no doubt having a lot of money in the bank can help in both cases. But it’s not a requirement. I’d even argue that depending on your definition of success, you can be very successful in business and especially parenthood with not much money at all.
But I’m not talking about money here. There’s another type of bank account that I think is extremely important to being successful as an entrepreneur and a parent.
An Emotional Bank Account.
Let me explain.
A few years ago I attended a lecture by a prominent child psychologist at a local high school. During the talk he explained how he’s come to think of parenting as having a bank account. He said “Early on you need to make as many deposits as you can because come the teenage years, you’re going to be making a lot of withdrawals.”
That got big laughs from the audience. And while funny, there’s a lot of truth to it.
I have not yet experienced sharing a home with a teenager. My daughters still have a way to go (though I know sure that time will arrive much quicker than I’d like!). However, I remember my teenage years. I can say with a high degree of certainty that they were not the most enjoyable years for my parents to have me living under their roof.
But it could have been a lot worse.
While we clashed from time to time, my parents had made a lot of deposits into the emotional bank account when I was younger. As a results, there was a lot of love, respect, and trust between us. And while there were definitely withdrawals made along the way (on both sides), the balance remained high enough to get all of us through those years in very good shape.
When it comes to your business, you need to build an emotional bank account with your customers. Starting with their very first contact as a prospect, it’s critical to start building that balance by nurturing that relationship.
How?
Be reliable.
Be approachable.
Be trustworthy.
Make them feel special.
Underpromise and overdeliver.
Be honest – always!
Make it About You – your customer.
Why is this so important? Because one day, no matter how hard you try to avoid it, something will go wrong.
A server will crash.
A payment will be mishandled.
A miscommunication will occur.
A deadline will be missed.
A campaign will not go as planned.
If you take the time to build up a big emotional bank account with your customers, chances are good they will remain your customers. The emotional account balance you build will not be drained by an occassional withdrawal.
If you fail to grow that balance early and often, then even a little withdrawal can bankrupt your account. And that can have a very real impact on the balance of your actual bank account!
Do you have an example of how building a big emotional bank account has helped you in business or pareting? Please share it below in the comment section.
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