Investing In Emotional Bank Account Makes Business Sense
It was a long weekend and we ran out of staples. So I decided to make a quick visit to Pareshji’s grocery store next door than visit the popular food mall in the area. While waiting to be served, I noticed that Pareshji was different from other shop owners.
He smiled, greeted by name and made eye contact with every customer. Everyone received a personal comment or inquiry- I was intrigued by how he made each customer feel valued and special. He listened and offered helpful tips all the while working industriously in the background.
While leaving, I casually asked one of the customers waiting to be served, why he did NOT visit the other store close by. He replied “I don’t mind waiting at Pareshji’s shop because I trust him and we have been his customer for years”. Pareshji had loyal customers for sure!
This remark reminded me of Stephen Covey’s concept of “Emotional Bank Account”.
It’s a simple concept, based on the fact that relationships are quintessential of our lives and that we have an Emotional Bank Account with everyone who matters to us.
In a regular bank account, we deposit money and withdraw it when we need it, in an ‘EBA’ we replace money with TRUST. Healthy balance equals high level of trust and confidence, which means if you make mistakes you can withdraw from this account and be forgiven. So when Pareshji made an error in his bill, his customer laughingly pointed it out and corrected him.
Why EBA Is Important For All Of Us
EBA is important because it makes for a great foundation for any relationship –personal or professional.
This is the magic mantra to rely on, when you want your team to work those extra hours over the weekend without having to pay them any real money for it, OR have the client not fuss about that wrong delivery you made in error.
Emotional Bank Accounts are all about trust and therefore, not built in one day. You need to make consistent efforts and invest in this account and make the other person feel valued, appreciated and understood. Our closest relationships require consistent deposits, because these relationships are important to us and continue to grow and evolve over time.
EBA Deposits for Team
All Emotional Bank Accounts start at a neutral. As you make deposits they grow. Healthy EBA can create so much harmony at work and make way for success. There are many ways in which you can demonstrate to your employees or colleagues you care about them. Here are some easy tips for some great deposits.
- You can publicly appreciate good work, as this motivates and reinforces it.
- Small gestures like remembering birthdays and anniversaries makes the person feel special and cared for.
- Discussing a career path helps to show interest in employees’ development.
- Providing assistance to employees in terms of coaching, mentoring and guidance to achieve their KPA’s is reassuring and can elicit the best outcomes.
- Investing in training programs for skills enhancements and upgradation not only helps to build competencies but faith in the organization’s intentions.
- Incentives & Perks go a long way in motivating employees to give their best.
- Team building activities help to foster “we feeling” and sense of camaraderie in the employees.
- Courtesy particularly when someone is sick, honesty and gratitude contribute to the feeling of trust.
- Simple warm smiles and thoughtful gifts make for great deposits in the EBA.
The tips we share are a small part of what we do at our coaching sessions.
If you’d like to take the whole framework and install in your business, then do drop an email at [email protected] with subject line as “Scale Session” and we’ll reach out to you with all the details quickly.