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2018-11-01 22:12:25Advice for EntrepreneursEnglishHave you ever wondered what qualities are most important for small business owners? Many believe that having empathy can seriously impact...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/07/iStock-495831926.jpghttps://quickbooks.intuit.com/au/resources/advice-for-entrepreneurs/the-link-between-success-and-empathy/The Link Between Success And Empathy | QuickBooks Australia

The link between success and empathy

2 min read

Have you ever wondered what qualities are most important for small business owners? Many believe that having empathy can seriously impact not only your business relationships, but also your success. The ability to understand the feelings of others and demonstrate compassion are fantastic qualities of empathetic managers and business owners. Here are five ways empathy can help entrepreneurs succeed long term.

1 Empathy can strengthen customer loyalty

If you have empathy, it is more likely that you will be able to develop a loyal customer base. With the ability to put yourself in the shoes of your customers, you will be able to better understand their pain points. You’ll be able to improve your business using the insights you gain from your customers, therefore providing a better customer experience, and ultimately, strengthening your customer loyalty.

2 Empathy can build a positive work culture

Whether you are dealing with employees, suppliers or a network of business contacts, empathy can help build your own business culture. Having an empathic attitude will help you develop a supportive network and a positive work attitude. This is particularly important if you have your own employees. Being a compassionate and empathic boss will serve both you and your employees well.

3 Empathy can help solve business problems

Empathic entrepreneurs may also be able to better solve critical business problems. Since you are more likely to understand the needs and wants of your customers, you may be able to have the foresight to identify business problems and develop solutions faster. As you start to work with a bigger team, the ability to empathise with the pain points of your employees, can help you work together to find the best solution.

4 Empathy can help you network

The ability to demonstrate empathy could also help you network and build a fantastic business community. As an entrepreneur, you’ll be able to relate to what many small business owners are going through and can use your experiences to build bonds that could last for years to come. Connecting with others, not for personal gain or an ulterior motive, but with an empathic ear will help you build genuine relationships.

5 Empathy can help your business thrive

Ultimately, empathy will help your business succeed as you develop long-lasting and authentic relationships with those around you. Whether it’s your employees, your suppliers or your customers, showing empathy will help you bond with those around you. It will make you a more understanding leader, a more productive business owner and a more innovative entrepreneur.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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