In today’s post, I want to talk about some amazing advice I was lucky enough to receive from a business mentor I had early in my career. Lenny Coco was such an influential force in my business, really blowing my mind with his strategies and advice surrounding how to be effective in business.
Many of the lessons he taught me have stayed with me during my entire 35 years in business, and the art of acknowledgment is one of those. It’s so important to businesses to this day, which is why I want to discuss it here.
My Relationship with Lenny
I met Lenny when I was a presenter at one of his licensing centers. I was just starting out in business and had been fired from my previous job, leaving me terrified and scared.
I’d heard from my circle that I should reach out to Lenny, so I cold emailed him. I told him I thought I had something his audience would enjoy and we jumped on a call, but he wasn’t all that interested. But I talked my way into his good graces by harping on the value I could provide and the things I could teach people.
From there, I started receiving referrals from him and it really exploded my business. It was here that I realized that you can rapidly grow your business by connecting with the right people and the right referral partners.
You see, when you create the right referral partnerships, you’re borrowing the credibility they have with their audience. That’s what I did through Lenny and I’ll always be grateful for all that he’s taught and afforded me in business.
He was a great mentor that has totally changed my life. He did this in a big way by teaching me the art of acknowledgment.
The Importance of Acknowledgement
Lenny taught me how valuable it is to have people stand up and acknowledge each other and how it really transforms relationships. I started this practice with my own team way back when, really developing a routine of doing it.
I was doing this in my team meetings and, before my eyes, I saw team members beginning to blossom. It was a great way to build team spirit, and it really transformed the culture of my business. Yes – it’s that powerful!
The Numbers Behind Acknowledgement
There are some serious stats that back up the importance of team acknowledgment and recognition. They are as follows:
- 37% of employees note recognition as the #1 factor for job satisfaction
- 31% increase in productivity for happy employees
- 92% of employees will repeat the action they received recognition for
- 59% less turnover when you provide regular recognition to staff
- 65% of employees prefer non-cash recognition for a job well done
- 65% of employees haven’t received recognition from their boss in the past year
Crazy, right? But the proof is in the numbers, so let them sink in as you really start to think about the way you do – or don’t – recognize your team members.
Building a Strong Business Culture
Recognition is really how you build a strong culture within your business, increase a sense of community, and enhance your employee’s commitment to your vision. This goes for team members at every level.
That means that as CEO, you need to get creative when it comes to how you acknowledge your team. Employees want to know they’re doing a great job, and as the CEO, it’s so important that you support them. Remember to acknowledge them for the things they do right and don’t only correct them for the things you wish they did better.
I want to share two easy ways you can recognize your team – starting immediately. Both can be done in your team meetings. The first method is to have every team member share a win from the past week. When they do this, it gives everyone the chance to cheer them on.
The second method is for each team member to acknowledge one person on the team for something they noticed them doing great over the past week. The key to this being effective, though, is to make sure that the team is specific and personal with their feedback. They should bring up someone that impacted them directly.
This creates a ripple effect in your office culture and sense of team spirit. It’s so powerful. And, this is so key is to cluing you into the deeper things happening within your company and allowing you to see how people are stepping up and taking responsibility in their roles.
Acknowledging Each Employee’s Brilliance: The Bottom Line
Acknowledge each of your employees for the brilliance they bring to the table. It will have the largest ripple effect on both your team and the world, so make sure you’re tapping into that power.
I would love to get connected on Instagram or The 7-Figure Freedom Club Facebook Group so we can chat about your takeaways from this episode. If you’re interested in learning more schedule a call with me today or visit my website!
And if you want to take the next step, take the business assessment quiz to get started.
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