Does it make Cents?

[Image by Brett Hondow of Pixabay]

Some things don’t make good business cents…and some do.

Take for instance the benefits and risks to a company regarding effective or ineffective communication.

First, let’s examine the potential company risks which include:

1. Inability to attract qualified job applicants.
2. Poor hiring decisions.
3. Miscommunication of key information resulting in either rework or errors.
4. Staff burnout due to low morale and lack of motivation.
5. Reduced staff retention and subsequently increased staff turnover.
6. Inability to meet deadlines.
7. Costly purchasing errors with vendors.
8. Damage to company image and loss of revenue.
9. Frustration among internal customers leading to downtime.
10. Misperceptions and frustrations among external customers = dissatisfied customers.

Now, let’s examine the potential company benefits which include:

1. Attracting and hiring qualified and desirable employees.
2. Employees are managed effectively and motivated which increases productivity.
3. Job tasks are readily understood and properly executed reducing margin of error.
4. Information is well organized and disseminated correctly facilitating meeting timelines.
5. Interactions with vendors are consistent which enhances purchasing power.
6. Staff longevity is increased due to greater loyalty to the employer.
7. Perception of the company is strengthened which helps to promote future growth and development, leading to increased revenue.
8. Internal customer satisfaction is enhanced which increases quality assurance.
9. External customer satisfaction is increased helping to retain existing customer base.
10. Satisfied external customers readily support your company which encourages new customers leading to increased revenue.                                                                                                                          Ask yourself, does it make cents? Still think it’s too costly to invest in training staff to communicate effectively?