Make More Money with Better Communication

Laquita Cleare

In Blog Posts Posted

Make more money with better communication.

You know that good communication skills can help you exchange ideas and share your vision. But did you know effective communication can help you increase revenue? Harnessing the power of communication is what not only allows businesses to succeed but thrive.

Warren Buffet knows the importance of good communication. He has stated publicly that learning how to effectively communicate will help you earn more over the course of your life. Listen, the guy knows a thing or two about making money!

https://www.youtube.com/watch?v=tpgcEYpLzP0

The Cost of Poor Communication

According to the Grossman Group’s “The Cost of Poor Communications” survey of 400 companies with 100,000 employees, an average annual loss of $62.4 million was reported by each company due to inadequate communication to and between employees.

Another study, this one conducted by the Project Management Institute, found that ineffective communication was responsible for a project’s failure one third of the time. There goes the entire project budget!

How do these losses occur exactly?

Unnecessary Mistakes

Let’s say a sales department has a few team members who do not excel in communication. What happens?

Well, they don’t get across the benefits of your product or service, and so they don’t make as many sales as they could. Maybe one team member has trouble really listening to others (one of the worst communication mistakes) and writes an order wrong. This costs your company a client who, dissatisfied with the entire sales process, takes their business elsewhere.

Workplace Tension

When there’s tension in the workplace due to poor communication and misunderstandings, production and employee retention definitely take a hit.

Missed Revenue Opportunities

Say goodbye to referrals and repeat business when communication slips and hello to missed deadlines and higher advertising costs.

The bottom line is, the cost of poor communication is high and can be devastating to an organization’s productivity, employee morale, and bottom line.

Improve Your Communication and Increase Your Revenue at the Same Time

According to a Holmes Report, those companies with effective communication strategies experience less employee turnover, more productivity, and 47% higher returns. If this sounds good to you, it’s time to clean up your communication skills.

Here are 3 ways to do it:

1. Make Communication a Priority

Create a culture of communication within your organization. Establish new processes that focus on effective communication education and commit to maintaining awareness for the long-term.

2. Share Your Vision Clearly

Do your employees really understand your vision? You can’t reach your destination if everyone is rowing the boat in different directions. Your team needs to clearly understand your vision for the company, so publish your manifesto and best practices so everyone can start rowing to the same shore.

3. Get Rid of Communication Jams

Some of the biggest communication jams come in the form of hierarchies. If this is true for your organization, go ahead and dismantle those hierarchies so you have less bottlenecked decision-making. Communication that can flow freely ultimately leads to adaptability, innovation, and advantages in the marketplace.

If you haven’t yet taken an honest look at your communication skills, now’s the time. Hopefully, the fact that good communication can positively impact your bottom line, will motivate you and your team members to commit to the journey.

Let’s connect! I’d love to share even more ways you can become an effective communicator.

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