Leading Business Problem #1: Losing Time and Money
In our latest ebook, we offer Fierce insight into six leading business problems companies are facing today, the impact of these problems, how you can identify them, and how to solve them.
The first leading (and common!) business problem we highlight is a loss of time and money. If a company has never experienced a sudden drop in revenue, they may not even realize they have this problem—your numbers may be stable, but what’s often being lost is potential earnings.
Time and money issues in your organization have one thing in common: ineffective conversation. Miscommunication is the root illness infecting your business. Where there’s a lack of clarity or understanding, there’s often a loss of time and earnings.
A stat from VOCOLI reveals just how much miscommunication could be impacting you: a business with 100 employees spends an average of 17 hours a week clarifying communication. This translates to an annual cost of $500,000+.
Small clarity problems within an organization may seem insignificant at first, but it gradually leads to bigger problems. The key solution is establishing a common language. A common language creates a shared understanding, and employees are then equipped to gain clarity when they need it.
In our eBook, we recommended three specific Fierce programs that can change the trajectory of your organization when it comes to time and earnings: Team, Feedback, and Delegation.
So, why do we recommend these programs to resolve this leading business problem?
Let’s explore some of what these conversations are used to accomplish, and how they prevent a loss of time and money.
1. Solicit input from everyone for better decision making – Bad decisions are costly. They cause individuals, teams, and sometimes entire organizations to spend time and money repairing the damage of a bad decision. When leaders gather input from everyone on their teams, they become better informed and more equipped to make a decision that’s going to be most effective. The Team Beach Ball Model allows leaders to skillfully solicit input to prevent these time and monetary losses.
2. Host productive meetings that produce solutions – Unproductive meetings waste time. Fierce Team conversations create more productive meetings by teaching you to get to the heart of the matter, solicit input, and find the bestcsolutions. In other words, what you talk about in meetings and how you talk about it determines whether you’ll lose time and money.
3. Create a psychologically-safe environment – A psychologically-safe environment allows innovation and collaboration to flourish, leading to better ideas and better decisions. In fear-based cultures, or in cultures that are too “nice,” employees do not feel psychologically safe enough to share their perspectives. Team conversations help build trust and deliver the message to teams that everyone’s perspective is valued. Individual insights contribute to the overall success of the team and the company, preventing losses of time and money.
1. Create a team where candour is the expectation and trust is strong – If you were doing something in your work that wasn’t working, wouldn’t you want to know? When leaders and their teams know how to give and request feedback, it builds trust by getting everything out in the open. What we don’t know about our performance, and what we don’t share with others about their performance, is going to invite losses—including losses of time and money. Fierce Feedback teaches leaders and their teams how to build trust and create this culture of candour.
2. Use positive feedback to reinforce what’s working well –Positive feedback relays the message, “This is great, keep it up!” and reinforces the behavior. When we know what we’re doing well and let others know what they’re doing well, we keep doing it, and that produces results. And high performing teams are more capable of anticipating problems and taking the actions necessary to prevent losing time and money.
3. Improve performance through consistent, continual feedback – The better our performance, the better our results. When feedback is ongoing, we have opportunities to course correct. This saves time by reducing the need to re-do projects and preventing future mistakes with in-the-moment feedback.
1. Grow execution and leadership skills on your team – When leaders know how to delegate effectively, they assign new tasks to their teams without burdening them by asking: “In what areas do you want to grow?” This allows individuals to develop their skills, freeing up more time for leaders to contribute in the areas they’re needed most, reducing the amount of time and money being wasted.
2. Clarify expectations and roles – Have you ever completed a task not knowing that someone else had already completed the same task? Or have you ever been responsible for something but didn’t know you were until after it was due? Unfortunately, we see this happening a lot in business, and it wastes time. As we mentioned earlier, miscommunication is the greatest contributor to loss of time and money. Fierce Delegation helps leaders and their teams get clear on what’s expected, and who owns what tasks to eliminate confusion. And, reduce the number of hours spent on clarification.
3. Create a framework for professional development – As individuals grow and develop, so do their organizations. The personal growth that occurs with new learning opportunities allows individual to be the greatest contribution they can be to the organization and its goals, spending time where they can create the greatest impact. New opportunities and having a framework to communicate it also reduces turnover costs by providing charted avenues of growth.
These programs, when combined, hold the greatest potential to reduce losses of time and money for companies, leaders, and their teams. Each program addresses the root issue of miscommunication, providing tools to increase clarity, collaboration, and effectiveness.
Download the full eBook HERE for more insight into the loss of time and money and other leading business problems.