Common Business Challenges are Costly and Harmful to Business
If you are experiencing any one of these challenges, it could be a contributing factor limiting your ability to grow revenue,
people, and customers.
Employee Turnover
If just one employee decides to leave on their own accord, it has a major impact on any company. Studies differ on the exact numbers, but all of them agree, it’s costly. It not only impacts employee morale, productivity, and revenue, but it also requires time and money for advertising, screening, interviewing and hiring. Once assimilated into the company, it becomes even more crucial to retain a “happy” employee. Otherwise, you may face repeating the same cycle of employee turnover and associated costs.
Increasing Revenue
Most businesses, whether to expand or grow, want to perform better. This requires a well thought out strategy, an effective structure, the right people, and efficient processes. Without these critical success factors it may cost you a solid framework to support your operation, people who can execute and drive revenue, and the capability to run things smoothly to avoid wasted time and effort.
CUSTOMER RETENTION
In a study conducted by Bain & Company, results showed by increasing customer retention rates by 5% it increases profits by 25% to 95%. Therefore, it is clear that existing customers are more crucial to sales growth than new customers. If you lose established customers you put your business at risk, because you have to work even harder to find new consumers versus growing with the ones you have. Leveraging a customer-centric approach focused on personalization will deliver a better customer experience that will keep them coming back for more.
WORKFORCE LITIGATION
89,398 workplace discrimination charges were received during fiscal year 2015 according to the U.S. Equal Employment Opportunities Commission. These charges included race, sex, disability, age, religion, and retaliation, to name a few. According to the U.S. Department of Labor, most charges are brought by employees who have already left the job. Employee litigation particularly, is expensive, stressful, unsatisfying, and can take years to resolve. Effective in-house practices that empower employees, increase communication and allow creative problem solving help build trust and reduce the chance of escalating complaints.