In the previous article, we defined that one of the biggest hindrances in business success is the leaks in the bucket in terms of running an effective organization. Here, we identify 8 of the Leaks that are potentially detrimental to your business results.
The following are some common leaks that I find in most companies:
Lost productivity in B and C Players
Your internal processes do not properly identify B and C performers and even when you identify them it takes too long to take action. You classify people as “A Players” for the wrong reasons and the real “A Players” quit, get fired, or are not engaged anymore.
By allowing poor leadership you are deciding the leader has more to offer than everyone else put together…a fools bet. Your poor leader causes everyone around them to perform at lower levels and you lose access to a lot of great ideas and people are less apt to willingly give extra effort.
Tactics instead of strategy
Organizations are losing lots of time and energy zig zagging and starting and stopping because there is not enough thought given up front to desired outcomes and best paths to getting them.
Lost performance to unfilled positions or underinvestment in functions
Most organizations are so caught up on what a position costs them that lose big opportunities. Existing people are getting burned out and current efforts are not done well because people are spread too thin.
How much does it cost you to find each new person, how long does it take you to rebuild that institutional knowledge, what impact does this have on customers, what impact does it have on the overall flow of the organizations, how does it affect productivity, how much time does it take to train someone, how does it affect the trainers productivity, and if you add it all up what is turnover costing your company every year?
How many deals did you fail to win because of a bad strategy? How many opportunities do you not have an opportunity to quote and would have won but the prospect had no idea your firm existed? How many opportunities did you lose because your sales processes are broken?
How many customers did you lose because you fail to be provide value that is meaningful enough for them to stay loyal. How many customers did you lose because there is no one person in monitoring, managing and leading the overall customer experience to making sure that it is consistently high?
Increased cost from mistakes
How closely are you measure the 5 to 7 processes that drive your business? What leading indicators do you use to tell you that they are all functioning at optimal levels?
One of the first steps toward increasing your business success is to identify where your leaks are in your business. If you are interested in a business assessment, let’s schedule a time to further discuss your business “leaks” and how we might work together to patch up your leaky bucket. Call us for a FREE consultation 1.877.692.6211