In this Issue:  Why Your Business in NOT Reaching it’s Full Potential

(By Grant D. Robinson, President of People Values & Creator of the Market Leadership System)

 

            You may not have realized this, but we’re already in the second quarter of 2007.  Are you on pace to meet your goals this year?

            Most businesses are not.  And for 90% of them, the same thing is holding them back.  Your local business journal will have you believe that out of date technology, lack of infrastructure or a weak sales strategy is holding unsuccessful businesses back. 

            It’s not. 

            Their people are holding them back.  People who are unreliable, unmotivated, unproductive and are more interested in a paycheck than their organization’s success. 

            If you haven’t accomplished 25% of your financial goals for 2007 yet, what is holding you back? 

            Do you have the right people in every position of your company?  If not, you will not reach your full potential. 

            Even if you have the most expensive software, the right location, the best marketing in your industry and a professionally developed vision and mission, the wrong people will cause slow business growth.  They’ll also cause unfulfilled potential. 

            The Department of Labor just reported that the minimum cost of each bad hire is $11,713.  And that is just in salary, benefits and employment costs.  For sales and management positions, double that figure. 

            When you hire a lazy, non-productive, trouble-maker, you must realize it cost you much more than $12K.  It’s costing you your important goals for the following reasons:

 

1.  Lost Time & Energy

            Your time (& your manager’s time) is money.  Time and energy spent recruiting, interviewing, training, retraining, coaching, solving conflict, etc. is taking you away from business development and increasing your sales.

 

2.  Lost Respect

            The cost of apathy and low morale are immeasurable.  The worst part is, it usually doesn’t stop with your mis-hires, but eventually spreads to your TOP Performers as well.  When your best people are surrounded by employees who can’t or won’t do their jobs, they’ll start to lose respect in the organization’s leaders for hiring these people and will eventually leave. 

 

3.  Lost Opportunities

            When you don’t have the right people on your team or can’t keep positions filled, you will not be able to take on as many opportunities.  This leads to the inability to bid or acquire as many jobs and complete them as quickly as you could with a full staff. 

 

4.  Lost Customers & Sales

            The wrong people do not help you exceed your customer’s expectations either.  When your employees have negative attitudes, consistently make errors and over-promise and under-deliver, your customers will start doing business with your competitors.  As your customers leave, your sales will stay stagnant or decrease. 

 

5.  Lost Revenue

            Through partnerships with growing, high potential businesses these past six years, we’ve realized the value of a TOP Performer is between $60,000 to $120,000.  No matter the position.  So when you hire the wrong person, you are not only losing the salary, benefits and employment costs, you must realize, you are losing the revenue a TOP Performer would have added to your bottom line. 

 

 

If you own a growing, high potential business and you haven’t visited PeopleValues.com in the past week, do so now.  We recently revised our educational “Entrepreneurs Guide to Market Leadership” Video. 

 

In just 5-minutes, you’ll learn the quickest and easiest way to start accomplishing your important goals and become your Market’s Leader.  You can also Test Your Knowledge with an “Employee Recruiting & Hiring Quiz.”

 

Here is the link to watch the video or take the quiz: http://www.peoplevalues.com.

 

Have a great month!