Why Your Business is NOT Reaching its Full Potential

 

Written April 18, 2017 

 

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Did your business achieve its financial goals last year?

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 Your local business journal will have you believe that out of date technology, lack of infrastructure, a weak sales strategy or the economy is holding your business back.

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It’s not.

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YOUR PEOPLE are holding YOU back. People who are unreliable, unmotivated, unproductive and are more interested in a paycheck than your organization’s success.

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Productive People = Productive Business

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Do you have the right people in every position of your company? Is every one of your employees as productive as they can (& should) be? If not, you will never reach your full potential.

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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.

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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, double that figure.. and management, triple it.

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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 top performing 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.

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5. Lost Revenue

Through partnerships with growing, high potential businesses the past 15 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.