How Much is Poor Communication Costing Your Business?

LinkedIn CEO Jeff Weiner (Photo by Chip Somodevilla/Getty Images

If you think superior communication is a soft skill, think again. According to “The Cost of Poor Communications” report a survey of 400 companies, with 100,000 employees, each stated an average loss per company of $62.4 million each year. Those results focused on internal communication between employees, not clients or customers.

Before everyone was trying to manage their business—even sales—by text or email, Deloitte and USA Today conducted a survey with findings that poor communication is an expensive problem. The results showed that companies were losing 15% of profits due to the lack of communications and the survey was published more than a decade ago. Most small businesses would feel the pain if 15 % of profits were lost due to issues that could be solved.

LinkedIn’s Jeff Weiner is a CEO who gets the value of communication. His philosophy is broken down into three functions: Vision, Leadership and Communication.

“The more people you’re responsible for, the more your words and the way you communicate those words and your body language and essentially everything you do is taken into consideration by the team,” he said. For the rest of article:

Companies are finally getting it: great communication is not a soft skill. It is essential to your profits and success. While we work in the C-Suite, a number of our clients are service professionals and entrepreneurs who know the best investment is in themselves and their teams. The majority of CEOs, politicians, speakers and experts in the media have been coached to speak, present and communicate. These are skills that can be learned. It starts with the desire to become an effective and engaging communicator to lead, develop business and increase profits.

Stay tuned!

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