Biggest Mistakes Business Leaders Make And How They Cost Millions
…and its millions more if you include the cost of missed opportunities, conversations you never had, relationships you never started, not to mention squandered ideas, time, energy, lack of goodwill, and so on….
Top 3 mistakes: (These mistakes are universal, and not exclusive to business leaders.)
- Denial – when we deny that things are (could be) as bad as we know (suspect) they are. We see the signs, but ignore them.
- The antidote for denial is curiosity. Check it out!
- Fear – when we worry about the consequences and don’t act. We procrastinate, can’t decide, get side-tracked, etc.
- The antidote for fear is courage. Dive right in!
- Selfishness – when we lose perspective because we focus on ourselves. WIIFM?
- The antidote for selfishness is connection. Think bigger picture and greater good because the returns are huge; it comes back in truck-loads! The paradox is – the more you help others the more you help yourself.
Apropos these mistakes
Independent research shows that more than 70% of employees are discontent, yet most, if not all managers and business owners think their employees are fine.
Maybe the reason we think all is well is because when you ask: “How are you?” People say: “Fine.” But, as we all know this is an automatic response to a habituated question and means nothing.
Even if you want an earnest/ truthful answer, you are unlikely to get it because e.g.:
- The worse the problem, the greater the fear that it might have dire consequences if brought out into the open; – it could be a career limiting move to talk about it.
- The person asking might be perceived to be part of the problem.
- History: Previous ‘bad’, unsatisfactory, or other negative experiences.
Find out what is going on below the radar
Help your employees to open up and tell you what is really going on, how they feel about you, management, the organization, colleagues, their working environment and circumstances. The best solution is to get a confidential, independent, external Staff Audit done. Click here to => Find out why it is 100 times better than an internal survey
WHY find out?
Your workforce can be your biggest asset with the most leverage to escalate profits, or the biggest liability costing you millions.
The things we don’t know about are the most likely to bite us in the butt.
Get great feedback
Get the reasons behind the absenteeism, presenteeism* (do as little as possible while looking busy), high staff turnover, scope creep, missed deadlines, increasing overtime, dwindling profits, constant ‘fire-fighting’, more accidents, mishaps, or increasing mayhem (all symptoms of a system out of whack). Statistical Reports highlight threats and problem areas,
Get a baseline for comparison
Get a point of departure to measure improvement, growth, employee engagement, morale, productivity, contentment, as well as confidence in management and the future sustainability of the company/ business.
Lay the foundation
Fix presenting problems so that you have a strong foundation to build on should you wish to double, triple, or skyrocket your profits.
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