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How does Communication Affects the BOTTOM LINE?

From the battlefront to the corporate front to the home front, miscommunication and lack of communication can have serious impact. Throughout history, the root of many disagreements, arguments, and unfortunate consequences has been a simple point of miscommunication or non-communication that could have been prevented.

In a company, lack of communication or miscommunication can impact the bottom line in the form of delays, inefficiencies of cost and time, or service issues; and, in a worse-case scenario, financial loss, Layoffs, workplace accidents, or lawsuits. Carried to a logical end, miscommunication or non-communication can have a leader sending employees into territory's for which they are not prepared.

According to an article by SHRM, the cost is quantifiable.

David Grossman reported in “The Cost of Poor Communications” that a survey of 400 companies with 100,000 employees each cited an average loss per company of $62.4 million per year because of inadequate communication to and between employees. Debra Hamilton asserted, in her article “Top Ten Email Blunders that Cost Companies Money,” that miscommunication cost even smaller companies of 100 employees an average of $420,000 per year.

The bottom line is that communication affects the bottom line.

There is more!! I have a 3-Part Training, and PDF that explains all of this and more!

Lead on 🦅

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