With businesses facing a major blow due to the pandemic, it is time to take stock of reality and make the best of it all. The new and revised agenda is staying afloat in one form or another. Business continuity will be the primary focus for most businesses, regardless of their size.
And one of the most effective ways to ensure business continuity is to seriously review revenue leakage. The first aid for businesses is often identifying revenue leaks . As cliché as it may sound, it’s surprising how much businesses lose annually due to revenue leakage.
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TESTS show that nearly 42% of businesses experience revenue leakage. That means almost half of the world's companies are unintentionally leaving money on the table. And while there is no consensus russian email list the exact percentage of the amount lost due to leakage, it could range between 2% and 5% of revenue. That's why, as a first aid measure, it is advisable to find the leaks. Fix them for the sake of business continuity.
But aside from the obvious, there are three things that every company can and should do. They could have a miraculous effect on their business, regardless of the crisis.
This pandemic has taught us that no matter how technologically advanced we are, we still crave human connection. Being forced to be physically distant from the people who were part of our “old normal” has allowed us to embrace the human in us even more. Being aware of this innate need to belong and participate in the success of others can help you gain the trust of your employees.
Recognize the fact that this hasn’t been easy for anyone. So communicate effectively , from time to time, and not in a way that seems forced or expected. Be genuine in the updates you make with your employees. Let them know that each of them is crucial to your business right now.
Discuss the way forward, the strategy, the challenges and let them know that you are working together as a team to overcome the setback that the pandemic has brought to the business world. Guide them when they need it and ask for help when you need it. Keep them motivated and engaged.