10 ways a business leaks money like a sieve
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10 A BUSINESS LEAKS MONEY LIKE A SIEVE* WAYS but hopefully not yours! * And yes, for the picky among you, there are photos of colanders too - my bad! STOCKER PARTNERSHIP Colander by jbweir on Flickr: http://www.flickr.com/photos/jbweir/306600341/
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Did you know that 75% of new leads never hear back from the business they contacted and office workers are interrupted roughly every 3 minutes? We look at 10 ways that businesses are pouring money down the drain. Find out how your business scores and start plugging the leaks.
Transcript of 10 ways a business leaks money like a sieve
10A BUSINESS LEAKS
MONEY LIKE A SIEVE*
WAYSbut hopefully not yours!
* And yes, for the picky among you, there are photos of colanders too - my bad!
STOCKERPARTNERSHIP
Colander by jbweir on Flickr:http://www.flickr.com/photos/jbweir/306600341/
NOT RESPONDING TO ENQUIRIES AT ALL
Source: Time Business http://business.time.com/2013/08/21/lead-management-leads-to-business-growth/Collanders by libertygrace0 on Flickr:
http://www.flickr.com/photos/35168673@N03/4725529450/
of new leads never hear back from the business they contacted...
%75...but companies continue to spend significant money on marketing, social media, PR and sales
NOT KEEPING NEW LEADS WARM
1/2of all leads aren’t ready to buy yet...
...and yet many businesses don’t follow up a lead more than once, missing out on potential business later
Sieve sale by Matty Ring on Flickr: http://www.flickr.com/photos/mattring/8447594563/Source: Time Business http://business.time.com/2013/08/21/lead-management-leads-to-business-growth/
NOT GETTING BACK TO CUSTOMERS QUICKLY
Broccoli in colander by senorleroy on Flickr: http://www.flickr.com/photos/10078789@N00/4571428421/
Businesses that don’t respond to customers within an hour lose on average...
£30,000
...but never put the processes and procedures in place to ensure that customers get the service they want
per yearin lost business and cancelled contracts
Vodafone research via Smarta.com
NOT RETAINING EXISTING CUSTOMERS
Tea strainer by aesop on Flickr: http://www.flickr.com/photos/andreweason/5679141535/
50%of customers won’t complain if they are unhappy—they will simple walk away and never come back
*Non-complaint rate rises to a massive 85-90% when a customer feels an employee is incompetent or has treated them poorly
More than
*
...but companies rarely enable service recovery by identifying customers
with issues, encouraging complaints and proactively seeking feedback
Source: TARP via Business Week
HAVING LONG, INEFFICIENT MEETINGS
4HOURS
Average amount of time spent in
meetings per week
2HOURS
Amount of time wasted in meetings
Source: Centre for Economics and Business Research via LinkedIn
...and yet managers and staff are rarely trained in effective meeting
management
X NUMBER
OF STAFF
Sieve by karl.herler on Flickr: http://www.flickr.com/photos/17843347@N05/4659981526/
SPENDING THOUSANDS ON ‘EMAIL TIME’
£5,000-£10,000of staff salary is spent on ‘email time’ per employee, per year
...and yet staff aren’t trained in effective email management, either
in education or at work
Source: University of Loughborogh via EuropeanCEO.com Project 365 #356: 221210 It's A Baker Day by comedy_nose on Flickr:
http://www.flickr.com/photos/comedynose/5284109074/
ENABLING A CULTURE OF DISTRACTION
3MINUTES
...yet management themselves often precipitate this culture
Office workers are either interrupted or self-interrupt roughly every
Whether I pass through? by Jorbasa on Flickr: http://www.flickr.com/photos/jorbasa/7536180992/Sources: Microsoft.com | NYTimes.com | FastCompany.com
constant interruptions lead to higher stress, lower productivity and
increased error rates
and research shows
WASTING TIME BROWSING THE INTERNET
3-5HOURS
PER WEEK
EMPLOYEES WASTE
surfing the internet for non-work purposes
...though employers do little to help staff be more effective
and get more done4909 by BobPetUK on Flickr:
http://www.flickr.com/photos/22179048@N05/5194658295/Source: Kansas State University via www.bizjournals.com
LACK OF TECHNOLOGICAL NOUS
...yet the majority of corporate boards have only one technology-related
discussion a year or none at all (despite regular discussions about costs and profitability)
Sieving Flour by peterjroberts,on Flickr: http://www.flickr.com/photos/peter_roberts/5334386342/Sources: ThomsonReuters.com | HBR.org | McKinsey.com
of fee-earners felt their firm’s lack of focus on current technologies resulted in wasted time and money
96%
POOR CASH MANAGEMENT AND DEBT RECOVERY
Sifting the flour by waitscm on Flickr: http://www.flickr.com/photos/chriswaits/6607823843/
of small business invoices remain unpaid every year
...yet 1 in 3 senior managers are unprepared for the level of financial
responsibility involved in their job, and 50% of staff do not believe there is a
clear process for chasing unpaid invoices
13%
Sources: ShiftBusiness.com | Basware.com | eeiplatform.com
HOW DOES YOUR BUSINESS SCORE?
NOT RESPONDING TO ENQUIRIES AT ALL
NOT KEEPING NEW LEADS WARM
NOT GETTING BACK TO CUSTOMERS QUICKLY
NOT RETAINING EXISTING CUSTOMERS
HAVING LONG, INEFFICIENT MEETINGS
SPENDING THOUSANDS ON ‘EMAIL TIME’
ENABLING A CULTURE OF DISTRACTION
WASTING TIME BROWSING THE INTERNET
LACK OF TECHNOLOGICAL NOUS
POOR CASH MANAGEMENT AND DEBT RECOVERY
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The Stocker Partnership is a strategic innovation consultancy
We help organisations to create and exploit new opportunities
STOCKERPARTNERSHIP
024 76 100 193
[email protected] Stocker
@mattstocker
Debbie Stocker@debbiestocker
www.stockerpartnership.com
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