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Top 3 Business Risks To Look Out For

Livia Jenvey |  September 30, 2019 

 Over the years as a consultant, I have often witnessed three things come up as a hidden underlying risk. Which often cause a company who is looking to shift to increase its cash flow not to happen at all.

These things happen slowly over time, and become the status quo in groups, which can cause a massive list of problems if you are considering increasing your profits.

When I bring in a team into an organization to conduct our 360 performance assessment to determine what would be the top 10 things to shift in their operations to provide the most significant financial return before a Merger, IPO, or Sell.

The first thing my team does is determine if any of the three things are the cause of losing a lot of operation costs.

When there are teams within operational groups, who tend to have an odd to a high number of individuals leaving or ghosting, this is causing the organization to spend 6 to 15 times the annual salary of that employee who just left. For example, if an employee leaves who has an annual salary of $78k, this is causing your business a cost of $468K - $1.1M in total operational costs to replace them. That $78k employee becomes a 6-figure penalty for them not sticking around.

Which is why weeding out the following three hidden underlying risk to mitigate are:

  • Disrespecting Others
  • No Accountability
  • No Honesty

All of these lead to hostile work environments. Where there is a lack of trust and stressful deadlines means things will go a miss and will eat heavily at your operational revenue.

Employees, no matter who they are, strive to produce good stuff for your employers. However, if the work environment is filled with disrespecting others, no accountability or honestly. The good and great employees are less likely to want to be around for this and will disappear to avoid having to deal with producing lackluster results.

Take a moment today to look at your organization to see if these three hostile work environment things exist. It could be costing you a lot of money. You're letting go out the door.

 

Feel free to schedule a call with one of our team members.  We can help you assess how to increase your overall operational performance to achieve higher revenue today! 

 

CLICK HERE TO SCHEDULE CALL

 

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