March 29, 2023

The True Cost of Communication

All this talk about communication might have you thinking– what is the true cost of poor communication?

If you’ve got that question in your head, you’re in the right place! This episode is largely my rant on how to spot and improve poor communication.

We’ve got some hard statistics on the almost unimaginable expense to productivity and profitability that poor communication causes. Once I paint that picture for you I won’t leave you hanging– I’ve got a ton of approaches and exercises that you can implement to start improving your communication today!

In this episode, we break down…

What constitutes poor communication and why it exists
How ineffective communication accounted for over $1.2 Trillion in annual losses among businesses in 2022
The specific elements that make up the culture of communication in your organization and teams
Strategies you can use to develop better communication amongst your team
The differences between internal and external communication and how to improve each

Key Quotes & Conclusions…

“Leaders estimate teams lose the equivalent of an entire workday– 7.47 hours each week– to poor communication. Approximately $12,506 per employee.”
“You want to begin to understand as individuals, how should we communicate? This goes to knowing yourself as well as the other person.”
“We have tools that will help us become efficient. Will you let technology help you?”
“You want to be vocal, you want to discuss with one another. How are we going to communicate? How will we collaborate, what tools will we use– what is our process?”
“Where do I stand in terms of how I communicate? What could be better? What could improve? What’s going well? Evaluate what’s working and what’s not.”