And one of the most effective ways to ensure business continuity is to seriously rethink revenue waste. Often, the first thing companies do is identify revenue leaks . As cliché as this may sound, it's amazing how much businesses lose each year due to lost revenue.
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Studies show that nearly 42% of companies experience revenue losses. That means that almost half of the companies in the world are inadvertently leaving money on the table. And while there is no uk number list consensus on the exact percentage of the amount lost due to leakage, it could be between 2% and 5% of revenue. So, as a first aid measure, it is advisable to find the leaks. Fix them in the interest of business continuity.
But beyond the obvious, there are three things every company can and must do that 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 the human connection. Being forced to be physically separated from the people who were part of our "former normal" has allowed us to embrace the human in us even more. Being mindful of this innate need to belong and be involved in each other's success 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 honest in your updates to your employees. Make it clear to them that each and every one of them is vital to your company at this time.