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Poor communication costs businesses billions of rands
The exorbitant cost of poor corporate communication is indeed a global phenomenon. Recent international surveys reveal that communication is a massive unresolved issue for many businesses.
SIS International Research has discovered that as much as 70% of small to mid-size businesses claim that ineffective communication is their primary problem. The SIS research concluded that a business with 100 employees spends an average downtime of 17 hours a week clarifying communication. This translates in to a staggering annual cost of R3 742 253.
A Towers Watson's communication study reinforced the power of effective corporate communication skills and found that companies with highly effective communication had 47% higher total returns to shareholders between 2004 and 2009, compared with companies with less effective communication strategies and skills.
Corporate communication culprits
Poor communication in businesses is widespread. Here are some of the major poor communication culprits:
Successful communication creates enormous benefits for you and your clients. Effective communication reaps incredibly positive results: increased market share and stakeholder value; greater employee commitment, involvement, retention, and morale; and stronger customer loyalty. All of these combine to create profits and they minimise losses.
Poor communication squanders time, erodes effort, lowers loyalty, destroys brands and ultimately loses business.
How much is poor communication costing your business?