Posts Tagged ‘workforce productivity’

12 Is a Costly Number to Every Sales Leader

Do you waste 12 minutes a day as you are conducting your daily sales activities?  Be honest.  If you are honest with yourself, the time wasted each day probably exceeds just 12 minutes.  Ongoing workplace time use and workforce productivity research suggests employees continue to waste a lot of time.

What is all that wasted time costing your ability to increase sales?  Maybe you are thinking, it’s just 12 minutes a day, not much.

By doing some simple math, 12 minutes a day equals 1 hour a week and this translates into 52 hours per year or over a solid week of productivity.  Now that the picture is much bigger, what is that costing you?

If you are a sales leader and value your time, then you should be worth at least $100 an hour or $5,200 annually given all that expertise.  Even if you believe you are only worth $50 an hour that still adds up to $2,600 each year. If you know how much time it takes to close a sale, then do that math.  How many more sales could you achieve in 52 hours?

What can you do as a sales leader for yourself to reinvest those lost minutes into productive ones? Here are some simple strategies from which you can take action:

  1. Eliminate unnecessary conversations and time wasters including social media. Be intentional in all your actions.
  2. Review your sales goals daily, weekly and monthly.
  3. Set a schedule and review your schedule daily. Use a CRM tool as you review your activities.
  4. Use agendas for meetings with your sales management or other colleagues. Without agendas, meeting time becomes a lot of lost minutes.  Do not allow any new items that come from the discussion. Table them for the next meeting.  Keep personal issues out of the meeting. This one strategy helped one of my clients consistently increase revenue by 20-25% annually.
  5. Model as a sales leader the desired behavior. Respect the time of your colleagues and your customers. For example, let your sales prospect know that you only want 30 minutes of his or her time.
  6. Align your time to your sales goals. If you goal is to secure one new sales lead from your regular chamber to civic meetings, then make sure you achieve that goal.  Do not waste time visiting with people that you know. You must first be accountable before you expect others to be accountable.
  7. Have a  sales action plan. As a sales leader, you should be an overall Strategic Business Growth Action Plan© reinforced with Marketing, Sales, Customer Loyalty, Management, Innovation and Financial sub plans. Stop the praying and spraying mentality and behaviors that are time wasters.
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Behavioral Economics Energizes Leadership

Some may be scratching their heads after reading this headline of “Behavioral Economics Energizes Leadership” with thoughts of what does leadership have to do with economics?  The key word here is behavioral and how behaviors can impact the results of leadership such as workforce productivity which is one of the drivers behind economics.

behavioral-economicsAn interesting article from Gallup respective to Singapore’s lagging workforce productivity in spite of significant investments by the government and businesses reveals how this new science of “behavioral economics” may improve Singapore’s results.

Outside of the behaviors, these two aspects of human endeavors share another common element – emotions. As Daniel Pink noted in his book, Drive, people are most productive when they are have autonomy, mastery and purpose.  These three factors correlate with Dr. Hartman’s work along with the science of Axiology about how people make external decisions through systems judgment, practical thinking and empathy.

When leaders recognize people are human beings with strong emotions first and foremost and behave on three different levels (thinking, doing and feeling), they can leverage this understanding and further energize the existing leadership as well as their workforce productivity.

Behavioral economics on its basic level reaffirms the second sales buying rule:

People buy first on emotions justified by logic.

Forward thinking leaders will unite behavioral economics within their overall business leadership development and realize significant results not only in workforce productivity but overall organizational operations. Those who fail to understand the incredible dynamics behind these two areas of business will be left standing at the alter, hoping the wedding is still on.

 

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How Small Businesses “Throw the Baby Out with the Bath Water”

Workforce productivity is essential with US small businesses especially for those 99.6% with 99 employees or less.  Rising costs from government compliance to raw goods to healthcare are more significantly felt because of the lower employee numbers.

small businessesA recent report from the US Chamber of Commerce suggested due to these rising costs many within the workforce will be terminated or have their hours reduce. Other reports suggest some of these small businesses will further rely on outsourcing by using freelancers or independent contractors.

The inherent problem within these potential future actions  is the good employees (those who are actively engaged) will be thrown out with the just engaged or actively disengaged workers. This is not a new problem as it was experienced during the most recent recession. So the small business owner to C-Suite executives will be still facing the same problem – paying for non-productive employees. And with the economy, tighter profit margins, etc., this problem is now even far more costly.

Pareto’s Principle suggests 20% of the workforce will contribute to 80% of the productivity. Research such as the annual Gallop Report on workforce productivity continues to confirm the 20/80 factor. The numbers have been fairly stable for the last few years and in alignment with Pareto’s Principle.

So why don’t managing small businesses stop this profit draining problem?  The customary answer is “No Time;” the real answer is “No Process.”

When each employee is assessed for his or her talents, communication style, motivators and emotional intelligence, this provides a baseline for future productivity. The performance appraisal assessment requires alignment to the written job description.

Believe it or not there are many firms that have not updated their job descriptions; performance appraisal process for several years not to mention decades.  This is especially true with much smaller businesses under 20 employees where there is no human resource department.

The problem behind this problem is business growth is based on revenue not employees.

Imagine if this paradigm was changed and business growth was based on the number of employees?

Would all the executive within these small businesses begin to think and more importantly act differently?

Would this insane practice by small businesses of “throw the baby out with the bath water” finally stop?

Read more about this workforce productivity report.

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