When you think of the things that cost your business the most time and money, what do you think of? Did team communication make your list? If it didn’t, it should.
Why?
According to a report in 2022, “business leaders estimate poor communication in the workplace accounts for a loss of 7.47 hours per employee per week. “For the average full-time knowledge worker on their team, who makes an estimated salary of $66,976, the wasted 7.47 hours each week amounts to a sunk cost of $12,506 per employee per year.” For an employee with a salary of $133,952, the sunk cost is $25,012 per year.”
Did you catch that? 7.47 hours per employee per WEEK. That’s almost 20% of their week. Do you want to (or can you afford) pay your team to twiddle their thumbs for 20% of the time? I sure don’t.
Other than the financial impact, which, let’s be honest, is a big deal, why else should you prioritize efficient team communication?
Encourages Better Decision Making
Quick, effective communication allows for better decision-making. When everyone is on the same page, it’s easier to identify potential problems early and address them before they escalate. This proactive approach saves money and builds a stronger, more resilient business.
Boosts Productivity
Everyone knows their roles, responsibilities, and deadlines when communication flows smoothly. This clarity eliminates the guesswork and allows your team to focus on what they do best. Efficient communication can improve productivity by as much as 25%. Imagine what your team could achieve with an extra quarter of their time being used effectively!
Enhances Team Morale
Nothing frustrates people more than not knowing what’s expected of them. Clear communication fosters a positive work environment where everyone feels informed and valued. When your team feels connected and understood, they’re more motivated and engaged, leading to lower turnover rates and higher job satisfaction.
Builds Stronger Relationships
Good communication isn’t just internal; it also affects how you interact with clients and suppliers. Clear, consistent communication can enhance your reputation, build trust, and lead to more fruitful partnerships. In a small business, these relationships are crucial for long-term success.
We’ve talked about WHY you should do it, but what are some strategies for HOW to do it? Here are a few tips:
- Use the Right Tools: Invest in communication tools that suit your team’s needs. Find what works best for you, whether it’s a project management app, instant messaging, or regular video calls. A few of my favorite options include Slack, GoogleChat, and ClickUp Chat features (note: I didn’t say text or email 😉).
- Get Consistent and Clear: Encourage your team to provide OVER communicate with updates, when asking questions, or updating information. It may sound counterintuitive, but often, adding the extra context saves time down the road for the team. (Example: there is a huge difference between “Hey, can you go review the most recent blog post” and “Hey, can you review the most recent blog post on networking? I need a second set of eyes to make sure it doesn’t feel choppy and it’ll resonate with our readers. Here’s the link.”)
- Set Clear Expectations: Make sure everyone knows their roles and responsibilities, who to go to for questions, and what the expectations are for calling the shots. Regularly review and update these to reflect any changes.
- Encourage Open Dialogue: Create an environment where team members feel comfortable sharing their ideas and concerns.
- Hold Regular Structured Meetings: Holding regular SHORT and STRUCTURED meetings keeps people clear on what’s next and gives a regular space for questions.
You AND your team will be better off if your communication is streamlined!
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