What’s Costing Your Business and Stressing You?

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What's This?

Engagement.

What thoughts crossed your mind when you read the word engagement? Did an engagement ring or a video of an amazing proposal of marriage flash through your mind? Or did you think about someone so engaged in what they do, everyone knows they love it? If you thought about the one truly engaged in their day to day living and their job, that’s what we are addressing here. 

Every business needs to keep its costs under control. If costs are too high, it’s more difficult for the business to survive and thrive. Business owners need to watch out for the various things that could affect their business budgeting and cost them unexpectedly large amounts of money. Not all expenses are easy to see on a budgeting sheet, nevertheless, they could be a drain on your business anyway.

May the Lord open to thee his good treasure, the heaven, to give rain to thy land in season: may he bless all the works of thy hands: so shalt thou lend to many nations, but thou shalt not borrow; and thou shalt rule over many nations, but they shall not rule over thee.
Deuteronomy 28:12 (BST)

Low Productivity

People need to be working well to produce good work in good time. When productivity is low, your employees could be slow to produce results and the work they do could be of a lower quality too. Productivity could be low due to poor motivation and flagging levels of morale in the workplace, among other things.

Poor Communication

There are all kinds of communication problems that can upset a business and cost you far too much money. Both too much communication and too little communication could mean you are wasting time. Too many emails and phone calls can mean people aren’t able to get on with their real work, while no communication leaves people in the dark about what they should be doing.

Striking a balance so your employees are properly equipped to do their work is a key component of running an efficient, cost effective business.

Losing Valuable Employees

Your staff turnover is vital to watch over if you want to avoid losing money from your business. Having to hire new people constantly can become extremely expensive, and keeping good employees is much less of a drain on the business expenses. Many employees eventually leave their jobs due to low levels of engagement and high levels of dissatisfaction at work.

 


Infographic Design By University of Southern California

Lord our God, may your blessings be with us. Give us success in all we do!

Psalm 90:17 (GNT)

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