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10 ways a business leaks money like a sieve

Did you know that 75% of new leads never hear back from the business they contacted and office workers are interrupted roughly every 3 minutes? We look at 10 ways that businesses are pouring money down the drain. Find out how your business scores and start plugging the leaks.

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10 ways a business leaks money like a sieve

  1. 1. STOCKER PAR TNERSHIP 10 Colander by jbweir on Flickr: http://www.flickr.com/photos/jbweir/306600341/ WAYS but hopefully not yours! A BUSINESS LEAKS MONEY LIKE A SIEVE* * And yes, for the picky among you, there are photos of colanders too - my bad!
  2. 2. NOT RESPONDING TO ENQUIRIES AT ALL 75 % of new leads never hear back from the business they contacted... ...but companies continue to spend significant money on marketing, social media, PR and sales Source: Time Business http://business.time.com/2013/08/21/lead-management-leads-to-business-growth/ Collanders by libertygrace0 on Flickr: http://www.flickr.com/photos/35168673@N03/4725529450/
  3. 3. NOT KEEPING NEW LEADS WARM 1/2 of all leads aren’t ready to buy yet... ...and yet many businesses don’t follow up a lead more than once, missing out on potential business later Source: Time Business http://business.time.com/2013/08/21/lead-management-leads-to-business-growth/ Sieve sale by Matty Ring on Flickr: http://www.flickr.com/photos/mattring/8447594563/
  4. 4. NOT GETTING BACK TO CUSTOMERS QUICKLY Businesses that don’t respond to customers within an hour lose on average... 0 0 ,0 0 3 £ per year in lost business and cancelled contracts ...but never put the processes and procedures in place to ensure that customers get the service they want Vodafone research via Smarta.com Broccoli in colander by senorleroy on Flickr: http://www.flickr.com/photos/10078789@N00/4571428421/
  5. 5. NOT RETAINING EXISTING CUSTOMERS More than * 50% of customers won’t complain if they are unhappy—they will simple walk away and never come back ...but companies rarely enable service recovery by identifying customers with issues, encouraging complaints and proactively seeking feedback *Non-complaint rate rises to a massive 85-90% when a customer feels an employee is incompetent or has treated them poorly Source: TARP via Business Week Tea strainer by aesop on Flickr: http://www.flickr.com/photos/andreweason/5679141535/
  6. 6. HAVING LONG, INEFFICIENT MEETINGS 4 HOURS Average amount of time spent in meetings per week X NUMBER OF STAFF Amount of time wasted in meetings 2 HOURS ...and yet managers and staff are rarely trained in effective meeting management Source: Centre for Economics and Business Research via LinkedIn Sieve by karl.herler on Flickr: http://www.flickr.com/photos/17843347@N05/4659981526/
  7. 7. SPENDING THOUSANDS ON ‘EMAIL TIME’ £5,000£10,000 of staff salary is spent on ‘email time’ per employee, per year ...and yet staff aren’t trained in effective email management, either in education or at work Source: University of Loughborogh via EuropeanCEO.com Project 365 #356: 221210 It's A Baker Day by comedy_nose on Flickr: http://www.flickr.com/photos/comedynose/5284109074/
  8. 8. ENABLING A CULTURE OF DISTRACTION 3 Office workers are either interrupted or selfinterrupt roughly every MINUTES and research shows constant interruptions lead to higher stress, lower productivity and increased error rates ...yet management themselves often precipitate this culture Sources: Microsoft.com | NYTimes.com | FastCompany.com Whether I pass through? by Jorbasa on Flickr: http://www.flickr.com/photos/jorbasa/7536180992/
  9. 9. WASTING TIME BROWSING THE INTERNET EMPLOYEES WASTE 3-5 HOURS PER WEEK surfing the internet for non-work purposes ...though employers do little to help staff be more effective and get more done Source: Kansas State University via www.bizjournals.com 4909 by BobPetUK on Flickr: http://www.flickr.com/photos/22179048@N05/5194658295/
  10. 10. LACK OF TECHNOLOGICAL NOUS 96% of fee-earners felt their firm’s lack of focus on current technologies resulted in wasted time and money ...yet the majority of corporate boards have only one technology-related discussion a year or none at all (despite regular discussions about costs and profitability) Sources: ThomsonReuters.com | HBR.org | McKinsey.com Sieving Flour by peterjroberts,on Flickr: http://www.flickr.com/photos/peter_roberts/5334386342/
  11. 11. POOR CASH MANAGEMENT AND DEBT RECOVERY 13% of small business invoices remain unpaid every year ...yet 1 in 3 senior managers are unprepared for the level of financial responsibility involved in their job, and 50% of staff do not believe there is a clear process for chasing unpaid invoices Sources: ShiftBusiness.com | Basware.com | eeiplatform.com Sifting the flour by waitscm on Flickr: http://www.flickr.com/photos/chriswaits/6607823843/
  12. 12. HOW DOES YOUR BUSINESS SCORE? 1. NOT RESPONDING TO ENQUIRIES AT ALL 2. NOT KEEPING NEW LEADS WARM 3. NOT GETTING BACK TO CUSTOMERS QUICKLY 4. NOT RETAINING EXISTING CUSTOMERS 5. HAVING LONG, INEFFICIENT MEETINGS 6. SPENDING THOUSANDS ON ‘EMAIL TIME’ 7. ENABLING A CULTURE OF DISTRACTION 8. WASTING TIME BROWSING THE INTERNET 9. LACK OF TECHNOLOGICAL NOUS 10. POOR CASH MANAGEMENT AND DEBT RECOVERY 10
  13. 13. STOCKER PAR TNERSHIP The Stocker Partnership is a strategic innovation consultancy Matt Stocker We help organisations to create and exploit new opportunities Debbie Stocker WE’RE NOT BIG BUT WE ARE CLEVER @mattstocker 024 76 100 193 hello@stockerpartnership.com www.stockerpartnership.com @debbiestocker Follow us on LinkedIn Subscribe to our blog Sign up to our newsletter

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