No one could have predicted how a virus would shut down our entire economy in 2020, and we are only beginning to see the negative consequences and destruction of businesses as we enter 2021. This makes is even more critical for businesses to focus on cost-saving measures.
Most will immediately look at how to shave money off production costs and that is great, but let us not forget the most-costly expense of all: our people. I’m not advocating for letting people go. On the contrary, I am suggesting we work harder at hiring the right people to begin with and we train the people we do have.
Unfortunately, most companies will look at consulting and training services as an expense, but they have it all wrong. Trainers and consultants like me actually SAVE you money! Yes, we can prevent you from making a bad hire, or we can salvage a PIP employee and turn them around. With one client, a highly educated, skilled, well-paid executive was put on a PIP for poor communication. Within three months, I turned him around, saving the company well over $250,000 it would have taken to let him go and find a replacement. This scenario involved just executive coaching, a small expense that reaped huge benefits. I think companies forget to weigh out knowledge and company experience and history in the equation.
With another client, I saved a $500,000 client with my negotiating skills. I understood their communicating style and listened to their specific needs. Employees can get too close at times, and fresh eyes can see the solution. That’s the advantage outside consultants bring to the table. We are all about seeking solutions that get you results – at least I am!
Whatever money you spend on training, you will double your investment with loyalty and appreciation because you invested in your people…not to mention the advancement of their skill level. So yes, let’s focus on cost-saving measures this year. Give me a call, and we’ll make it happen.
Are you investing in your own leadership skills – working ON your business instead of IN it? My FIT Leader Forum provides the platform to find solutions and grow your business.