Are you a business owner or a hiring manager that hires people on a regular basis? Would you like to maximize your ability to hire the right person? According to the SHRM Human Capital Benchmarking Report 2016, the average cost for a company to hire an employee is $4,129. Furthermore, ERE Media estimates that the real cost of employee turnover ranges between 30-50% of their annual salary for an entry level employee, 150% of their annual salary for a mid-level employee, and up to 400% of their annual salary for a high-level employee. The bottom line is that making a bad hire can be extremely costly to your business. The good news is that if you focus on following 3 keys, you have a very good chance at avoiding hiring the wrong person for the job:
I have to admit it – I hate the Patriots. Maybe it’s because I’m a Bears fan and we haven’t won a Super Bowl in a long time, or perhaps it’s because I’m tired of watching Tom Brady hoisting the Lombardi trophy for what seems like the 100th time. As a coach though, I have nothing but respect for what they’ve accomplished. In the Brady era, the Patriots have been to 9 Super Bowls, winning 6 of them. Tom Brady and Bill Belichick have a long and distinguished list of awards and hardware, and at 41 years old, Tom Brady is not only the greatest quarterback of all time, but also one of the most consistent and best athletes we’ve ever seen. It’s also easy to argue that Bill Belichick is the greatest coach of all time, not only in football, but perhaps any sport. So, what does this have to do with business? There are all sorts of lessons that you as can learn from Brady and Belichick, that, when applied, will lead you to the same type of consistent success that they’ve had. I’ve put together what I believe at the top 8 that you can apply to take your business and yourself personally to the next level:
It’s that time of the year again – New Year’s resolution time! Now that it’s the new year, it’s time to determine what your resolution will be and forge forward, working to make the new year your best ever. If you are honest though, how well has this practice worked for you in the past? If you are like most people, probably not very well. That’s why, as a coach, I’m not a big fan of New Year’s resolutions. Instead, I encourage you to take a completely different approach…
Every week after a win, the Chicago Bears transform their locker room into a night club atmosphere complete with disco balls, lights, loud music, and of course – dancing! The brainchild of new head coach Matt Nagy, the tradition was started after their first win of the season against the Seattle Seahawks, and has since been dubbed, “Club Dub”. The tradition has continued every week after a win, and is one of the reasons the Bears have transformed themselves from a 5 – 11 last place team into a 12 – 4 playoff team. You may be wondering how this helped with their turnaround, and what it has to do with your business. Well, read on…
Referrals are a great way to grow your business! In fact, according to a recent Nielsen study, customers are 4 times more likely to buy from a business when they are referred by a friend. Generating a referral is not only the ultimate compliment, but it also saves you time, money and energy compared to other forms of marketing and advertising. So, I’m sure if you are like most people, you’d love to get more referrals.
In my experience as a Business Coach, while most business owners and salespeople understand that referrals are probably the best way to grow their business, they either aren’t getting any referrals, or they aren’t getting enough to make it sustainable. If you are having a similar experience, here are the top 5 reasons you aren’t getting more referrals, as well as what to do about it:
Myth #1 – “Word of Mouth” is the best way to grow your business.
What’s your favorite and most effective way to generate new business? If you ask any business owner or salesperson this question, they’ll almost always say “word of mouth”. That seems logical, and it’s backed up by the statistics. According to Nielsen, 92% of consumers believe in recommendations from friends and family over all forms of advertising. Furthermore, 64% of marketing executives indicated that they believe word of mouth is the most effective form of marketing according to the American Marketing Association. Let’s face it, having a client send you a referral is not only the biggest form of flattery, it’s also pretty close to a guarantee that you’ll generate a new client or customer. However, the reality is that “word of mouth” isn’t a good way to grow your business. The fact is that “word of mouth” isn’t a strategy - it’s hoping you will get business. While it’s nice to be positive and hopeful, if that’s what you are relying on to grow your business, you will most likely be disappointed in the results!
One key area to being successful is having strong, long lasting relationships. Whether romantic, family, friend, or business - relationships magnify our experiences by providing us the opportunity to share ourselves with others. If you have deep, rich, and rewarding relationships, chances are you will have a rewarding life. Here are a couple of things that you can do to ensure you master this part of your life:
Do you currently use LinkedIn as a networking tool or tactic to grow your business? If you are a business owner, salesperson, or in career transition, LinkedIn is probably the #1 networking tool that you have. In fact, as of late 2016, there are over 467 million people currently on LinkedIn, and this number is growing exponentially. With so many people using LinkedIn as a networking tool, it’s a great way to network and grow your business. However, if you are using LinkedIn, which you should be, you may be inadvertently driving your potential customers or clients right to your competition! If you are wondering how this could happen, read on for a great tip that just might save you some business…
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