Top 5 COVID-19 Problems in Business
These are the top 5 problems in business. These problems existed before COVID-19 hit. And now, these problems are EVEN worse. If you’re in business at any level, from delivery driver to customer service rep, mid-level management up to CEO, these are your problems and you need to find ways to solve these problems for yourself, your department and your company. You can not get stuck in the idea that “it’s not my job” or that’s so-in-so’s job/problem. That kind of thinking is only holding you back.
Top 5 COVID-19 Problems in Business:
- Disengaged employees who are not motivated.
- Advertising doesn’t convert enough to justify the expense.
- Poor company culture.
- Too much admin and operations.
So let’s break them down simply and quickly and look at a few solutions while we’re at it…
1.) Disengaged employees who are not motivated.
Step one here is you. You need to make sure you’re doing what you need to do to get and stay motivated and that is a behavior you must do daily. Motivation is like gas in the car. You have to keep filling that tank. If you’re not getting yourself motivated every day, how can you expect others to be or get motivated. Set the tone and lead by example. Be the example. Attitudes are more contagious than any virus!
2.) Advertising doesn’t convert enough to justify the expense.
FYI, it’s not the ad that’s the problem. If people show up, the ad worked. Are you trained up and skilled up to convert the ad. Out of 1000 people, MAYBE 1-2% will be sales ready. 30% will want nothing to do with you. The rest will need some help. That means that 64% of buyers will need to be sold and closed and that will require skill development in fact finding, presenting, closing and following up, both in person and ESPECIALLY on the phone and virtually.
Turnover is like high blood pressure. It’s the silent killer. Turnover is one of the most prolific problems in business today. The average bad hire can cost a company over $25,000 and most companies spend 5x more on hiring than they do on training. Ensuring success in the first 90 days is now more critical than ever in order to reduce turnover and retain more employees. In economic contractions the people who get laid off are the people who aren’t essential at producing and generating revenue. And the number one reason people quit anything is they’re not getting results and the number one reason people don’t get results is…. they don’t know what they’re doing!
4.) Poor company culture.
Remember, this will always start with you. Once you recognize that the buck stops here, you can then move into spreading out and influence. Stephen R Covey talks about your circle of influence vs your circle of concern. As you work on you, your circle of influence grows. So as you think about how can I create a 10X culture/mentality in my office because you feel like you’re outnumbered by people with small think and are not working to their full potential, the first thing to do is get your think big and work towards your potential and then you can radiate that out.
5.) Too much admin and operations.
The is a common thread here. Leadership starts from the inside out. Your house must be in order. Grant says that you must teach your people how to drive the top line and spend 90% of your activity working on revenue and only 10% on the admin and operations side. So the question becomes, how can you make sure the leadership team is properly developing my sales team? Is there too much admin and operations stuff and not enough skill development and motivation to actually hit targets?
COVID-19 Problems in Business: THE SOLUTION
For managers and leaders: we have a very specific and highly effective process for creating a 10X culture that puts more attention on revenue creation through skill development which consequently triggers more engagement, keeps people motivated and that in turn reduces turnover. This is the process we use and I’m happy to give it to you and help you implement it into your company and also show you how Cardone University makes all this WAY easier.
Sales people and employees: As in the macro, so in the macro. If you’re company isn’t on board with this, remember, this in an inside out approach. The formula works just as well for an army of one.