As an entrepreneur, it is essential to improve your skills continuously. Communication skills are at the top of the list, as they impact every area of your business. Here are some statistics that show why communication skills are so critical:
- Ninety-one percent (91%)of customers say that they would remain loyal to a company if it communicated with them effectively.
- Sixty-eight percent (68%) of customers say they have had a poor customer service experience because the company didn’t respond to their inquiry quickly enough.
- Nearly half of all customers (47%) have walked away from a purchase because of poor communication from a company.
These statistics show that good communication skills can make or break your business. Customers want to feel heard and understood; they will take their business elsewhere if you can’t communicate effectively with them. If you are an entrepreneur looking to establish your name among the best, you must work on your communication skills. Here are a few reasons why it is vital for your career path.
Establishing Credibility
Being an entrepreneur means your words must exude confidence, which can be challenging to do if you’re not a naturally confident person. If you want people to invest in your business, you must first gain their trust. You can only do this through consistent and effective communication. It would help if you showed potential investors that you know what you’re talking about and that you’re worth investing in as a business. People are more likely to invest in a company led by an excellent communicator.
The same goes for customers; they are more likely to do business with a company whose leader knows how to communicate effectively. Establishing credibility is essential for any business owner, starting with being a great communicator.
Singapore’s own Ngien Hoon Ping, SMRT’s new CEO, is a prime example of how good communication skills can help establish credibility. His previous work as the Chief Executive of Singapore’s Land Transport Authority (LTA) and as the CEO of FairPrice Group’s Supply Chain Business has given him a reputation as an excellent communicator. This is evident in his many public speeches, where he is able to engage his audience and communicate complicated messages clearly.
This skill has helped him gain the trust of both shareholders and the general public, which is essential for any company leader.
Inspiring Workforce
A company’s workforce is its most valuable asset; they are the ones who help make your vision a reality. Thus, keeping them motivated and inspired to do their best work is essential. You can only achieve this if you know how to communicate effectively with them.
Your employees need to know that you trust and believe in them; this will inspire them to do their best work for the company. They will quickly become demotivated if you constantly micromanage them or nitpick their every move. On the other hand, if you give them the freedom to do their job and show faith in their abilities, they will feel appreciated and driven to perform at their highest level.
It would help if you also communicated your company’s vision to your employees and got them on board with your mission. If they understand and believe in what you’re trying to achieve, they will be more likely to work hard to make it a reality.
Since communication is a two-way street, you must also be open to hearing feedback from your employees. They might have some great ideas that could help improve the business, so creating an environment where they feel comfortable sharing their thoughts is essential.
One of the best examples of an inspiring leader is Facebook’s, Mark Zuckerberg. In a company-wide meeting in 2016, he asked his employees for feedback on how he could improve as a leader. He was open to hearing their thoughts and even implemented some suggestions. This shows that he values his employees’ opinions and always looks for ways to improve.
Zuckerberg is also known for communicating Facebook’s mission clearly to his employees. He wants them to understand the company’s existence and what future they want. This inspires them to do their best work and drives them to achieve the company’s goals.
Building Strong Relationships
As an entrepreneur, you must build strong relationships with various people, including investors, customers, suppliers, and partners. These relationships are essential for the success of your business.
You can only build strong relationships if you know how to communicate effectively. It would help if you expressed your thoughts and ideas clearly and concisely. People will only trust and invest in you if they believe you know what you’re conveying.
It would help if you also showed genuine interest in the other person. Ask them about their lives, their work, and their interests. People love to talk about themselves, so offering a genuine interest in them will go a long way.
Finally, always follow up after meeting someone. Send a thank-you note or an email expressing your appreciation for the other person’s time. These small gestures show that you value the relationship and are interested in maintaining it.
Warren Buffett is one of the best examples of a leader who knows how to build strong relationships. He is known for connecting with people from all walks of life. He takes the time to get to know them and their interests. As a result, he has built strong relationships with many influential people over the years.
These relationships have been essential for his success as an investor. For example, he has convinced some of the world’s wealthiest people to invest in his company, Berkshire Hathaway.
Final Thoughts
As you can see, communication is essential for any leader who wants to be successful. If you want to inspire your workforce, build strong relationships, and achieve your business goals, you must learn how to communicate effectively.
