Communication Skills - An Essential Aspect or Just Another Peripheral Strand of Business?
In order to make things work you must brush up your communication game and be the emerge as an effective communicator
Everyday around 269 Billion emails are sent globally and 85% of the employees have more than one device for communication. This is certainly the age where instant communication has become one of the preeminent necessities in every sector. Thinking about reasons? There are stacks of them, including rapidly evolving marketplace, massive technology additions, and cultural changes, etc.
Having said that, most entrepreneurs just take it as an add-on. And, let me tell you, not being able to communicate the real business idea would lead you nowhere. Supplementing value to your business idea by lifting all the communication barriers is indeed the necessity of this generation. Per Warren Buffett, good communication can help you boost your business value by 50%.
Now, don’t mislead your inner self by assuming the conversation to be all about talking to someone. That is just one facet of the diverse communication space. Entrepreneurs must know how to present an idea in front of investors & how can they make the most of the deal. They must know how the trust can be built within the team as well as with the prospective investors, and the list continues...
Let's get on it and make a checklist to ensure you are utilizing the powerful tool of communication at its best. Let’s talk about 6 things one must contemplate on while doing a self-evaluation around being a good communicator.
1) Dump Tasteless & Embrace Simplicity - Tactless and pompous speeches won’t lead you to your goals, neither would your blend of sense and gibberish talks. People tend to distrust what they are not sure about. Thus, keep it simple!
Present your ideas in a simple and lucid manner and do not doublespeak. Instead consider putting forth authority facts and figures to add value to your business model and idea.
2) Be A Good Listener - Ditch that over-helpfulness syndrome and believe in ‘less is more’. However, do not take it as missing on the leading points of your presentation. You should always talk for conveying your idea and not just for the sake of talking as a presenter. Let the people speak and hear the same to eventually work on the points they are making. Better the listening abilities, better is the ability to understand the spoken words.
3) Work Towards Building Trust - Do you know 78% of the consumers trust peer recommendations? Building trust must be considered as one of the top priorities for any venture. If you cannot build trust with your consumers or investors, your entrepreneurial boat is sure to hit the rock bottom sooner or later. Communicate your thoughts clearly and back it with proofs; the listeners will trust you more.
4) Avoid Monologues & Solve A Problem - Be collaborative in nature and see how you can influence people to work towards answering a problem. Instead of you talking all the time, ensure that you are providing value to the discussion by giving sought and much required inputs, eventually, working collaboratively to maximize the effectiveness as whole.
5) Stop Generalizing & Hit The Specifics - Many entrepreneurs miss the aim by opting for general consistency of the thoughts and notions. Hit the specifics and answer the fundamental question tags; Why, What, Where, and How? Ensure that you have a clear proof of concept with the solutions ready.
6) Throw Out Those Sensitive Implications - They say, “Think twice before you speak”! This is applicable in the world of business as well. Don't utter something which can turn out to be a harsh comment for someone. From introducing racist terms to using derogatory phrases related to caste, religion, or type, always ensure that your persuasive message do not turn into a disparaging remark for anyone around. Re-think!!!
The Bottom Line Is
As per a study by Project Management Institute, Organizations risk $135 million for every $1 billion spent on one project & a new research shows that around $75 million out of that $135 million (56 %) is put at risk due to ineffective communications. Still seeking substantiation?
Amidst a lot happening in the world of business today, it is always wiser to step up by mastering your communication skills. As the economy moves towards betterment, the competition is sure to get tough as nails. Thus, to sail through, you must brush up your communication game and be the emerge as an effective communicator. Choose your words carefully and start working towards attaining that extra 50% business value boost. Have you started yet?
Anjli is the Managing Partner at EVC Ventures, a $50 million fund focused exclusively on early stage investments in Ad Tech, E-Commerce, Gaming, Education, Mobile Apps, Enterprise Software, Wearables, IoT etc.
Born in India and raised in the United States, Anjli attended the prestigious Horace Mann School in New York City and later received her Bachelor of Arts degree in Anthropology from Columbia University in the City of New York. She supports organizations such as - Inspiration Corporation and Chicago Foundation for Women.