• Marvina Case

The Gambler

I Can See You're Out of Aces

Many businesses do not have a poker face and do not understand throwing a king or queen can make their winning hand a loser. The cost of turnover is exceptionally high. It's estimated that it costs twice as much to attract new customers instead of retaining current customers. The loss cost makes retention just as important (if not more important in some cases) as gaining new leads and getting new customers. That holds with employees too.

You Gotta Learn to Play IT Right

1. What does your company spend on onboarding?

2. How long does knowledge transfer take, and what knowledge is lost with resignation?

3. What is their average salary?

4. How many people are on your team?

5. What is your rate of attrition?

6. What does it cost to find new talent?

7. How long does it take to fill a position?

8. How much stress does the resignation put on the staff that remains?

9. How long does it take to ramp up a new hire?

10. What is the dollar value an individual produces?

'Cause Every Hand's a Winner and Every Hand's a Loser

It is not difficult to understand why companies must retain both customers and employees to gain optimized revenue. Not only is it cheaper to keep them in the long run, but you will also see a greater return on your investment. They may be gold diggers, but they may also be golden. You need to analyze the data and as Kenny Rogers sang in 1978. "You've got to know when to hold 'em, Know when to fold 'em, Know when to walk away, And know when to run."

Reach out to us before the final card is dealt at info@tasksuite.com to develop your step-by-step program to boost your business retention. We won't even ask for a sip of your whiskey! We will be your ace in the hole when you have a full house.

By Marvina Case, TaskSuite

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