Good communication is key to effective business. Many would argue that it is the most important factor, in fact. Whether you are trying to drum up a new business such as a + business management company or close a sale with an existing client, being able to clearly convey your message is critical. But what about accuracy?
To many people, accuracy is just making sure everything "adds up." However, the reality of communication is far more complicated than that. Think about what happens when someone sends out an email or memo containing inaccurate information. The wrong person reads it and acts on it, only to discover later it wasn't correct.
It may seem silly at first glance, but this can have major repercussions for everyone involved in the business communication chain after the information has been disseminated. Beyond the fact that inaccurate information could be costly to the business, a lack of accuracy can cause a loss of trust between employees and managers.
Accuracy Saves Time, Money and Your Business
For example, say, an email sent out to customers about a sale was inaccurate. When customers arrive at the store, they discover there is no sale going on and consequently feel betrayed by management for being led astray.
As a result, they may not want to shop there again because they don't trust what it says in future communications from management. In this scenario, accuracy isn't just about saving money -- it's also about saving your business.
In fact, it has been found that 70% of unhappy customers will never return after an experience like this. So inaccuracy doesn't just cost time and money; it can also cost businesses their reputation.
Accuracy Shows Truth and Loyalty
Another common business communication pitfall is inaccuracy in numbers. For example, if you are making a statement about the company's profits, it makes sense that accuracy would be important since it is linked to money. However, even if the number itself isn't all that important to your argument, getting it wrong creates its own problems.
Should you claim that sales were up next quarter "despite projections." You go on to explain how sales were up despite predictions of an overall decline due to events beyond our control - say, an attack on one of our stores overseas by terrorists. When investors see the statements, they may realize there was no terrorist attack and infer that either sales weren't up or the events had some part in the company's success. Both of these inferences could cause an investor to think less of management or at least to dig deeper before investing.
Accuracy Ensures Trust
Perhaps the most important reason why accuracy is important both in business and beyond is because it sets a precedent for credibility. If you can't be trusted to deliver accurate information, how can you possibly expect others to believe anything you are saying? Trustworthiness has long been seen as one of the key elements of leadership around the world by leaders who range from Barack Obama to Mahatma Gandhi.
So whether your focus is on persuading customers to buy your product or simply getting employees excited about their day-to-day work, delivering accurate information will be crucial for communication to be effective in a business management company.