Communication can determine the success or failure of an organization. Effective communication has the power to help innovation, inspire client relations, and create a work environment that retains talented professionals. Leaders in the business world covet communication skills as much as technical and industry know-how. Those who want to succeed in the business world must develop a range of skills. Because MBA programs recognize the importance of business communication they design their curriculums to cultivate vital written, oral, presentation and listening skills.
The Effects of Business Communication on Performance
What’s the cost of poor communication within a business? According to a GMAC Corporate Recruiters Survey, organizations with 100,000 employees lose an average of $62.4 million annually due to failures in communication. Even companies with 100 employees stand to lose $420,000 a year from such blunders. These numbers exhort organizations recruiting new talent to seek business graduates with refined communication skills.
Deficient communication skills among business professionals can lose bids for work, affect a company’s ability to operate efficiently and impact morale between co-workers, or between company leaders and their employees. It also results in inconsistent messaging and a lack of clear direction from management. Effective communication can positively affect outcomes. A survey by Walter Wyan found a 47% higher return rate to shareholders for companies with superior communication, linking enhanced employee commitment and greater time management which resulted in increased productivity, and ultimately higher profits.
Employees must know how to communicate information to clients, colleagues or employees within the organization. Companies may have a pioneering product for a prospective client, or a business leader may have an innovative solution to a problem, but unless the company or its leaders communicate the desirability of their products and services, the success of the project will be in doubt. Sharing information through written or oral communication and interactive listening engenders trust, both within an organization and between businesses and their clients.
How to Develop Business Communication
Companies need employees with a vision – not individuals to fill utilitarian roles. But without communication skills, its vision and inspiration cannot be conveyed. An MBA course curriculum can develop the communication skills needed to manifest ideas and innovations in the business world.
MBA curriculums engage students in tasks and projects to improve communication skills crucial in business. Professors with field expertise mentor and provide feedback to students about their communication skills, giving students the opportunity to refine written, oral, and presentation skills. In addition, MBA courses polish students’ fluency with business language and allows them to apply it in meaningful ways. Students also study conflict resolution models, leadership styles and group processes in decision making.
Organizations can use a variety of tools and techniques to improve verbal and written communication in their workforce. Using active listening techniques helps build connections. It also encourages dialogue and leads to improved understanding, making it possible for employees to take full advantage of feedback.
There is a wealth of communication apps designed for internal business processes that deliver dependable and multi-faceted methods for employees to communicate. Communication apps like Slack help project management and collaboration. They offer features such as topic-specific chat rooms, private groups and direct messaging. They also index groups and files for quick access to previous conversations. These apps can improve connectivity in real time, thereby saving company resources.
Encouraging the use of team-wide discussions via video calls also aides in improved business communication. When team members work remotely or in different locations, these video calls involve less coordination than in-person meetings. Without the constraints imposed of travel, this platform allows for impromptu and ad-hoc conversations. The ability to meet visually offers a human exchange between participants and eliminates misunderstandings and misinterpretations.
Launch a Career Today
The importance of business communication cannot be underestimated. Communication has rippling effects on an organization’s internal functions and its external relationships with clients. Effective communication is an invaluable tool for business leaders to share their visions and motivate employees. In addition, professionals at every level in business need exceptional communication skills to provide clear direction, solve problems more effectively, streamline workflow and inspire a greater sense of investment among employees and clients.
Discover how an MBA from New Jersey Institute of Technology can develop the communication skills needed to excel in today’s business world.