Founder and CEO of ERG Enterprises. Nationally recognized thought leader on entrepreneurship, investing and leadership.
Making a leadership mistake can be costly—very costly.
Consider employee turnover, a metric strongly correlated with leadership effectiveness. For every employee who leaves, it can cost one-half to two times their annual salary to replace them, according to Gallup. Multiply this across an organization of 200 people, and you’re looking at potentially millions of dollars.
And that’s just the cost of turnover, not overall performance, sales, marketing or customer service—not the countless areas leaders influence positively or negatively.
If you lead an organization, then this article might be worth your time. It examines four mistakes that I’ve commonly seen leaders make in my two decades of experience as a commercial investor and serial entrepreneur. Here’s what they are and how to avoid them.
2. Acknowledge the