The Combined Value of Human and Communications Capital on Revenue

As many of you know, I teach companies how to predict the performance (#PredictPerformance) of their employees using the most scientifically validated management solution available that integrates workforce analytics and human capital development.

I help companies hire better and faster and reduce their cost per hire. I help them reduce turnover and increase retention. I help them use the data to develop their teams, identify high-potential leaders, and increase engagement and productivity.

I also provide them with the data they need for succession planning and exit strategies so they can maximize their bottom line leading up to and during the transaction, helping them get more for their business.

Overall, I help companies get the best out of their employees so they can get more done and maximize their ROI. My goal really is to change the conversation about employee behavior in the workplace by helping leaders get discretionary effort from their human capital. Then those employees can be moved from the liability side of the balance sheet into the asset column because they are truly an investment and not an expense.

The function of Sales plays a unique role in the value of human capital and revenue generation, or as we like to call it, The New ROI- Return on Individuals (with a nod and a wink to my good friend and valuation expert, Dave Bookbinder…)

Which brings me to one of my other good friends in the business of getting the best out of people:  Bob Musial. Bob is known as a value-based business development coach and as an innovator to establish credibility, build trust, and generate revenue. He’s certainly all of that and a sales expert, guru, Sherpa, and genuinely funny guy (more on that later…) 

He’s the Principal at StreetSmart Business Development, LLC. I call him, “The Biz-Dev Whisperer”…

Nast:  There are a lot of sales experts, Bob. What’s different about your approach and how does it relate to human capital and communications capital?

Musial:  Well, I’ve been around a while, Dave and like you, appreciate the importance of maximizing performance on multiple levels. Human capital being primary and what I call Communications Capital. Together, both can have a significant impact on revenue. And, also like you, I use an Index which I developed several years ago, to measure how well people and companies communicate true value to clients and prospects. You can think of it as a Communications Predictive Index. And, while "sales" is a part of the index mix, the scope is really much broader and deeper, because it spans what I call a Business Development Continuum.

Nast:  OK. You know I’m going to ask about what exactly gets measured and where sales fit in right, Bob?

Musial:  Yup. I’d be surprised if you didn’t. First, with regard to sales training... While I do believe everyone, in one way or another is in sales, and relies on skill sets to communicate persuasively, those skill sets fall under the broader umbrella of longer-term business development. I coach people on how to strategically develop business and deepen relationships in order to enhance revenue. My goal is to ensure they are not what most people perceive as a “typical” salesperson. You know, someone who talks, but doesn’t listen. Does boring, self-serving presentations. Has annoying, follow-up habits and provides no real value. It’s a hybrid coach/consultative/practical approach. I also try to weave in a little humor in the process, because it acts as an ice breaker, and from a psychological perspective it also makes recommendations more memorable.

Nast:  And what about the business development continuum you mentioned?

Musial:  It consists of four major categories: Awareness – Presentations and Proposals – Account Management – Revenue Protection and Expansion. Each category has multiple-interrelated components to reinforce and capitalize on revenue-generating opportunities. You need to be consultative, proficient and fluent in each of those categories in order to really understand client and prospect needs, their timelines and then, help them with a realistic, quantifiable solution. When it’s done properly, sometime during the process a “sale” becomes a natural occurrence, and a foregone conclusion. Not something forced. One which doesn’t necessarily require “asking for the order.” 

Nast:  Do those four categories of the continuum you described apply to all businesses?

Musial:  Yes. During the business development/revenue generating process, most businesses and non-profits follow the same basic progression to attract and maintain business. As I mentioned before, along the continuum are opportunities to communicate and deliver real, substantive value. But, I’ve found that to be problematic for years. Recently, so has Jeff Weiner, CEO of LinkedIn.

In April of 2018, LinkedIn did a study which revealed a large skills gap in businesses. In particular, the study emphasized the lack of “soft” skills, especially regarding communications and collaboration. I’m sure for you and many employers, those were not new revelations, but have been well known and caused anguish for years.

Nast:  So, to your point, there’s evidence which confirms the value of communications. To switch gears, earlier you’d mentioned your use of humor in business development to improve message memorability in communications. Do you have any examples that stand out?

Musial:  Sure. First, I want to stress that humor doesn’t work for everyone. You need to feel comfortable with it. And, it needs to be appropriate. It can be a tricky balance. But, when it works...it works well.

One example I frequently use is my “Incontinence” story, to stress the importance of micro messaging in communications. I’ll begin by explaining how a former colleague who worked in the finance department, found an error in an invoice. But, rather than panicking, she corrected the invoice resent it, copying client senior management, explaining what had happened. She then apologized for any incontinence it may have caused. That’s an example which reflects subtle conscious and subconscious bias people have associated with things like misused words, body posture, facial expressions and cultural norms. It’s important because those micro messages impact how people perceive the value you bring to the relationship. You can be viewed as a proactive, helpful person. Or as in this case, laughed at as being the “Incontinence” person. Funny? Maybe...maybe not. 

Nast:  So, what’s on the horizon for you, Bob?

Musial:  It’s related to the whole “soft skills” value aspect in business communications. In research I’ve done, I’ve learned that of the 4,500+ degree-granting institutions in the US, and of those offering business programs, fewer than 3% have any focus on skills like persuasion, listening, presentations and collaboration. Not surprisingly, employers spend a ton of money training people on those skills. So, I started working on a book to target community college and college students to help them and their future employees get a jump start on those skills. And yes, I know everyone writes a book. But, I haven’t seen one yet in the format I’ve got in mind. I’ve also been developing a different approach to distribute the book, with multiple benefit channels I’ve not seen done before. So, we’ll see what happens.

Want to learn more about Bob? You can get in touch with Bob at +1.610.212.3195 or [email protected] and find out why people use words and phrases to describe him like, “strategic partner, tons of experience, insightful, cogent and smart, team player, client-focused marketing pro, respects each team members contribution, able to get buy in and have fun in the process.”

About the Author:

David B. Nast owns Nast Partners based in the Greater Philadelphia area. David is a Certified Workplace Behavioral Analyst and an Award-Winning Certified Business Coach with over 25 years of experience in Human Capital Management, Executive Coaching, Leadership Development, Talent Management, Training, Career Management, and Executive Search.

He has coached thousands of CEOs, Business Owners and Executives.

For additional insights from David, visit his LinkedIn Pulse Author Page and follow him on Twitter @DavidBNast. You can also email David at [email protected].

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