If asked to determine your company’s most important asset, you might initially say your products, branding or intellectual property. After reading this article, you will discover that it is, in fact, your people. Despite intangible assets being significant, they are not possible or profitable without the support of your workforce.
Here are six reasons why people are your most important asset.
1. Your employees are the face of your business.
Consumers judge a business based on their personal experience with an employee. Your employees are the face of your business; how they act and what they say significantly influences public perception about your brand. Do your employees represent the values of your brand?
2. New team members add value, skill and innovation.
Every workforce, large or small, consists of unique people with diverse skills. Whether it is from a past job, a qualification or life experience, a new employee adds knowledge and fresh ideas to benefit your business. Knowledgeable and dedicated staff can transform and improve a company, so hiring carefully is essential. What attributes do you look for in a new staff member?
3. They are essential in providing goods and services.
Consumers love your goods and services, but your product would not exist without your staff! Whether it is the chef that turns ingredients into your restaurant’s most popular meal or your retail assistant that turns a customer’s consideration into a purchase, your people make transactions possible.
4. They enable business growth and development.
An inevitable part of business growth is increasing the number of staff you employ. As your business expands, so will the workforce that enable its daily operations. You must adapt your practices to suit a growing team. The challenges of managing five staff are vastly different from managing 100. An HR team or outsourced HR department may help to manage a larger team.
5. They bring life and culture to your business.
The culture of a business drives employee performance and satisfaction. Measuring the work satisfaction level of your employees is vital. If an employee values their role, is motivated to succeed and spreads a positive word about your business, that’s great! But if the opposite occurs, negative word can spread, performance metrics drop, and your culture is impacted.
6. Employees bring your vision to life.
MDs, founders, entrepreneurs and business owners are responsible for directing the vision of their company. They ask questions like where are we going, what do we want to achieve, and how will we get there? But without the action and implementation from staff, your vision is simply a plan.
Don’t have any staff?
Business owners that do not employ staff may be thinking- people aren’t my most important asset because I don’t have any. However, they have forgotten about themselves! Investing in your personal development, upskilling and accessing support is a valuable and worthwhile exercise. You must care for your health and wellbeing the same way you would an employee.
You are the key to the existence and operation of your business. You are your business’s most important asset.
Need help to manage your most important asset? Contact Bluepath for assistance with HR.
At Bluepath, we offer various financial services including bookkeeping, HR, payroll, operations management and consulting. For comprehensive management and assistance from an experienced team, contact us today.