Your Business’s Greatest Assets
What is your business’s greatest asset? Is it your product? Your building? Your bank account? Your investors?
It doesn’t matter in what industry you work, what type of service you offer…your team members (i.e. your people) are always your most valuable endowment. But if the mix and the engagement isn’t right, they can feel like your greatest obstacles.
How can you create a culture of accountability and results? So your people can shine and be your greatest brand advocates? How can you achieve the highest performing unit possible? How can you begin to see your people as your most valuable assets?
It starts with finding the right people—but it doesn’t end there.
Put Your Living Assets to Work for You
Why are your people your most valuable assets? Because when they’re feeling fulfilled, they will act as big, happy bullhorns for your business. They will tell people about your company, even in their spare time. Customer service will be no sweat—happy employees want to “share the love.” Profits will multiply, because every member of the team wants to see the business succeed.
According to Fortune magazine, those businesses included in their current “100 Best Companies to Work for” list notice a 14% increase in stock prices, whilst the rest of the market only realises an increase of 6%.
Notice that the list wasn’t built around companies that had the greatest product, or the best marketing campaign, or the most famous spokesperson; it was built around those businesses’ most valuable assets.
So how can you not only make your team members feel valuable, but create the types of results that prove them to be indispensable? Here are some guidelines:
- Hire people who share your business’s values. It can be difficult to work toward a collective goal when the goal isn’t important to everyone involved. Before you hire anyone based on qualifications alone, ensure that they genuinely believe in what your company stands for and what you wish to accomplish. There should be no “differences in opinion” to work out—there should only be another interview with a different candidate.
- Engage your employees. You’ve probably heard that you need to engage your customers, but don’t overlook this very important provision for your team members, too. Everyone should come to work knowing that they will feel challenged and fulfilled. Know your employees well enough to put them in roles that will interest them and that they will feel compelled to take ownership of. Assign tasks to individuals with the intent of pushing them just past when they’ve already proven they can accomplish. Talk to them. Keep the conversation flowing. Listen and always remain open to change.
- Empower your people. In order for growth and independence to bloom, a person must feel the freedom to be innovative and make mistakes. When an employee feels boxed in by rules that are too stringent, or if they feel that any new idea will be shot down, there is no growth. There is no freedom of expression. There is no empowerment to make the entire organisation better.
- Always be clear with expectations. Every function within your company should be assigned to one accountable person. Know the difference between being accounatable and being responsible and never leave team members wondering about their roles and responsibilities. Always welcome questions and never end a conversation without feeling confident that everyone knows what is expected of them. Managers sometimes feel that this cages people—that they should be permitted to figure this out amongst themselves. To the contrary, when people know precisely what is expected of them, they feel more confident in moving forward and in turn feel more freedom to create and innovate.
- Assign authority. As people begin to flourish in their roles, you will start to see the blossoming of gifts and talents. You will also see the expression of preferences. Use what you learn to put people in the roles where they will shine. In the end, they will feel more fulfilled, employee retention will increase, you will feel less burdened and your business will thrive.
- Create a feedback system. An employee should never feel disempowered by having nowhere to go with their problems. Have a system in-place that provides a safe, confidential, judgement-free environment so they can speak their minds…for the betterment of your organisation.
Your team members are your most valuable assets because when they are engaged and empowered, they will not only show up to work, they will show up ready to do everything they can to build your business. It’s been said that word-of-mouth advertising is the business investment with the highest ROI. I’d like to challenge that notion by saying that happy employees are the highest-ROI investments—because they not only create the best word-of-mouth marketing campaigns, they live them.
Are you wondering how you can create a team that’s more engaged and empowered? Have you already begun to see the value of happy employees? Then let’s talk for 30 minutes about how your business can create an atmosphere that will attract (and retain) the best-of-the-best. Simply contact me here to schedule.