mAccounting

Utilizing Your Company’s Assets: Employees

January 2, 2009

Great products and services are not successful by themselves. What makes a business plan successful are great people that can execute the business plan and management designs. The following are some business strategy's to use in managing one of your business’s most important assets.

Lead by example…

This is something we’ve heard since we were young children. If you’re slacking off and not doing things by the book, this practice will begin to replicate among your staff. In an effort to promote the attitude and work ethic you desire, be sure to continue to do the little things: show up on time, don’t leave early, listen to others, and be open to new ideas.

Delegate…

It’s important to utilize the skills of your employees. You hired them to help, and you need them to fulfill certain roles. Furthermore, effective delegation can serve to develop employee skills and instill a sense of accomplishment upon successful completion. However, once again, it’s important to make sure you do the "little things". Before you delegate work, make sure that the assignments are appropriate for the skills and experience of the selected employees. Ask yourself whether the tasks are in line with their talents and career objectives. Also, make sure that your employees understand why they’ve been selected for the task.

Support less experienced talent…

Supporting young, or less experienced talent can also be accomplished through proper delegation. Young talent is the future of your company. In addition, you’ve also made a large investment in these people. Therefore, it’s important to understand what skills they possess, what their goals are, and which areas they need to focus on for improvement. Obviously, these employees cannot handle the same tasks as you, but it’s important to carve out activities that they can handle and that will also challenge them with an opportunity to grow.

Also, don’t forget about your veterans…

These people have done a great job for you - and that’s why they’re still working for you. They have knowledge and experience that are invaluable to your business. However, that doesn’t mean they can’t grow or don’t want to grow! So don’t forget about them. Pay attention to your veterans and continue to provide them with new challenges.

Feedback…

Workers need feedback. In fact, they sometimes yearn for it! The key is in the delivery. It’s always important to balance criticism and praise and to offer clear, specific suggestions for improvement, versus vague comments such as "keep up the good work".

Offer feedback often…

Don’t delay feedback. Instead of waiting until a year-end meeting, adopt a policy of providing continual feedback. This will allow you the opportunity to praise and motivate employees, as well as address problems in a timely manner.

Build a strong team…

All of the previous suggestions focused on the development of the individual. The final step in your business strategy is incorporating all of the individuals into a great team. As you’ve already learned, each of your employees has strengths and weaknesses. The key is to build a strong team where people can work together and utilize each of their strengths while simultaneously learning from each other to strengthen their weaknesses.