Your Employee– your most valuable asset
In any business endeavor, profit, non-profit, government, big business, small business, family business, your employee(s) are the most valuable asset that you have. Without your employees, your business is worthless– you cannot do it all yourself– if you did, you would be dead!
I am familiar with a business that has several owners. Each owner owns a different percentage of the business, with no one having a controlling interest. Now, that model is bad, however, that is the topic of another blog entry! In this particular business, a key employee was hired that had specific and expert domain knowledge in the particular industry. The key employee took a failing operation and within six months, had all of the wheels turning in the same direction leading the business to profitability.
Sadly, the key employee told the owners that the business needed some new equipment in order to maintain a competitive posture. Well, the owners could not collectively decide what to do, whether to support the key employee or do nothing. Nothing happened– the equipment was not purchased and the business improvements were not made. Interestingly, this happened several more times, all with the same result. Finally, the key employee said that he could no longer work there, found a new position that paid significantly more money and left. The business was shut down, the owners did not have the expertise or additional capital to continue to run a floundering operation.
Employees make your operation run. Listening to your employees is critical to the success of any business. Now, I am not saying that the employee is always right or has the best ideas. What I am saying is when the employee tells you something, asks you something or proffers new ideas, listening to what he/she has to say is well worth it. You will not only learn something, but gain a better appreciation and understanding of how your employee thinks and how he/she is helping to improve your business.
Listening to your employees is critical to business success!