When you talk about the number one asset for Small Business, it usually refers to material things such as equipment, stock or the building that houses the business. As much as these items are assets, they are not the backbone of the business. Look at it this way, would your Small Business survive without the building? There are thousands of businesses running from home or online. Could you run your business without stock? Well there is drop shipping, where the manufacturer holds the stock and delivers to your customers door. What about equipment, fixtures and fittings? Maybe required, depending on the business but useless without your number one asset.
What is The Number One Asset for Small Business ?
We would all like to believe that the number one asset for Small Business was us, the owner, the brains behind the conception of the business. That thought, that belief would have to be in the top five misconceptions of Small Business. Yes you were there at the birth, but growth can not happen without the influences of others. So the number one asset for Small Business is other people or more to the point your employees.
Consider the day to day activities that have to happen for your Small Business to achieve growth, the list seems endless, yet we spend more time and money nurturing an image of our business that can be destroyed in minutes than we do growing the strengths of our employees.
Your Employees Deserve More
Not only are employees the number one asset for Small Business, they are also the cheapest asset to maintain. Treat them right and respect their worth and your Small Business will grow in any marketplace. Put them offside and you will be one step from the black hole that sucks so many Small Businesses into oblivion. There are countless stories out in the business world about owners and managers strangling their number one asset, from cutting working hours to denying training opportunities etc, etc.
A Small Business owner or Manager needs to look at the big picture, as it is more black and white than you think. Take this scenario, an employee’s hours are constantly cut so the budget can be met. Fifteen minutes here and fifteen minutes there, a small amount of time that the Small Business owner/manager thinks as being insignificant for the employee. But is it? Now the employee may not have the extra cash to say, take the family to the football on the weekend. This is a big thing for the employee, actually it is huge, as it effects their whole family. Has it made a great difference to your business? Yes it has, the employees are now complaining about the family outing that did not happen, their whole demure has changed, safety is now compromised as things need to happen in a shorter time period or with less people. All this is going to cost the Small Business owner money, maybe a lot more than that fifteen minutes was worth. Is this a positive step for your Small Business? Not at all.
An Opportunity to Grow
Hidden in all negative thought processes are positive gems, start digging and when you find one, do not stop there, as you will find another. Struggling? Have a sit down with your number one assets, many minds will dig deeper. There are always better ways to solve a problem like meeting the budget. Jeopardizing the relationship of employer and employee is not the answer. Engaging your team in the workings of your business might be the answer to move you from your grey image to pure black and white.
Five Small Business Treasures
- The number one asset for Small Business is your employees.
- Look after your number one asset and they will look after your Small Business.
- Involve your number one asset in the decision making process.
- Stop with all the secrets, share the ups and downs of owning a Small Business.
- Educate your number one asset to benefit your big picture.
It is said that a Small Business is only as good as the people running it. I put this to you. Small Business is only as good as its employees are treated by the people running it.