Building a successful business starts with having the right resources in place. In this post, you will find key elements for laying the groundwork for long-term success. From products and materials to human capital, your decisions matter.
The Power of Investing in the Right Resources
Any business requires resources to continue growing and increase revenue. Furthermore, investing in the right resources means a possible upfront expenditure that is greater than anticipated, but will give you a higher return on investment through longevity and in the quality of materials.
To illustrate, if you are in the construction industry, the age-old question of whether to use concrete versus asphalt on your next project may seem like a no-brainer; however, the answer lies in the details. Do your due diligence and research the current structural integrity of adjacent buildings in addition to their nearby paving materials. Conduct a weather and climate assessment to determine the best product for this unique project. You might find that the answer surprises you.
Your reputation depends on the final outcome of the project, both at completion and for many years afterward. Make the necessary adjustments to your budget and invest in the best resources to ensure your client is happy and your reputation stands through your hard work and sound decision-making.
Human Capital is Necessary for a Successful Future
Your employees are not merely people who work for you and complete your designated tasks. They are resources themselves. The people in your company are human capital that should be valued as assets just as any other resource. When you spend more time on their wages, benefits, and training, just as you spend more money on the best construction materials, for example, you get a better return in the form of highly trained employees.
That sentiment does not only mean finding the right people to fill job descriptions in your workplace. It also includes spending time growing the team you have in place right now. If you have eager and well-performing employees who want to grow within your company, grasp hold of that excitement. Work with the individual employees, their respective managers, and your HR department to find mentorship opportunities, on the job training challenges, and job shadowing.
Invest in their education through formal training and development initiatives and continued job certification coursework. When you show the people in your workplace that they are valuable parts of your business strategy and invest in their future, they will work harder for your company to succeed. Further, turnover tends to reduce significantly when people feel valued and their growth is fostered from within.
Watch this video to learn how to leverage human capital in your workplace.
