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July 2004
The following article was first published in the Eastern Daily Press' 'The Business' on 20 July 2004
Looking after your most important assets
If your business owns vital plant and equipment, you probably have maintenance schedules in place to ensure that it is kept in top condition at all times and never lets you down. Any business that is highly dependent on sophisticated computers and neglects to look after its hardware and fails to protect the security and integrity of its data is flirting with danger. If you run a fleet of vehicles, you almost certainly have them serviced regularly to guarantee their reliability. Looking after the assets of a business properly is one of the most important things the owner can do.
Over the years, I've frequently seen posters on an office or factory wall that proclaim “Our people are our most valuable asset”. They're often right beside a framed copy of a wordy, yet largely meaningless `mission statement' designed, it seems, to satisfy the author rather than provide a focus for the business and its people. Sadly, it's not uncommon for the people in such businesses to be treated with far less care and consideration than the equipment they operate or the computers they sit at all day.
They don't know much, if anything, about the overall goals of the business - because they've never been told what those goals are. They are not involved in generating ideas of how things can be done better in the future - because they've never been asked. They don't know how well or how badly they are doing - because no-one ever tells them.
I introduce many of my clients to a simple `Virtuous Cycle of Business' model where
 the owner looks after the team,
 who in turn look after the customers,
 who look after the business,
 which looks after the owner, and so on.
The primary role of the owner, therefore, is to create, maintain and enhance the environment in which their people work.
If you're serious about your people being your most valuable asset, think about a `preventative maintenance' programme for them:
 Make sure everyone knows what is expected of them, by means of a clear job description and an honest, improvement-focused appraisal system.
 Tell your team regularly how the business is doing, in as much detail as you feel comfortable with, and highlight the contribution they are making to its success. People react strongly and positively to feeling truly informed about the organisation they are part of.
 Make the effort to recognise people's efforts - every day. It really doesn't take much to say “Thank you” or to write a brief note (not an e-mail!) acknowledging something well done, but the impact of so doing is enormous.
 Just as you would inspect a machine, test a computer program or lubricate a vehicle, make sure you ask your people regularly how they are, what their problems are, what things they feel should be done differently and how you can help them to become even better.
Remember, other than your customers, your employees truly are the most important thing your business possesses. Look after them well, because if you don't all of the other assets the business owns won't be worth much.
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