You may ask: “Why should I be concerned with the people part of the business when it comes to business valuation and transition?” The answer is that people are usually the key to the success and growth of a business. Key employees are critical to a successful transition of the business to new ownership or control, and the quality of the employees can have a direct impact on business value. If the key employees of a business do not stay following a transition of the business, the chances of a successful transition are minimized.
Employee mindset is very important in a work environment. Many small business owners believe that employees should think the way that they think. Unfortunately, most small businesses are run by entrepreneurs, and they think differently. An owner is willing to keep working until a customer is taken care of whereas an employee is ready to leave at a designated time.
One of the most important assets of any company is its human capital: i.e., it’s people. Most business owners have very high hopes for the people they hire. However, they are disappointed when they watch some of the employees go from motivated go-getters to lackadaisical annoyances! Why does this happen? Some think it is a lack of ambition or an unpleasant personality. However, it may actually be a reflection of our own lack of dedication in developing the better qualities of an employee.
To motivate employees striving for personal fulfillment in a team environment, it is necessary to transform their attitude from an “I don’t care” employee mindset to a partnership mindset. For most employees, personal contribution and a sense of belonging and being needed are fundamental pillars that lead to maximum performance.
In order to create a partnership mindset, the first step is to make sure that each employee understands their impact on the other employees and on the business as a whole. The conscious decision of including employees in the big picture and enabling them to make a significant contribution toward reaching the company’s goals will foster a change in attitude, effort and performance.
There needs to be a professional mindset. In any business, professional mindset puts the customer first. Everything is done from a customer perspective. Employees seek better ways to serve the customer rather than seeking only to enhance their own well-being. They are good listeners and responsive to a customer’s needs. The professional mindset grows out of personal integrity and a sense of partnership between the company, the employee and the customer. When the business owner can train the employee toward a professional mindset, the business will prosper.
Our next article will focus on how owners can improve the productivity, efficiency and quality of their employees to build business value.
For more information Suzanne Graves may be reached at 909-981-6177 or visit www.SuzanneGraves.com