Evaluating a company requires much more than tallying up production and profit margins. In most organizations, employees have a direct role in how successful a business becomes in achieving its full potential. And the truth is, employees really can make a difference — which is exactly why it’s important not to overlook their contributions in the growth and sustenance of a business.
Whether preparing a valuation for your company, getting ready to review selling a business checklists, or simply looking for more opportunities to connect HR initiatives with employee needs and possible contributions, it’s important to get a full picture of your organization’s biggest asset: its employees.
Take a look at these five ways employees can make your business more valuable.
- Employees are the backbone of your business.
Businesses rely heavily on their workforce showing up and putting in the effort — for most, this means showing up every single day or for several shifts a week. Most operations can’t run on a single pair of hands alone, which is why it’s important to recognize the dedication of employees to getting the work done each and every day. Teamwork, though sometimes difficult, tense, and uncomfortable, is absolutely essential for mid-size and large organizations to operate. Recognizing that devotion is important so that employees feel appreciated and seen.
- Employees can make or break your business.
Without the work of employees, not much would get accomplished for most organizations. Thus, employees truly have the power to make or break the business. Training, efficiency, and a feeling that their actions matter can help employees feel motivated to do their best work. On the other hand, employees that slack on tasks, show up late, or perform duties haplessly may end up costing the business big time — a risk that most companies can’t afford to take.
- Employees can create new opportunities for your business.
Employees have an insider’s view of how the organization operates and the specific challenges faced. Oftentimes, employees can see wonderful opportunities for networking, collaboration, marketing, and improving operations that others simply can’t spot from outside of the organization or from other departments and positions. Taking note of their ideas can help business owners improve their procedures while also making employees feel valued and heard.
- Employees are the first customers of your business.
There’s a reason why people gravitate towards certain jobs and career opportunities. In most cases, employees are attracted to companies because they appreciate the specific goals, values, or products put forth by the company. When these supporters experience a fulfilling work experience at one of their favorite companies, their devotion and appreciation for the business is usually deepened, and in many cases, they become lifelong customers of the business. This extends the overall reach, reputation, and growth of the business itself — something that shouldn’t be taken lightly!
- Employees are your business’ #1 advocates.
Likewise, when an employee has a good experience on the job, they usually spread the word to friends and family members. Happy employees can defend a business’ reputation, services, and quality in a much more authentic way than any marketing campaigns ever could. And vice versa, if an employee feels unhappy at work, they can end up spreading negativity about the company in their downtime — even unintentionally — so it’s important to stay connected with the employee experience and understand the pulse of the company.
Employees Can Add Real Value — If You Let Them!
By doing the legwork, supporting business goals, spotting room for improvement, and being a company advocate outside of the office, employees can wield a lot of power and add incredible value to the business. Recognizing employee potential is absolutely essential for a business to gain traction, grow, and succeed in today’s environment.
As an employer, what you can do in return is to look after their best interests and help them grow as a valuable member of your company. A few ways of doing this is by providing them with great training, a great work environment, and giving them excellent employee fringe benefits to name a few.