Why people are the most important asset in your business

Why People are the most important asset in your business.
November 2023 - Julie Nottage

In this modern era of fast paced business, challenging economic circumstances and the uncertainty of change successful businesses need to recognise the most valuable asset of their business is actually right under their noses. Yes, it’s their people. Too many companies in tough times look at their people and automatically cut costs by looking firstly at training cuts, salaries freezes or even worse redundancies. Yet this is just so short term and not sustainable if there is to be hope of future success in these businesses.

Many great leaders of the past have recognised this. As a former CEO of P&G, Richard R. Dupree said in 1947, “If you leave us our money, our buildings, and our brands, but take away our people, the Company will fail. But if you take away our money, our buildings, and our brands, but leave us our people, we can rebuild the whole thing in a decade.”

I once attended a speech by the CEO of Greggs the Bakers, and he explained that in good times you don't necessarily need to invest in people as the success you are having creates that “feel good factor” that motivates and inspires others. However, you do need to invest in people when times are tough to enable them to battle through challenges and have the resistance to succeed despite the environment.

In my career of managing many great people who have gone on to many successes I always use the mantra that:

“Business is done THROUGH people not despite them.”

Are you prepared to invest in the best asset your business has?