How healthy are your human resources?
How’s the culture at work? Do you have an effective management structure, and people working as teams? Do they feel well-trained, recognised for their efforts, and are they incentivised to help grow the business? Are you sure you’ve got the right people working for you?
This critical but often-neglected area can have a major impact on the business’s performance.
The value of your business includes its human capital
If we’re getting down to brass tacks here, your business is only as strong and valuable as the people who make it run. More specifically, the value of your business to a potential buyer, investor, employee, partner or financer will take human capital and resources strongly into account. Because it’s the human culture that is the face of your business. How service is delivered, how communication is implemented, how problems are solved. And if any of these are under par, your business suddenly becomes a whole lot less attrative – regardless of the product or service you provide.
Consider human resources when buying and selling
If you are buying a business, look into how happy, hard working and efficient the staff are. This will reflect the strength of the business’s systems and procedures.
If you are selling a business be aware of the value of your staff to a potential buyer. Their continued employment may make the difference between someone else being able to run your business successfully. How equipped are they to manage change? Is their loyalty to you or to the business? Is this loyalty transferable (it should be if there is a healthy culture in place).
Human resources consultation
Ensure a happy, well functioning and profitable workplace by brushing up each of the following areas with a Rinnovate human resources consultation:
- Organisational structure design and review
- Goal setting and aligning employees to the business
- Motivation and morale improvement
- Conducting skills audits
- Managing interpersonal issues in a business environment
- Position Descriptions and job specifications
Growing your business
Controlled growth is crucial whether your business is start up or more mature. Plot growth that is sustainable and supported so your business doesn’t become a house of cards.