Recovering from COVID-19: Your people are your business!

OPINION   VIRUS

Here's an interesting twist... "Clients DO NOT come FIRST. Employees come FIRST. If you take care of your employees, they will take care of the clients" Richard Branson. I think you see where he's going with this - the customer is NOT king. At least that is one interpretation.

Well let's not debate who's king, one thing we can agree on is what he is saying about valuing staff. He places the employee at the center in the process of delivering positive business outcomes.

Make or Break!

Employees/Staff/Teams all describe the group of people that will be the focus of this piece. Whether it is a small business with one employee or large corporate with thousands, the employee is the life blood of the business. Technically known as labour and one of the main factors of production, your employees will be your greatest asset in marketing, selling and even branding your business. Once they represent your business right, the business trajectory is positive.

So, treat them right! The most basic foundation of this is simply complying with the labour laws which is the bare minimum. To truly succeed as a business owner and realize your true business potential, you must do more to sell your vision, create buy-in and allow your team to be a beneficial part of this journey. Paying way below market rates doesn't reflect this aspiration. Be proactive about the environment you create for employees to work and thrive. Is it a safe enabling environment? Do your staff have all the tools they need to deliver?

Be sure that your team will make or break the business so as a business owner, you need to be preoccupied with the welfare of your employees. You want your people to infuse energy into the business every day, make that sale and be brand ambassadors. There is no doubt that an energized and highly motivated team is good for business.

It is a resource, not a cost

The quickest response to the business challenges arising from COVID-19 is on cost. Businesses are now frugal and constantly considering cost-cutting measures. Unfortunately, many of these are employee impacting. Inadvertently this will influence staff morale and motivation. This should be of concern to you the employer as you consider these measures by having a broad and strategic view of cost. In other words, consider the cost of a demotivated team.

The reality of a cashflow squeeze may not accord you much wiggle room however that's not all there is to a business. You need to be talking to your staff now more than ever. Do they have a good understanding of the challenges of the current business environment? Have more candid and empathetic conversations with your team. Be careful not to make these lamentation conversations. Be candid about where you are but sell hope. Let your team see that things are going to get better but for now, you just need them to hang in there and still give it their best. Be real with them!

Staff value that benefit of lunch, medical insurance, transport, that water dispenser etcetera. You can optimize these but try as much as possible to maintain these benefits that keep your staff locked in and motivated. Where there are wastages, by all means, plug them however maintaining such benefits is a firm demonstration to your staff that you value them.

More value from a valued team

Once you have set the stage, you can go ahead to demand the best from your team. You are having those candid conversations, you have kept some benefits going, now you can ask your staff to step-up to the challenge. I recently listened to a business owner of an Advertising Agency share how he went about it. He gave his entire team sales targets including the Backoffice team, so everyone sells. Without those deals, there is no business, and everyone is affected.

Essentially, this business owner is drawing out more value from his team and this is particularly critical to surviving turbulent times like the ongoing crisis. As a business owner, recognize the opportunity to get more out of your team. You would actually be amazed at how much more you could get out of your employees. The key is to set the right environment for this to happen because it is unlikely to coarse more out of them

Wrapping this up, your staff are core to your business, focus on them as a business resource and not a cost and recognize the potential of getting more. Demonstrate commitment to your employees and you have the best shot at long term business success.

The writer is a financial literacy coach, consultant, trainer and business development professional.