Your Best Asset

When contemplating the best asset in your business, it's natural to automatically think of a particular truck, ute, tools or other gear you have purchased for the business...

While these are all correct in their own right, and can all be seen on your balance sheet to verify that they are in fact an asset, none of them is the ‘best’ asset you have in your business.

So what is the best asset?
The best asset you have won't be found on your balance sheet and it doesn't depreciate in value. In fact, if managed well, the best asset in your business will appreciate in value. We are of course talking about your staff and the people/suppliers around you who all help contribute towards your business.

By focusing on developing these ‘assets’, they will over time add more and more value to your business, and also make it far easier to manage.

How can I develop these 'assets'?

  • Start by taking the time to define your goals and the direction you want for the business. If you have clarity on where you are headed, you will also be clearer about what you need to do to get there.
  • Share your goals and direction with your team. Most people want to feel that they are part of a wider group and are contributing to something greater than themselves. By sharing your goals and direction you are giving your staff the opportunity to get involved.
  • Put in the time and effort to train your staff. To do this well, you need to understand what you need from them. Then understand what motivates them, and what are their strengths. This will help with managing staff. On jobs or projects that suit them, they will require less supervision. On jobs where they lack skills, you will need to pay more attention to training and coaching (and letting them learn by making mistakes).

I have met with established companies that have healthy balance sheets but have many low value and neglected 'assets' within the business. I have also met with new companies that are cash poor, but focused on developing their staff into high value assets. I know which type of company I believe will thrive in the future.

The medium-term impacts of Covid 19 across the global economy are starting to become more apparent on a daily basis. Initial market uncertainty, along with shut downs and limited production of large manufacturing facilities across the globe has resulted in significant delays in getting almost every product.

Mark Baker
Thinking of starting a scaffolding business?
Key questions for scaffolding businesses to consider

Our Key Considerations Guide has been designed to help you make the right decisions for your business, depending on your individual situation and goals.

The guide contains:

  • Scaffolding and edge protection market overview
  • Questions to help you position your business for success, minimise your direct costs, and increase your margin
  • Key attributes to look for in scaffolding and edge protection gear so you get the best return on investment
Request the guide
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