What is an asset? The dictionary defines an asset as "a useful or desirable thing or quality". The root of the word asset goes back to the meaning of "to have enough to pay obligations". I love that definition. To have enough to pay obligations.
So, what are the obligations of a business? It stands to reason that the obligations of a business are those things promised to be exchanged with your customers and clients for their money. As business owners, our obligations are the products and services we've promised to deliver on.
Can't technology enhance our ability to deliver these products and services? Yes, it can! But technology is not our greatest asset. Every few months the newest technology in each area comes out and makes the old one obsolete even though it was apparently of infinite value prior to being replaced. Technology is a commodity and a utility.
What about our brand? Yes, brand is important too, but brand is simply the cumulative perception of the public's regard to your company. Your brand is built on what you promote, your culture, the quality of value you deliver on, and quite frankly the frequency of which you can command the attention of the public.
I could keep going, but I'll spare us all the time. People are your company's greatest assets. Your teammates and employees. Here's why. You only have 24 hours in a day. What does that mean? You are only capable of doing a certain number of things before that 24 hours runs out. Technology can enhance your ability but it will not give you more hours in a day. Brand is important but your brand is based on what you do within the time constraints of your 24 hours and the effectiveness of which you promote those things. Time is truly your most asset and the only way to get more time is to hire other people who possess time. I work usually 9-12 hours per day in my office. I love what I do and I basically have 3 options to achieve my true potential. I can work more hours. I can give up. Or I can hire more people. By hiring more people, I can add another 8 hours of production to my day via my new hire. So now I expend 20 hours of time to grow my business and brand even though I physically only put in 12 of those hours. Because people provide us with time, they are our greatest asset. In addition to that, people provide us with talent and creative thought. Time, talent, and creative thought cannot be replaced or manufactured. They must come from people.
Too many times we look at people as an expense and a risk. Hiring is not expense. What is expensive is not having enough revenue, not having enough time, not having enough talent, and not having enough creative thought focused on our companies. Anyone who thinks otherwise is trapped in scarcity mindset and has the wrong data.
People are not just meat and bones either. They are bodies filled with thought, emotion, and energy. They respond to whatever is exchanged with them. It’s not like a piece of technology that you can trash and it will still produce. With people, if we exchange positivity and abundance with them we get the same thing back. If we exchange negativity and scarcity with them, we get the same thing back. There is no exchange that doesn’t get matched. What I mean by this is even if we aren’t intentionally focused on what we are saying, doing, giving, etc. to our employees, it is still happening and they are still responding to it. The smallest things can create a surge or a contraction. I’ve proved this over and over in my business.
We must focus on hiring great people, equipping them to feel certain and in control of their roles within the company, provide a positive environment, and focus on helping them develop and grow.
Most importantly, we must intentionally incentivize the results we desire from our teammates. If I hire a new teammate and I train them, put them on post, and then tell them I desire a certain level of production and then when it is produced I don’t acknowledge it with a reward it is very likely that production will decrease or decease.
I help companies incentive performance and production for their teams. As a matter of fact, right now you are over-paying for your employee group health insurance by 30-50% annually. What would happen if we could cut those costs in half and then reinvest the difference into creative ways to expand your company? This might be training your current team, it might be an additional benefits package that creates incentive around new targets, or it could even be another new hire.
Let my company help you cut your health insurance premiums in half.
Contact me to speak with a Wealth Coach.
Own Your Potential
Jerry Fetta
Jerry Fetta is a husband, son on Yahweh, Entrepreneur and owner of 5 privately held companies. Jerry lives in Alaska with his wife and 2 dogs. His no-nonsense approach to business, finances, and life speaks truth and provides clarity to his clients and followers. His personal mission in life is to empower millions of leaders to own their God-given, ultimate potential to begin creating a life by design.
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