Entrepreneurs with the mindset that their people are their single greatest asset stand head-and-shoulders above their peers. According to Trevor McClintock, change agent and entrepreneur, the importance of recognising and using the power of human capital is the single most powerful way to transform your business.
“Human capital is made up of the collective skills, knowledge and other assets of people that can be used to create economic value for the company. It’s difficult to get your workforce exactly right. But if you choose people who are aligned with your company values then you shouldn’t go far wrong,” says McClintock.
At the interview stage McClintock recommends testing people in different ways to ensure they tick all the boxes for your company’s needs. It is also important to ensure your team work well together and get along. “Hold regular team building exercises to strengthen bonds within the team and maximise cohesion. If problems do occur it’s vital to face them head on to nip in the bud any negative behaviour early on. Make sure your door is always open to your team, this builds a comradely atmosphere and helps to boosts morale.”
McClintock recommends you strategically plan everyone’s time using core values, objectives and strategies to make the most of your human capital. His top tips are:
- Ensure all departments input in to your company’s strategy and have regular catch up meetings to make sure everyone is on the same page. The leaders of each department should act as the eyes and ears of the company director to identify how individual employees are progressing in line with personal goals and company targets.
- Empower your employees and improve accountability throughout the workforce by fostering an environment of trust throughout all levels of the company.
- Be visible. Leading from the front is vital in inspiring the people you work with and creating a happy workplace where people thrive.
McClintock says it is essential to equip your team with the ability to educate themselves further in their respective fields. Continued professional development, or day release university level courses, can be a good way to further their personal development thus benefitting both themselves and the company.
“It may seem like a big financial investment for a company to make but it pays dividends in broadening the perspectives of your workforce and the sharing of new ideas. Education will ensure your employees are well-equipped to deal with new challenges and it will also ensure they stay ahead of the curve,” he explains.
“Educating your workforce is also a way to motivate your staff. Staff need regular check-ins with their management to stay motivated and dedicated to the growth of the company. By offering a clear progression plan for staff to move up to the next role, you will improve staff retention rates and foster a more focused atmosphere. Not only must your vision be realistic it’s paramount that your employees understand, buy in to, and work towards the company’s aims.”
According to McClintock, the first step is to write down your vision or mission statement. “Being clear from the get-go about what you want to achieve and how you will harness the human capital of your organisation will ensure you’re all working towards the same end. It may even help you get there quicker!”
Employing realistic tactics is key to achieving your vision, understanding that sometimes you should take baby steps. “Rome wasn’t built in a day and nurturing your team to unlock their talents and enthusiasm will serve you well in the long run.”
And finally, McClintock emphasises the importance of setting achievable goals and reviewing your progress. Being honest about advancement towards your vision and being able to modify goals and approaches to achieving them will boost morale amongst your team and cultivate a can-do attitude.
About Trevor McClintock
As a hugely successful entrepreneur and specialist in re-organisation and business development strategies, Trevor uses his experience to support existing businesses and provides advice to companies seeking financial investment to take their next development step.
Trevor has a wealth of experience in finance consulting and business negotiations across a broad range of high end and low end organisations – this includes the financial sector, property investments, hospitality, latent defects insurance and private equity.
That experience has included growing existing businesses, leading the development of start-ups and evaluating and advising companies. This expertise has been gained advising managing directors, senior directors and company boards in the UK and globally in Europe, Asia and the USA.
With a deep rooted entrepreneurial spirit Trevor understands the importance of quality in business relations. He helps restructure, and helps companies develop a culture that is in tune with the original vision. Trevor understands the importance of maintaining passion for personal and financial growth; he knows how each important element helps blend together a company policy that works for a sustainable and profitable future.
He is a creative thinker with an enterprising spirit, keen commercial eye, and exceptional financial acumen across the business and commercial property sectors. He also has specific expertise in the following areas:
- Structural insurance
- Builders general liability insurance
- Property investment
- Business finance for equity and debt
- Business turnaround and distressed acquisitions