As a business, you have many assets – some tangible, some intangible. Tangible assets are the physical and measurable assets used in your company's operations. They include everything from your properties, machinery, and equipment to your office furniture and stationery.
An intangible asset, on the other hand, is an asset that lacks physical substance. Goodwill, brand recognition, patents, trademarks, copyrights, and employees are all examples of intangible assets.
But which asset is your best asset? While they are all important, employees prove to be the most versatile and useful assets your company has. Your people are the face of your company, have a strong, feet-on-the-ground understanding of your company, and help strengthen other intangible assets like brand recognition.
They Are the First Line to Your Customers
Every day your employees are interacting with either your current customers or potential customers. Because your employees so frequently interact with clients, they know first-hand what and how your customers are thinking. Employees are then able to identify trends, anticipate customer needs and approach problems proactively.
Employees are the first line to your customers, they demonstrate everything your company has to offer; they model your character and capabilities and work to sell your products or services. Without your employees, you wouldn't have loyal and satisfied customers.
They Have Knowledge About How to Get Things Done
Working in the day to day operations of your company, your employees have a well-developed understanding of how your organization functions. They witness small-scale interactions and understand the most effective way to get things done.
Because they hear feedback from customers and interact with the business processes every day, your employees are also able to identify areas that need improvement. They have the opportunity to diagnose those areas and allow for continuous improvement. Employees also are able to recognize which things are going well and suggest new ideas or insights.
They Can Be Brand Ambassadors
In the digital age, social media and the internet play a huge role in how successful a business is. The web connects your business to millions of potential customers who would not have previously been available to you. For this reason, developing an online presence can be key to your success.
But what does this have to do with your employees? Your employees help you to expand upon and develop other intangible assets, particularly brand recognition. Because of their first-hand interactions and experiences at work, your employees have many contacts outside your companies’ network. If your employees market your company to their followers and friends, they are acting as brand ambassadors and helping to increase brand recognition simply by putting your name out there.
Employees have much more to offer than just their technical skills. They are versatile and knowledgeable on many topics because of their daily interactions with customers, your business processes, and those outside of your business’s network. Employees rank above all other tangible and intangible assets which, despite being important as well, are simply not as multi-dimensional as employees have proven to be time and time again. For these reasons, your employees truly are your best asset.