Who’s in charge of your most valuable asset?

First you need to decide on what that asset is. Often people like to say their most valuable asset is their employees. They make statements like “Our most valuable asset goes out the door every night.”

But I would suggest that the most the valuable asset is the one your business cannot survive without -- your customers.

I say this not to diminish the importance of employees; actually my point is exactly the opposite. I think employees are extremely important because your employees deal with your customers’ every day. They are managing your most important asset -- the customer.

But do we accord them the respect this important role deserves? Too often we don’t give them the authority to do their job, we give them lists of rules of what they can and cannot do; we make them get Manager approvals to make decisions.

Yet because people (i.e. customers) are all different, the best solution to a problem is often different for each customer. By forcing a single solution for each customer, we may be spending too much on some and not enough on others.

For example, if you have developed a compensation policy that costs of $100 to implement, with Manager approval, wouldn’t it be better to give your employees full authority to spend up to $75 to fix the situation on the spot (after providing direction on the types of things they can do based on their judgement).

This option has 4 big benefits.

1. We all know that the quicker a problem is fixed, the happier the customer.
2. If most problems can be fixed immediately by the employee for maximum $75, you have saved money and created a more satisfied customer.
3. The employee can probably provide a more customized solution because they are closest to the customer issue.
4. The employee feels empowered and takes ownership of the situation.

So think about just how much trust you are placing in the folks who you have already entrusted with your most valuable asset. With a little guidance and some boundaries, they will usually make the right decision. And you will save money and have a more engaged staff.

Something to think about.

Cheers!

Bill's passion is great customer service. He works with clients to activate a “customer-focused” culture where engaged employees internalize the brand promise and deliver an intentional Branded Customer Experience -- internally and externally.

As well, he is a dynamic, results-oriented speaker on the importance of a customer-focused culture, either as a guest speaker or acting as a facilitator of a group discussion/workshop.

For more information please contact (905) 841-3191
Email: bill@billhogg.ca, Web: http://www.billhogg.ca/