If your dental clinic is up and running with a reliable workforce and you’re looking for ways to increase business growth, keep reading as we explore the importance of human assets, or human capital, and how it should be used wisely to accelerate business success. Human assets are intangible features of a business that bring value and productivity. They typically include anything that adds economic value to your workers’ experience, such as training, skills, health, intelligence and even punctuality.
Adding Value To Business And The Economy
Practices often make the following mistakes: 1) Employing too few or too many people for the scale and nature of their business operations; and 2) Not investing enough time and resources in building their human assets. In order to rectify this problem, a shift in mindset needs to occur, and practice owners have to understand that human capital adds immense value to any enterprise or organisation and the economy at large.
A healthy, skilled and motivated workforce will lead to increased productivity, innovation, happier customers and more profitability. The more you invest in this, the higher your chances of long-term success, and we all know by now how important ‘stickability’ is for any business in a changing economic climate. Places that are underdeveloped due to a ‘brain drain’ or migration of human capital are proof of how important it is for economic growth.
How Can I Increase My Human Assets?
There are several ways to increase the human assets in your clinic(s), but it’s advisable to seek expert advice that is specifically related to your business. All labor is different and depending on your product or service offerings and your client base, you could make increases through automation, skills training, improving communication skills, improving mental health, and more. New technological innovation allows dental practices to streamline certain labor-intensive processes to reduce stress on workers and allow more time for customer-centric practices that will convert to revenue.
If your current human assets are not meeting the requirements for your business to run smoothly, or not helping grow your practice, you may need to scale back on the number of workers and focus more on training, or you may need to hire more skilled workers to allow more quality-driven productivity by a healthy, motivated team.
Your business is as good as its people, on all levels, so for further advice and coaching on how to increase your human assets for steady, flowing revenue and growth, contact eLaunchers today.