Turning Employee Skills into Revenue

Turning Employee Skills into Revenue

Many companies say “employees are our most important assets.” They can also be important revenue contributors even if they are not sales people. How often do you review the capabilities of valued staff to see if they can create even more value for themselves and the company?

Every growing company adds staff. Before a new employee is interviewed, developing job requirements and a written job description will provide objective tools to evaluate and choose the best qualified person. Frequently, new employees possess other skills or abilities that are not applicable for the job they are hired. Over time, the employee becomes a valuable staff member.

Employees and the company evolve.  Your company evolves as these valuable employees become seasoned at their jobs.  The company acquires new clients, satisfies unique customer requests, adds new technology, and institutes business processes.

Keeping and motivating valued employees.  The challenge is to keep valued staff members growing with your company.  One of the ways to address this challenge is to revisit the employee’s past expertise and their desire to grow. You may find that the valued employee’s past expertise could enhance their ability to be useful in another role. The employee may also have ideas about how they can contribute more to the company.

Elicit Feedback.  Eliciting periodic feedback from valued employees as to how the company can change and grow.  This leads to conversations about how they add more value to the company. Additionally, listening to valued employees may identify potential growth areas that were not previously visible. These conversations can lead to new opportunities for the employee and  revenue for the company.

Positive reinforcement.  When a valued employee is recognized for their contributions or takes on new responsibilities, it sends a very positive message to other employees that the organization cares about its staff and there are long term opportunities for growth with the company.

An example.  One of my clients hired an engineer to develop an internal quality control system. After the system was created, it was recognized that some of their customers needed to create or update their own internal quality systems. This led to the creation of a new complementary consulting service. This new service generates revenue from existing customers and broadens the number of services to potential customers. Offering more services to customers leads to more repeat business for the company.

Keep Growing.  The economy, competition, politics, and other external factors affect us in ways we may not have anticipated. Organizations must change to continue to grow. Developing additional products or services helps the company grow.

Hidden Capabilities.  All organizations have hidden capabilities that are not being utilized. Frequently, the company leadership does not have the time to identify or convert them into new revenue streams. They are busy and focused on the day-to-day activities with little time for anything else. This is where an outside professional experienced in this process can help.  Is this happening in your company?

Start the process.  Begin the process with an initial meeting with us.   We typically identify at least one area which could help grow your business. You then decide if you can do it yourself or want outside help.  For more information contact us at (973) 933.2468, aberger@bergerbusinessadvisors.com, or click here.