By Mark Watts, MD of Just Airsoft
Whether you are just starting a business or have a fully established corporation, it’s always difficult knowing exactly where to invest your money. Principally, business advisors will tell you to invest back into your business, which is good advice as growth should always support growth in standard capitalism. However, there are so many avenues within that, so let’s take a look at where is best within your business to invest your profits.
Investing in talent is one of the most important things you can do. Your team essentially is what makes your business, and as long as you have strong, talented individuals which work well together, your business will do well. However, to find them isn’t always easy – which is where the investment comes in. Recruitment procedures and agencies can be expensive, but are ultimately worth it to find the ideal candidate.
There’s no point investing in a talented group of people if they don’t work well together as a team. In fact, one of the issues with employing intelligent and strong-minded individuals is that they are likely to clash if they’re not put into the right team scenarios and challenges together. That’s why investing in team building exercises is absolutely crucial, regardless of how big your team is.
There’s a whole variety of exercises that you can complete as a team which will help them bond. Firstly, challenging mind exercises which use logic and rationale are a great way for them to utilise their reasoning skills together, working as one to adapt and find the best solution. A great example of this is Escape rooms, which have risen in popularity over the last couple of years. Putting a team into this scenario is also great because they may be required to use different skills to those that they use everyday in the workplace, which opens them up as interesting and varied individuals.
Similarly, fun or sporting tasks have a similar effect but work in different ways. By seeing the team members in a new light, it helps bonding and inclusivity, as team members often realise that everyone is human and have their own strengths and weaknesses in different areas. Some example activities include paintballing, bowling, airsoft or water rafting.
As well as investing in the team as a whole entity, one of the key investments for upkeeping morale is making sure there is adequate welfare for each individual. This could include small practical things, like ensuring their birthday is celebrated, there is office fruit available, or that each person is taking the entirety of their holiday allowance.
There are more business facing implications here too, for example, ensuring that some employees are not overworked or staying late, that they have autonomy over their own decisions and they are given the opportunity to express their ideas and be heard in creative meetings.
You might have invested in the best team available, but that doesn’t necessarily mean that their skillset is entirely suited to your business model. The quickest way to get your team up to speed is to push training and development. This could involve sending them to industry conferences, events or internal training such as team presentations. Even smaller training exercises such as buddying younger team members up with more experienced mentors should of course be seen as an investment, and in this way should be valued with the same priority as other training programmes.
Something that can often be overlooked in business investment is the space in which the team is working. In today’s fast paced business environment, flexible working is common which means employees and employers alike are supporting the working from home capability. Although this is good, and should be embraced in certain scenarios, investing in a suitable space that is adapted for effective working is still as important as it has ever been. Even if your business is small, or has few employees, consider putting money towards a co-working space which allows your team to get out of their house and work somewhere calm and quiet, which has been proven as effective for both business effectiveness and mental health.
The key takeaway here is to invest in your business which comes from investing in your team. Whether this be through welfare, talent acquisition or team building, overcoming your business challenges will become considerably easier if you are supported by a strong and effective workforce.