When running a business you want to have a full accounting and command over every asset at your disposal and as you know, assets are more than monetized commodities. However, in our digitized on-demand world, after money, many people see technology as the greatest resource of our generation. While I agree with this sentiment I would also like to reintroduce you to two “old school” resources that are sometimes overlooked and under-valued in the 21st century: time and people.
Many people do not consider time a resource but it truly is. Once it’s gone it can never be recaptured, repackaged, or resold. Working efficiently and effectively while providing quality products and services always yields the best outcome for all parties involved. MBA Services achieves this goal by using an all-inclusive systematic approach to execute our accounting services. Over the past ten years, we have developed—and routinely revisit—this system to maintain quality control, effectiveness, and work in a collective rhythm for maximum results.
The engine runs on effective management of time. And while time remains an utterly important resource, the engine cannot run efficiently without the right people in vital positions. In accounting, salaries and contractors are typically booked as an expense. However, at MBA Services, we believe our people power is one of our greatest assets and we spend our “Human Capital” daily.
Human Capital is defined as “the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country”. In order for a company to reach its greatest potential, it must have the ability to bring the best out of each and every individual who impacts the business.
We can relate this concept to the sporting world. If we are teammates on the basketball court, I am going to do my best to let you showcase the skills for which I know you excel. I am going to pass you the ball when you are open for a jumper, if I know you’re good at jumpers. Not only am I going to pass you the ball, I am also going to overpass you the ball, exploiting your ability until everyone in the arena knows what’s going to happen including the other team. However, even while knowing what’s going to happen, the other team is unable to stop it and our team wins the game.
This, in a nutshell, is what successful business leaders do: they utilize their talent to the maximum ability and prioritize their time and execution for optimum results. Because when it comes down to it, whether it’s too many losing seasons in a sport or too many down years on a profit and loss statement, someone will be held accountable. Don’t let a lack of accountability with time and human resource management, create a liability in your life or business pursuits.
Keep plugging! 🙂
Eyasu Z. Delesa
MBA Services AdComm Associate and Junior Bookkeeper