People Power
You develop property, you develop product, but do you develop your workers?
Are your people your most valuable asset? The majority of
entrepreneurs would say yes. But is developing this critical asset
addressed in your business plan? If not, it should be.
"A development plan for your employees, both management and
nonmanagement, will help you obtain funding, impress investors and
lenders, and even prove your capabilities to potential
customers," says Stanley I. Simkins, a principal with OHRD
(Organization Human Resources Development) LLC, an organization
development and human resources consulting firm in Albany, New
York. "Everybody pretty much knows that you have to sell the
management team in your business plan, but they don't
necessarily show below that level. They're saying, 'You can
count on [our people] today,' but they're not showing where
[the staffing] of tomorrow will be."
Having a development plan for every-one in your organization
maximizes their potential, builds loyalty, and increases
productivity and profitability. Simkins says such a plan should
address technical, interpersonal and management skills, along with
personal development.
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To show your commitment to employee development in your business
plan's human resources section, begin with a statement defining
your philosophy on the topic. Simkins says this can be phrased
similarly to equal opportunity statements. It might read something
like: "Human resources and people are our most important
asset, and we demonstrate this by creating comprehensive
development plans for each employee, regardless of his or her
position with the company."
Then explain the process of identifying each employee's
goals and needs, and create an appropriate strategy to meet those
goals and needs. It's not necessary to include the development
plan for each employee, but you may want to offer some examples. If
you need more than a few pages to outline your program, consider
including it as an attached exhibit rather than as part of your
main business plan.
"The more you show you have credible resources," says
Simkins, "the more potential financiers and customers are
going to believe you will do what you promise."
Jacquelyn Lynn left the corporate world more than 14 years
ago and has been writing about business and management from her
home office in Winter Park, Florida, ever since.
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