Train your staff on personal finance to boost profitability

Recently I wrote a proposal to a small firm to train their employees on personal finance management.

The managing director got interested but somehow faulted the choice of the subject until we met. He put me to task to explain why he should spend money to train employees on private subject such personal finance, rather than on sales, customer service or some other subjects that would give direct benefit to the company.

I explained that money plays a very important role and is the source of under productivity and many employees’ problems that impact negatively to any firm if not put in the right perspective.

It is a fact that most people think about money all the time; have problems with controlling their expenses, debts and living within their means.

This directly impacts on performance and any employer should be concerned. Stress associated with money robs your most important asset, the staff, the much needed peace, creativity, enthusiasm and happiness needed to be productive and positive to take good care of customer and processes they are in charge of.

We all agree that to be competitive today, you must offer your customers an unmatched experience in order to achieve undying loyalty. But do you know that to achieve this goal, you have to use your employees.

Your employees cannot treat customers as kings and queens unless they are treated the same by the person who has control over their income, promotion and job security.

In other words, as the business owner, the first special customers who makes others come and like to keep coming is your employee.

Your employees are internal customers and their basic needs must be met or promised to be met before they can devout their services to the external customers. You must balance between the two needs and for heaven’s sake, if you are to lose one, you better lose external customer than a loyal and competent employee.

Many traditional business owners may disagree with this but it is the reality. It is easy to get a customer than a good employee, once you have the latter.

Many businesses are struggling or sinking deeper not because of lack of customers, but lack of competent and committed employees who can attract and retain customers.

Most successful firms have a habit of treating employees first. In cases where customers come first then employees, the owner is always struggling to retain both employees and customers.

If you can ensure your employees are fully engaged, motivated and, at times, spoilt to the extent that they feel part of the company and never dream of working elsewhere, then you are on the highway to building a great business.

Once you have great employees, you don’t have to worry about customers. They will take care of them without your push or supervision. Simply take care of your internal customers and they will take care of your external customers. 

It pays to every employer to provide an environment that is welcoming, motivating and comfortable to your staff so that they can willingly deliver an exceptional customer experience that will differentiate you from others in the market.

Catering for their financial needs is one of them. And as many experts assert financial freedom and happiness is more of management than amount. Everyone can improve their financial wellness by wise planning rather than increment alone.

Improving financial wellness of your employees through training and counselling is one of the few skills that can tremendously improve your productivity and profitability within a very short time and little investment.

It is the desire of every person to be financially stable and as said, financial stability is more of a product of how a person plans and spends money rather than how much one earns.

Mr Kiunga is a business trainer and the author of The 7 Pillars of Financial Success. [email protected]