The Importance of People

Several weeks ago I had the opportunity to listen to a very important person in the entrepreneurial scene in Austin speak.  I was struck by the content of his speech.  He didn't talk about innovation, creativity, or being the first to market.  Instead he talked about people.  It was refreshing to hear someone who has been as successful as he has been talk about something that so few CEO's or VP's talk about.  At a time when companies are concerned about cutting costs or raising prices in order to improve the bottom line, I am saddened because the solution to these problems has been around as long as business: invest in people.  I have spent my entire professional career in business and I was fortunate to learn very early that people are the keys to success.  Whether we are talking about employees or customers, people make business work.  There are those that would argue that the concept or idea is the most important aspect of business.  I agree that a successful concept is necessary, but I would rather have a good concept with great people than a great concept with average people.  The concept alone will not always spur growth.  You must invest in great people who will spread the word about your idea or service to willing customers.  As an operator, I take the greatest pride in the relationships I have built with my customers and my staff.  My customers have become my friends.  Why?  Because I took the time to get to know them.  In my industry of business, I have seen many price increases and cost cutting measures to help combat increased prices of products or supplies and I understand that sometimes they are necessary.  However, they are not always the solution.  I could raise the price of a ticket item by 5% or I could build a relationship with an individual and get them to visit me one more time a week or month.  The difference is that my new customer will not go out and tell their friends about how great it was to receive the 5% increase in price but they will talk about the friendliness and consistency of service delivered day in and day out by great employees and managers.  I understand the importance of financial statements and I have years of experience reading and analyzing them.  However, every time I have the opportunity to offer a solution, I will choose people.