Investing in human capital doesn’t just help your team grow — it helps your bookkeeping firm do the same! Human capital investment is a key aspect of scaling your firm to new heights. By empowering your team and growing your knowledge base, you can produce higher quality work AND increase workplace satisfaction.

So what is human capital? Essentially, human capital refers to the value that the knowledge and experience of your employees bring to your business. And the good news is, there are plenty of ways to ensure that your team is constantly building off the skills they already possess!

In this article, we’ll talk more about the benefits of investing in human capital and strategies for growing your team’s knowledge base.

Why Focus on Human Capital

Your team is the lifeblood of your bookkeeping firm, so it only makes sense that investing in them would improve the overall health of your business. Focusing on developing your team can lead to…

  • Happier Staff: When you have a good team, you want to keep them around. One of the most surefire ways to retain excellent employees is through providing them with opportunities for development. No one likes to be bored. Giving your team room to grow and improve in areas they’re interested in will result in increased satisfaction and less employee turnover.
  • Better Performance: The main benefit to investing in human capital at your bookkeeping firm is that your team will learn new skills they can use in the workplace. They can become experts in more areas and confidently own new projects.
  • Increased Profits: While it can be difficult to measure the ROI on human capital investments, we know that happy team members are more productive AND a more skilled staff can produce better results for clients. Overtime, this can lead to more referrals.

How to Unlock Your Team’s Potential

The first step to investing in human capital at your firm is creating an atmosphere for learning and creativity. Your staff should feel encouraged to participate, offer ideas, and engineer solutions.

There are also many ways to help your team develop professionally at various different price points. You can utilize webinars, courses, or even virtual or in-person conferences. It’s also vital that your team is energized and excited about their development opportunities. Make sure you’re taking the time to talk to your staff one-on-one. Learn about their professional goals and areas that interest them.

The most wonderful thing about investing in human capital is that knowledge is infinite. There’s always more room to learn, grow, and develop professionally. That means, there’s infinite room for increased value to your firm. The more expertise you and your team gain, the more prepared you will be to take on high-level clients and scale your firm to new heights.