Your Home as an Asset
Your home is likely one of the assets you are the proudest of. You have spent an incredible amount of time and energy transforming it into a warm and inviting place for you to invite friends and family.
It is a reflection of your life and family, and while it is inherently personal, using your home as a business asset is a great way to take advantage of a useful and immediately available venue that is equipped with many premium amenities.
CONNECT WITH EMPLOYEES
The relationship between the “boss” and their employees is incredibly important, and often times the most successful businesses have established a solid employee-employer relationship.
A Harvard Business Review survey1 reveals 58% of people say they trust strangers more than they trust their own boss. Why is this? The answer for every business will be different because there are different personalities in each different working environment. However, a common underlying reason for employer distrust is a lack of effort by that employer to establish a bond of trust with their staff by being more transparent, inviting, and even appearing vulnerable at times.
Whenever you invite your staff to your home, this can change their entire perception of you— seeing you as a person, instead of just as a boss. This strengthens your relationship with them and creates loyalty that can deter turnover, tension in the workplace, and can lead to an overall more effective (and more profitable) business.
Your home is a great place to:
- Have Christmas and Holiday Parties
- Watch Sporting Events (even if everyone does not root for the same team)
- Host Your Monthly Staff Meetings
- Host Engagement/Baby Showers for Your Employees
- Commemorate the Retirement of a Longtime or Loyal Employee
- Have a Quarterly or Annual Planning Meeting with Owners or Shareholders
These are just a few examples of how you can utilize your most personal and valuable asset in a way that improves the workplace atmosphere while at the same time improves your business in a meaningful way.
STRENGTHEN AND CREATE BUSINESS CONTACTS
In the same way that your home is a useful tool in improving your organization’s internal relationships, it can also be used to improve or establish your external business relationships.
Referral sources, vendors, and business partners are all vital to the success of a business, regardless of the industry. Creating and maintaining these relationships in a way that sets you apart from your competitors is critical to the continued growth of your practice or business. Inviting these contacts into your home serves to deepen the relationship to a personal level, ensuring that they will remain consistently beneficial to your business.
Not every business will benefit from inviting their clients, customers or patients (in the case of a health care professional) over to their home. But, for many industries, hosting your clients and customers at your home will be an incredibly effective way to make a lasting impression, and stimulate repeat business for a long time. Whenever current and potential customers are all together in the same room, a unique opportunity to casually discuss your business arises in the conversation and many times will lead to new revenue sources going forward.
While these are just a few examples of how utilizing your home as a busines asset can help to strengthen and grow your business, it does not even begin to scratch the service.
1Sturt, David; Nordstrom, Todd, “10 Shocking Workplace Stats You Need to Know, Forbes, Forbes Media, LLC, 8 March 2018, https://www.forbes.com/sites/davidsturt/2018/03/08/10-shocking-workplace-stats-you-need-to-know/#65fa8d60f3af