In part 1 of this 2 part series, you discovered a simple startegy for keeping your great team players. Then you learned the major mistake that most small business owners make – they see their employees as a cost and so they want to pay them the least possible.
By contrast, Conscious Millionaires view their team members as investments. They realize that by investing in their team, they are investing in their business.
They consciously choose to provide the best salaries, bonuses, incentives, benefit packages, training, and growth opportunities they can realistically afford.
As a small business coach, I’ve found that providing bonuses which are specifically tied to either reaching goals faster or exceeding the goal standards will not only result in higher profits, it will also result in happier employees.
I suggest allocating 25% of what is gained to go back to the employee.
Now, I’ve heard all the backfeed as a small business coach about how this sounds like I’m telling you to give away your business; but, by following this coaching, your actually not.
Actually, you are just being smart by leveraging your amazing team to produce amazing results. Contemplate this question for a moment.
If an individual employee, or everyone on your team, receives 25% of the dollar amount of the increase in profits created in a period of time, how much faster will they work and how much higher quality will be their results?
And, then consider who gets to keep the other 75%.
You and your business.
Everyone wins: your employees make more money, your customers get better service, and your business makes more profits!
Also, consider providing other benefits, such as: extra rest breaks; free beverages; lunch catered in your office once or more a week; each employee’s birthday off with a nice bonus; help with child care, parking, transportation costs; and generous vacation time.
How many people are really happy with one or two weeks?
If you made three weeks of vacation the starting level, imagine how many people would be knocking at your door, wanting to work for you! And, how much more committed they be to perform at their best.
Your team members would be ecstatic to work at a great company that has a great team and provides a great benefit package!
Here’s the Conscious Millionaire way to think about taking care of your team.
Imagine you are going to pay an employee $50,000 in salary and another $15,000 in employee taxes and other traditional benefits. That’s a total of $65,000 and your business is just like all the others.
However, by investing another $5,000 or more (and you want that to be a lot more because if they receive 25% of the additional profits, then you hope that is a really big number–so your 75% is a huge number), you position your business to attract the best talent.
Invest in taking care of your team. It will pay you enormous dividends!
Please leave your comments. Especially share your own experiences and your knowledge so that other readers will benefit from what you have learned.
Your Small Business Coach,
J V Crum, III, M.B.A., J.D., M.S. Psy
Author, “Conscious Millionaire: The Formula for Creating Wealth.”
Keynote Speaker, Event Presenter, Radio and TV Guest Personality.
NLP Business Coaching, Master Certified NLP Business Coach J V Crum, III.
Small Business Coaching, Entrepreneurship Training, NLP Business Coaching Team
Founder/CEO: Conscious Millionaire Institute, LLC / Conscious World Foundation, Inc.