If you’re like most business owners, increasing profits is a key goal for you. It may not be the only goal, but it’s one of the reasons you’re in business. Just making money isn’t enough – the work you do needs to be profitable or you’re running a charity!
But are you focusing your efforts in the wrong areas, hoping for more profit but not doing the best thing to create it?
There are really just three ways to increase profits:
- Increase income faster than expenses
- Decrease costs
- …or, the best way: Increase efficiency.
So how do you increase efficiency? How do you get more done in the same time period?
By having the right people in the right places, who are being rewarded in the right way.
And one of the best ways to do that is to address your incentives and bonuses. Are you doing them the wrong way, like many business owners are?
Perhaps you offer a percentage of profits or income, or arbitrary awards such as a free flight or a monetary gift. Or even bonuses based on salary level. But none of those incentives have anything to do with increasing profitability. None of these drive the team towards efficiency.
So what’s the right way?
Watch the short video (less than 10 minutes!) to learn how to start doing your employee rewards the right way, creating incentive for your employees to be more efficient!