Acknowledge & Celebrate Your Team’s Work.
Day 70 of the 365 Days CHALLENGE to Build Wealth!
Acknowledging and Celebrating your team’s performance, accomplishments and milestones is absolutely essential for the good health of growing your business now and forever.
People love and deserve to be celebrated. People appreciate being recognized for their contributions. People who are celebrated tend to continue to do even better work.
As part of growing your business, do you currently have a process in place that is predictable for you and for them that once reached, they will be celebrated?
Most businesses do not.
Some businesses do the regular things like a dinner, a small bonus, gift exchange, a party around holidays.
But what I mean is to implement a process to regularly and consistently reward your team players throughout the year as they reach specific goals, specific results.
You can consider a pay vacation for a week to a resort or a cruise. You can paid for a mortgage payment or two. You can pay for their car for a few months.
Think about something unique and outrageous, an incentive that you can commit to give to them… that will make them super happy and super surprised at the same time. Something they might not expect.
When you account for things like this, you do it as part of your operating expense and part of their individual packages.
If they make $50,000 per year and you want to add another $5,000… what would that look like for you in revenue… what do they need to produce so it makes financial sense for you to give them that extra gift.
I want to clarify that an incentive is in addition to their regular earnings.
Motivating your teams to high performance is one of the most overlooked areas.
Business owners get caught up with daily things and forget what is the true value of a highly trained, productive, happy and motivated team player.
The returns are infinite!
Work on designing a systematic process of rewards and validation in your business, even if you are a solo-preneur.
As you build your networth, think that the people who play with you are doing the same, so help them reach their goals as well.
Wealth is better when more people can enjoy the benefits of it.
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