The Business Formula Part 7

As a business owner, part of your responsibility and your duty is to create wealth.  You’ll be creating positivity out of nothing, out of thin air, out of your own ideas!  This creation of positivity will filter out to your community, your employees, their families and communities, the world, and more.  Imagine the powerful change you can enact by only getting started on making your idea into a reality.  Over the lifetime of an entrepeneur, you will have so many opportunities to make the world a better place, and you should do your best to take as many of these as you can.  One thing you can start with right now, at the beginning of your business, is taking care of your employees.

Today we’re going to discuss something that should make everyone feel great about starting a new business.  Recognition and rewards!  This will be one of your first opportunities to see the wonderful effects of your ideas bringing real change into someone else’s life, so take this time to think about how you want to recognize the achievements of your employees, and how you want to reward them for that.

Will you give them comission based rewards, regular raises, advancement within the company, or even a partnership?  Recognizing your employee could be as little as giving them a free movie ticket or free video rental to recognize them for having such a great attitude in their training. Giving them a percentage of sales gives them a vested interest. Sit down with your employee and find out what their personal and professional goals are and help them achieve them. Trust me, if you help them achieve what they want, a good employee will bend over backwards to help you reach your company goals. They go hand in hand. These are all great ways to not only motivate your employees, but also to make the world a better place, and to make your working environment a place that is FUN to work at, competetive, and challenging.

Competition is great, as long as its healthy.  Make sure that people are working towards their goals in the way you think most aligns with your goals by scheduling team building exercises, doing bi-annual or even quarterly official reviews, and most importantly always keeping your eyes and ears open to ongoing opportunities to recognize and reward.  Catch people doing things right. Turn your judgements on good performance into rewards and watch as your hard work changes the world, just a few employees at a time!

Also, don’t forget to take care of and evaluate yourself! Giving your team a survey of your performance as a boss can ensure that your being perceived the way you intend. After all, you are your own employee as well!