1) Spend extra time and money on training so employees are prepared to do the tasks assigned to them
Training may seem expensive at first, but in the long run, it helps you operate a business that performs well and provides great customer service. Your employees will understand what is expected of them and you will generate more money in return due to their great work.
2) Relate compensation to productivity for everyone in your company
It should be known that people get paid for the results they produce. This will cause your employees to work harder, increasing the work-ethic within your organization.
3) Develop and annually update a personal guide to provide a consistent application of rules and conduct
When you consistently let your employees know what is expected of them, this helps to eliminate any excuses that can be said for not knowing the rules of conduct. This will point out bad employees who are a threat to disrupting your business’s work environment.
4) Develop a CEO monthly letter to employees to build teamwork and communication
You want to communicate with your team monthly, letting them know about any updates, highlighting individual performances, and reminding them of goals for the quarter and year. This will help build team morale and set a focus on expectations.
5) Departmentalize your company budget and hold your managers accountable for the variances
Give each department budget so that you can determine which managers produce the best results with their given budget. Reward those who take their budget and generate a profit, and work with those who produce bad results. You want all of your managers to operate on the same level of excellence.
6) Emphasize communication skills
It is important that everyone on your team knows how to communicate with not only each other but especially with customers. Bad communication can be the cause of problems arising due to people not being able to listen to one another, or being able to properly articulate their thoughts.
7) Invest in your people
Your team will only be able to grow and provide exceptional work when you invest in their improvement. Invest in their continued education and also provide them with the best resources to effectively do their job.
8) Employee evaluations are essential for communicating progress
Have time set aside for quarterly or yearly reviews you want to be sure that your employees are well aware of their strengths and weaknesses so that they can work on improving their performance
9) Make a point of rewarding outstanding performance in the presence of that person’s peers
When you publicly reward your employees, it helps to improve employee moral. People will know that their hard work does not go unnoticed, and they will be recognized for going over and beyond expectations.
10) Send personal notes of congratulations or thanks to employees at their homes
When you send notes of appreciation to employees homes, it shows that you think of them as a person rather than just a worker. This helps to increase employee loyalty to your company.
If you want to operate a profitable business, take these tips and implement them into your own business. They will help your business perform better, continue to grow, and increase the profits earned.