Get the Right People on your Team
Once you have designed a profitable business strategy, it’s time to find the right people to execute that strategy. The right people will follow the plan and grow your business. The wrong people will only do enough to look like they are working and take home paychecks they haven’t actually earned. You will know the right people because of the enthusiasm and confidence they show. They will focus on how to make millions in profits.
Hire the Right People
The right people are enthusiastic about your business and internally motivated. They will push themselves to succeed before you need to push them. They will be teachable and also willing to learn new skill sets on their own. They will care less about their pay and more about getting the job done. They will be polite when suggesting alternatives and give you the final say. Most of all, they will respond well to your directives. The right people are not offended when you correct their work.
When you start a new business, your first employees are going to be partners. As exciting as it is to call a business your own, being a sole owner leaves you open to risk. Business partners assume some of that risk in exchange for a portion of ownership. When choosing partners, you must be extra cautious. You are unlikely to find highly motivated and committed partners through an ad on the Internet. Instead, look in your own professional network at people you have known for years. They often make the best partners or will have connections with other great potential partners.
Incentivize Hires in Your New Business
To ensure that only the right people apply to your new business, offer stock options along with modest salaries in your compensation plan. The modest salary ensures that the uncommitted don’t apply, and the stock options ensure that those interested in growing your business do apply. It may make sense later to change this compensation strategy, but it is an excellent one for starting out.
Bonuses for extra performance are also important. Employees who work extra hard to grow your company should be rewarded. Their efforts will set an example for others and raise the productivity of the whole team. Besides, it only makes sense for them to get a share of the profits that they personally made.
Avoid Corporate Politics
One thing the right people will not do is engage in political games. The last thing you need is to have employees competing with each other. You cannot beat your competitors if your employees don’t work together. Achieving success is a shared responsibility. You run a serious risk if you talk about your business as “mine” because it encourages employees to compete to be your “second.” I always say “we” when speaking about my businesses because that’s how to make millions—by uniting your employees behind the shared goal of making as much money as possible.
Fire When Necessary
At some point, you will have to let somebody go. Don’t let your resources be drained and fall behind the competition by keeping people on board that don’t enhance the organization.
To make millions, you need the right people on your team. You need partners and employees who will make growing your business their top priority. With their help, you can beat your competitors and achieve lasting success.