Definitive Business Plan, Second Edition, The

Don't forget the carrots

Not many people work for your business for love. We are all in it for specific reasons – success, personal achievement, financial gain. You can encourage your employees to work towards your common objectives by using appropriate carrots as incentives and rewards.

Such incentives are often linked to the achievement of one or more of corporate, divisional, departmental, team and personal objectives. Common rewards are salary increases and bonuses. Share hand-outs and stock options are frequently attractive – and can help limit your cash outlays when your business is short on cash flow. Other recognition should go without saying. Never forget to say thank you. Even simple acknowledgements help, such as a letter from the ...