Building A Team: Reward Long-Term Employees

Michael Sowinski, owner of CFO Consultants in Asheville, explains the human element is the most challenging part of building and growing a team for any company. Getting and keeping talent is difficult, but it helps if you reward team members for continuing to grow with your small business. Set up a bonus plan for long-term employees and make sure they know how much you value their loyalty.

Regarding building a team, I found that over the years you're going to have people come and go. The human element is the most challenging part of any company. Getting and keeping talent is very difficult. And so what I did early on when I found a person who had the same drive as I did and wanted to really excel at this at what we're doing and really excited about the products that we offer, I found that person and I invested in them more than anyone else would have. They made more than me for a long time and continue to make more than me and I'm okay with it because they grow your business. Someone like that is critical. On the lower end and I have never had the opinion
that you should brutalize employees to make money. That's not my model. I know some people do that but I don't think that's the way to do it. Instead, you reward people for what they do and continue to grow them with your company and have a bonus plan, that works great. When they're ready when a person is motivated by that, then you can have a bonus plan and they'll do exactly what it is that you want them to do in that direction with a good bonus plan. And so reward those that have put you in that position and continue to reward them, that's my key.

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