It’s time for small business owners across the nation to start planning their business strategies for the coming year. For those expanding their business, the new year means hiring new and retaining old employees. When applying for a business cash advance to improve your operation,remember to consider the costs of employee reward programs and how that might factor into your need for additional cash flow. The type of employee reward system you choose should benefit all your staff and make sense for your type of business.
The direct sales employee is a critical component in a successful retail business. They’re the face of your business every time a customer comes in to your store. It’s important to keep these employees as motivated as possible. They’ll sell better and sell more when there’s an extra incentive pushing them. A good work ethic combined with an employee reward system that focuses on sales is ideal for a small retail business. Offer desk clerks commission on their individual sales. What about a sales contest between your front end clerks? Create competition to increase sales and let your salespeople know that their individual success is directly tied to the success of the business.
Since many restaurant workers don’t have the opportunity to sell directly to your customers and thus work on a commission style bonus, you may want to invest in one reward system for the front of house crew and one incentive program for the kitchen staff. Have a contest with fun prizes for servers who push a certain menu item on Saturday nights. Introduce weekly prizes for the most productive employee in the restaurant. Have employees vote on who should be rewarded. The employee voting system is great for business owners who aren’t always present to assess staff performance accurately.
Rewards for Office Workers
If you work in an office setting, consider a new benefits package to motivate behind the scenes workers at your company. Being able to offer additional sick days and personal time off always helps folks feel appreciated. Handing out seasonal bonuses lets your employees know you appreciate their hard work. A pat on the back is nice, but so is a surprise check for $100. Determine an annual amount and apply it to all of your best-performing employees. As a reference, $100 per year of work is a common office formula.
When determining an employee rewards program be sure to think about what your workers would really want. Consider partnering with area retailers to offer discounts to employees and enjoy cross promotional advertising.
Paying for an employee incentive or reward program is not something a lot of small businesses include in their budget estimates. A merchant cash advance is a great way to fund employee reward programs and invest in your workforce. A good reward system is a solid investment in your business’ future, making it a legitimate part of your working capital needs. Motivated employees quickly become loyal employees, reducing turnover and ultimately increasing company profits.