By Antoinette Rodriguez, MBA
Having built your practice on your own efforts (at first) illustrates that you can work just fine alone. In order to take your practice to the next level though, you will need to leverage, engage and motivate your staff.
In part 1 of a series, here are 7 pointers on how to motivate your staff to greatness:
- Find out what motivates each person. Not everyone is motivated solely or mainly by money. Some are more motivated by quality of life issues, such as family time or even a simple gym membership.
- Support and promote cooperation. First be an example by demonstrating respect for others' input. Limit your "I" versus "We" statements and create joint projects for your team members to work on together.
- Encourage new ideas. Never assume there is only one way of doing a task or to accomplish an end result. It is usually the people who are working on a project who can render best practice ideas that may even surprise and delight you.
- Share profits with your staff. It should go without saying that people are motivated by what they feel invested and ownership in.
- Celebrate successes of the practice frequently, including weekly, quarterly and annually.
- Praise staff publicly. Positive reinforcement of what you want done goes a long way towards getting the right and intended things done.
- Reprimand privately. Shaming people can cause resentment, underperformance and even sabotage. There's very little upside to embarrassing your staff and as it's generally done at your worst moments. Plus it's best to save yourself the embarrassment of having to apologize or save face later ;-).
Would you like more tips on motivating your staff? Contact MarFi Advisors for a free 30 minute consultation
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