Page 57 - merged.pdf

CHAPTER 2 THE SUCCESS FACTORS OF MILLIONAIRE ENTREPRENEURS

all the decisions and was not open to listening to suggestions
and encourage employee empowerment.

Finally, the reason his good staff kept leaving was because
they were not rewarded or appreciated for doing more than
the rest. There were no incentives and little growth prospects.

I shared with him that if he wanted to attract and retain
excellent people, he had to first be an excellent manager. He
had to create the business environment, systems and
remuneration structure that excellent people would want to
work in.

Once he took responsibility for his people problems, He then
decided on a set of new actions to take to create a top-class
team. He decided to:

1) Implement a rigorous interview and selection process so
that only people with passion, ambition and motivation
would be hired.

2) Write down a system of performance standards and
communicate it consistently to his staff through regular
briefing & training sessions.

3) Implement a variable remuneration structure where staff
that performed above expectations and initiated new
projects would get profit sharing and quarterly bonuses.

4) Interview his staff once every quarter to find out their
goals and needs and to also give them feedback of
their performance.

The results he saw were nothing short of amazing. The attitude
and behavior of his staff went through a major transformation.
They started to become a lot more motivated, efficient and
proactive in doing their work. Employee morale went up and

48 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES