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Greetings!
Hi,
You have set up your business and it is doing well. You are ready to delegate to employee-managers, and would like to motivate them to do their best for your business. How can you do that?
Regards,
Jaki,
Lifecoach. Business coach. Speaker.
  
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BOOK | |
To purchase your link to this ebook click here.
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BURDENED BY SECRETS? | |
IDEA TO ACTION QUOTE:
We can make ourselves miserable, or we can make ourselves strong. The amount of work is the same - Carlos Castaneda. .
 Siri ni ya mtu mmoja (it is a secret only if it is known to one person) , goes the saying in Kiswahili. And so you alone carry the burden of your secrets.
I have heard of secrets that people carry to their graves. And I have heard of the great relief that comes with unburdening oneself of a long held secret. Many people say they keep secrets in order to "keep the peace." We hold onto secrets to keep other people happy, safe, set in their vision of the world, and in their vision of us.
While secrets can help a person maintain a sense of uniqueness and individuality, it becomes a concern when they begin to control your life. When you are forced to maintain a 'secret life' revolving around this secret. It can lead to lies, and as Lauren Zander asserts, "lies are the sturdiest walls that we humans erect within and around ourselves, thereby keeping ourselves trapped and wrapped in a wide range of limitations."
While secrets do not always lead to a secret life, they can create inner conflict: to tell or not to tell? What if someone finds out? And how can I face their reaction? Who can I trust with this information?
Secrets can destroy even the most stable of relationships when they are finally revealed. The other party may find it difficult to believe that you had them 'fooled' all along. In asking themselves what else they don't know they may become alienated.
What secrets are limiting you? According to http://www.secretswekeep.com/, "no matter how well the secret is kept, it's leaking somewhere, somehow, into your life. If you let the "real" you be a liar, then the person you're showing the world is basically a people-pleaser, quietly stuck, keeping the peace, slowly becoming more sad and unsettled."
How can you unburden yourself?
The key is to find a confidant you can trust and who can bring you new insight into your secret. Someone who will listen and avoid judgment, be discreet, think constructively, and help you get through the process of righting any wrongs this secret may have caused. |
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HOW TO SHARE PROFITS WITH KEY EMPLOYEES | |
Idea to Action quote: If you wnat people to do well for you, do well by them - unknown.
Motivating key employees is one of the most important things you can do for your business. Below are three profit sharing approaches that you could use, taken from
www.myownbusiness.org
Leveraged profit sharing
In this approach, managers receive all or a large part of, earnings over a fixed target. Here is an example of a simplified weekly income statement of a cake shop that is operated by an employee-manager. This plan is "leveraged" because extra shilling earned above target goes into the manager's bonus check.
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Income from Sales |
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50,000 | |
Wages |
15,000 |
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Purchases |
12,000 |
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All other expenses |
10000 | | |
Profit based on agreed target sales |
8,000 |
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Total |
45,000 |
45,000 | |
Income above target = Manager'S bonus
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5000 |
Unleveraged profit sharing
In this case, your manager receives a percentage of earnings net of expenses.
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Income from Sales or services |
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50,000 | |
Wages |
15,000 |
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Purchases |
12,000 |
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All other (actual) expenses |
5,000 |
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Total expenses |
32,000 |
32,000 | |
Net profit |
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18,000 | |
Manager's bonus @ 10%: |
1800 |
Commission
In this plan, the manager receives a percentage of sales for the accounting period. Assuming, as above, that sales for the period are Ksh 50,000 and the commission is 5%, the bonus would amount to Ksh 2500.
In the case of commission, the main disadvantage for you as the business owner is that in many instances it does not include provisions for expenses. Your manager could get rich while you go broke! Still, commission incentives can work well when the manager does not control pricing.
The following will help you better manage profit centres and managers' incentives:
- Create a separate profit centre for each unit. If you have more than one shop, have separate profit and loss statements for each.
- Make the accounting periods very short. Reward your managers often, say on a monthly or even weekly basis. Don't wait for six or twelve months, as rewards are best when received early!
- Keep your profit sharing incentive plan simple and clear. It will avoid misunderstandings and misinterpretations. Use simple words and simple accounting.
- Have all your profit sharing agreements in writing. It will avoid innocent differences of interpretation.
- Check out how your best competitor motivates their managers. Your competitors may have already come up with a system that is most appropriate for your particular business.
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| CALENDAR OF EVENTS | |
8 October:Idea to Action Values Workshop
Charges: 2650/= Including tea and workshop materials
Place: 1st Floor Luther Plaza
Time: 09.30 - 12.30
Register here
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| COACHING Q&A | |
Q: How will I know when I have found my ideal life coach?
When you have found your ideal coach
- You will feel a very strong mutual trust with your coach
- You will feel a very strong mutual care and respect with your coach
- You will feel the power of the full attention and energies from your coach
- You will feel confident in the experience of your coach and how it guides you to you to your goals
- You will feel comfortable to share your wins and challenges.
Ask your question here
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