When you reward an act, it gets repeated then you see the growth that ensues. In this episode, Ken Courtright expounds on how rewards generate growth in your employees, business partners, and even with you. Ken brings to light that we are all humans needing acknowledgment and wanting to be heard. A reward may just be the motivation you’ve been waiting for.
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Rewards Spawn Growth
This is the show that has no commercials and seldom interviews other people. I’m only sitting down at my desk with a Yeti mic in front of me. I’m repeating golden nuggets that I absorbed throughout the week, it might be something that I say at an event and I notice the lights go on with someone else. I take some notes, I jot them down and I make sure that I evergreen them in some form of a show for the audience, my kids and our future employees. This is episode 147. This is titled Rewards Spawn Growth, “That that is rewarded grows. That that is rewarded will be repeated.” It’s by anonymous.
Rewards, incentives and ownership spawn growth. Years ago, part of this country decided that you could only vote if you owned property. There was some kind of psychological reason that they felt compelled that people that owned property had a bigger stake in this country and that their voice mattered more than others. We know that’s been changed, but the concept is that ownership is tied to personal pride and it is. In our business years ago, we broke out a portion of some of our revenue-generating websites and we put a group of six sites together. We put a captain over that group. It was the same captain that had been running those sites for a long time. We now offered an incentive or a percentage of growth over the existing baseline of regular recurring revenues and miraculously, that group of six sites grew. In the prior years, I’ve even done this with vendors with joint partners and joint ventures. I’ve done this across the board.With ownership comes personal pride. Click To Tweet
Of the top ten reasons people stay at a company for more than two years, number seven is the pay. The first six reasons have nothing to do with their income. Here’s some of the top six, “My voice is heard here, that’s why I stay.” “I’m part of a team, it’s amazing. That’s why I stay.” “My opinion matters, that’s why I stay.” None of those have to do with pay. When you can go into your employees, vendors, the board of directors or even maybe your mentor, find a way to reward their activities. Possibly incentivize their activities or maybe even give them ownership for their activities.
Their activities will change. They will do more activities and work later. They’ll weed out the idle chitchat, stop taking extended lunches and focus. Why? It’s because they have ownership and with ownership comes personal pride. They now have incentives, “If I don’t do this idle chit chat, I can build another widget and I can make another penny.” If you don’t have rewards, incentives and ownership with the people you’re working for and with the people working on your team, you are missing out on so much growth. In 2012, we decided to incentivize anybody, an existing website partner, somebody from the outside, or a total stranger.
We came up with an incentive that if you refer to piece of business to us, and it wasn’t a standard consulting contract, but a consulting performance agreement where it was tied in perpetuity to a website earning revenues. Depending on the size of the contract and the structure of the contract, we were willing to give up a tiny percentage of that contract to whoever referred us to the business. We considered it the cost of advertising. You’ve got to advertise to get somebody. You’ve got to do a radio or direct marketing campaign. Before critical mass, where you can live on referrals as we can now, but I’m talking in the earlier years.
We have one gentleman. His name is Bill. Bill, in his life is going to earn over $1 million from us incentivizing him to keep his ears open for anybody considering anything like what we do. Here’s the question. What areas of your business can you reward, incentivize, or give ownership? If you can find those areas, I can assure you the odds are strong that you’re going to see immediate growth. You can even start with yourself. I recommend you set a goal and set a reward that if you hit that goal, you’re going to get something significant. It’s amazing how your focus changes when you have a goal and a personal goal with a reward. We are human beings. We need incentives. We need goals. We need the carrot. Try it. You’re going to be shocked. When you see it works on yourself, you know it’s going to work with everybody around you. For Today’s Growth episode 147, Rewards Spawn Growth. I hope this helps.