TCF630: Contractor Q&A - “How to Give Bonuses and Raises Without Causing Jealousy?”

From The Contractor Fight with Tom Reber Tom Reber

Tom and Sunny address your questions about getting business capital as a new business, expanding and marketing your business, as well as giving bonuses, raises, and job evaluations without hurting or causing jealousy among other employees.

In this episode, we talk about…

Question 1: I'm planning to expand my business into five markets in 3 states over the next years. What is the best way to advertise in each market?

Identify your ideal client and dial in your marketing
Instead of focusing on multiple locations, concentrate on one

Question 2: How do I get business capital as a new business?

Your customer is your bank — grow and fund your business with OPM (Other People's Money)
Reinvest your profits into your business to build your brand, get equipments, etc.
You are not profitable enough if you don't have the cash to reinvest into the business.

Question 3: How to implement bonuses and raises without hurting or making the other team members jealous?

It depends on your company's culture
Give them a raise when they meet certain criteria
If you're offering a bonus, you have to offer it to everyone

Resources:

Submit your questions to [email protected] with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.

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