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

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 [e-mail] with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.

 

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