6.11. Pay Them to Keep Them
Pay your people well. You may even want to consider rewarding them with profit-sharing and other incentives. I'm a big believer in bonuses as a motivational tool. I want my assistants to share a sense of ownership in the business with me. It's bad business to pay someone a low wage and then have to hire and train someone new every two years. The momentum you lose training and retraining will by far exceed the pennies you save hiring less-experienced people.
Find good people and reward them well enough so that they will stay. Make it worthwhile for them to remain with you. Sometimes you can give them a reason to want to go all out for you by rewarding them with some form of partnership, vice presidency, or other promotion. You'd be surprised at how already-great performance levels can improve with the right combination of rewards and motivation.
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