Profit-Sharing is a tool you can use to incentivize your best employees. It drives growth, sales, and loyalty across your organization when used correctly. However, just like other business strategies, there’s always a time and place for profit-sharing.
How do you know when should consider using profit-sharing plans?
In this episode, I discuss profit-sharing best practices. I explain the critical differences between profit-sharing and incentive structures and describe why commissions can sometimes be better, primarily if you incentivize someone in sales. I also share what business leaders can do to ensure their profit-sharing agreement is mutually beneficial to all sides and does not confuse any party involved.
“Profit-sharing is an incredible tool to use when trying to incentivize high-performing individuals in your business.” – Adam Rundle
This week on the Expensive Advice Podcast:
- The best time to use profit-sharing agreements
- Structuring profit-sharing agreements to protect all sides
- When to use profit-sharing and when to use incentive structures
- The difference between commissions and profit-sharing
- How to avoid confusion when structuring profit-sharing agreements
Turning Boring Money into FUN Money
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