Social Media Marketing Green Marketing Business Development Notebook Contact us LinkedIn

Business Development


Business Strategy Notebook
Your ultimate resource for success!

10 Powerful Ways to Building Your Million-Dollar Team

Build A $1.5 million Business

I consider myself a serial entrepreneur. I have been lucky enough to start, run and turnaround a dozen companies. Now in my spare time, I coach a select group of entrepreneurs,­ helping them profit wildly while making a huge difference in the world.

The Myths of Employee Motivation

If you love my notes and want to get updates on all Dan Lok’s material sign-up for my newsletter or like my facebook page.

10 Powerful Ways to Building Your Million-Dollar Team

Step1: Develop a consistent recruitment system that takes the guesswork or gut feeling out of your selection process.

Step 2: Check References – Over 80% of entrepreneurs do not check references. At the end of the day you want to build a trustworthy team who will support each other based on values, mutual respect, integrity and professionalism.

Step 3: All new employees before they do anything must have a thorough  introduction to every aspect of the business. How you introduce them into your business will give them a real sense of belonging, a real enthusiasm for the job, a sense of loyalty to you, the team and the business.

Step 4: Hold regular team meetings. You could run regular meetings at set times, like first thing on Monday or Tuesday mornings or last thing on Thursday afternoons. Make it part of your routine and culture. Keep the meetings meaningful, short and to the point. Let everyone know they need to attend.

Step 5: Build career planning within the business. A well-defined career path for everyone has the effect of reducing staff turnover. They also promote well-being, morale, and loyalty.

Think of a career path as part of team member’s development within your business. Their levels of knowledge, skills, and value are dramatically increased as they progress up the ladder.

Step 6: Require all team members to take personality tests. (I recommend Clifton Strengths Finder & DiSC Profile) by understanding their personality, you can inject fresh enthusiasm into a member’s career path. You’ll also show your people that you have their best interests at heart. Strengths finder KOIBE

Step 7: Develop a cost effective and practical training program. If your team is small, you may not have the budget to spend on expensive courses and trainings. If this is the case you need to make good use of any “free” or low cost training available. (i.e. various meet up groups) Often free training is provided by your product/equipment suppliers or vendors- if so make sure you make good use of this valuable asset.

Additional numerous free or low- cost seminars and workshops are offered by professional associations. Subscribe to all available trade magazines and journals so you can invest in text books, CD’s, DVD’s to start building up an information library.

Step 8: Set group and individual team member goals.

Make sure the goals you set are achievable and realistic. Also be sure to distinguish between short-term and long-term goals. Let people know how they reach their goals, what measures will be used to gauge whether they have succeeded or failed, and how they will know when they have reached their goals. Also let them know how the attainment of the goals helps the business reach its overall vision.

Consider having a chart that shows how your team members are tracking in the attainment of their goals.

Step 9: Conduct Quarterly Performance Reviews to evaluate the effectiveness of all team members.

Design them to measure progress towards developing high level of people skills; technical skills; contributing to the team effort; and attaining set targets.

A good review will help identify areas that need further training and development. Both the business owner/ manager and employee will be aware of any changes or improvement necessary.

It is suggested that the employee be involved in the process through “self-appraisal”. The employee is given a Performance Appraisal sheet to be completed before their Quarterly Performance Review. They must be made aware that the honest assessment of their abilities is essential, not what they think the management wants to hear or read. The owner/manager also completes a Performance Appraisal sheet before the review. The owner/manager then does the Quarterly Performance Review using an interview process. During the interview both parties discuss the results and implement “action plans” if necessary.

Step 10: Develop a system for recognition and remotivation. Great teams are motivated by personal and team praise. You would be amazed at how employees respond to a compliment for a job well done.

Celebrate successes “celebration is the way to nourish the team spirit”. Recognition can also be shown with small appreciation gifts that are not part of the incentive plan but just an “out-of-the-blue” thank you.

Why Profit Isn’t Everything, It’s The Only Thing – Dan Lok

If you love my notes and want to get updates on all Dan Lok’s material sign-up for my newsletter or like my facebook page.

Dan Lok’s Books

(Buy one of Dan Lok’s fantastic books with these links to help support my FREE note taking service)

Similar posts
  • Is Franchising Right For You? –... I have helped over 550 business owners over the past 37 years, many in franchising. (Franchisors and Franchisees) My passion is to help entrepreneurs, financial advisors, and franchise business owners achieve and succeed. I enjoy strategic planning and relationship building with my clients. One special point of pride is being a certified consultant for Winslow [...]
  • Lessons learned from 40 years running... Doug Anderson has created a Management Training Program used by over 300 businesses in the past 15 years. The program objective is to increase the business and management job skills of the business owner and their staff. The program comes from the experience of attending 25 years of sales training programs from large corporations and [...]
  • Critical Path – Sticky Notes Sy... Earl Flormata aka “The Evil Marketing Genius” is known as the one of the most sought after digital marketing and sales consultants in the Vancouver Marketing arena. He is famous for ranking business and people on Google and has sold over 50 million dollars worth of products and services both on and offline. Earl Flormata [...]
  • Learn to Pitch Your Ideas Like a Pro!... Pitching your startup ideas effectively is a crucial skill that will help you acquire financing, customers, partners, and top talent. These notes will help you improve your pitching skills and recruit potential co-founders. This intensive, collaborative workshop by leading startup Founder Jayesh Parmar was designed to help you understand the key ingredients of a successful [...]
  • How To Systemize Your Business So Tha... Most businesses rely on the owner to work hard to achieve a level of success just above survival. It’s sad, but if you operate the way 97% of businesses do, you’ll never become wealthy or free. If you would like to discover the steps to create real business success, and all the money, time and [...]

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for more notes!