how ANY business can make MORE money.. ( Profit Sharing )

Name: how ANY business can make MORE money.. ( Profit Sharing )
Uploaded: 2024-01-31T17:47:36+00:00
Duration: 31 s
Channel: Ryan Shank
Description: Ryan Shank argues that profit-sharing compensation makes employees more motivated to deliver better customer service, leading to happier customers and…

31 Jan 2024 · 1 min

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Ryan Shank argues that profit-sharing compensation makes employees more motivated to deliver better customer service, leading to happier customers and more referrals. When workers have a stake in profits, they also hold each other accountable, creating a culture that benefits both owners and staff.

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The customers are happier. They're going to buy more often. They're going to give more referrals. So the business makes more money in the long run by actually giving profits to the employees via profit sharing versus someone that has like a flat rate salary. They're kind of going in and they're just checking the boxes and they're like getting it done and it's okay. Doing it based on bottom line profit, it aligns everyone. Employees start to hold each other accountable because the employees are delivering such an exceptional experience. The business makes more money. It's as if you, the owner, are going in and you're doing the job yourself.