Many contractors have gotten into trouble over the bonus policies. Tom can tell you first-hand that 100% of companies that he has worked with that had bonus plans were in trouble. There are great alternatives to bonus plans, but if that is the route that you choose to go then make sure you know what you are doing!
In this episode, we talk about…
- A poorly planned bonus plan can sink your business
- Here’s why Tom doesn’t believe in bonus plans
- Get squared away with your numbers and bookkeeping
- Problems in your business are created during the good times
- Job cost your projects within a week of completion
- Set specific criteria so you know when someone should get a bonus
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