These tips were published by Entrepreneur.com.
Always pay your employees first
Your employees are the most important component of both your team and the company as a whole. Even if you experience difficulties with cash flow or face short-term budget constraints, you should always prioritise paying your employees. Don't delay payments for administrative reasons either: failing to pay promptly will erode trust and eventually lead to disengagement among your staff.
Don't underestimate investment in employee development and education
Investing in employee development and education may seem expensive or non-refundable. It is true that not all training courses and seminars will be directly applied by your staff but this should not discourage you from continuing to invest in their education. Such investment is still beneficial and necessary for the long-term health of your team.
Use data to guide decision-making
If you aim to be an effective financial steward of your team’s resources, you need to rely on high-quality data in your decision-making process. Embrace modern technologies and ensure you have an up-to-date overview of expenditures, budgets, forecasts and profits. Make all major decisions based on these insights.
Be fair when allocating financial resources
Take an honest look at yourself and ensure your financial and reward-related decisions are not influenced by conscious or unconscious biases. Apply the same standards to everyone, keep emotions in check, and avoid showing favouritism. Any perception of unfairness can cause severe damage to interpersonal relationships and the overall atmosphere within a team.
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