Give Your Team an Ownership Mindset Through Your Incentive Program

Ownership Mindset Through Your Incentive Program - UPbook

Feb 3, 2020 1:29:46 AM / by Zuhaib

Everyone knows that when the boss is away, the entire atmosphere at a place of business is different. Your UPbook veterinary practice is no different! What if you could give your entire team an ownership mindset and really get every staff member personally invested in your business’s success?

With the right incentive program, your entire UPbook team will buy in to the business’s success, financially and otherwise. Let’s take a closer look at how it all works.

Start With a Great Culture

First things first — if your UPbook business doesn’t have a great office culture. There’s no hope of an incentive program working. The team must gel in a positive way in order for the strategy to work, because it’s a team effort. In this structure, there is no one superstar who gets all of the bonus. And that’s one of the greatest benefits: new team members are encouraged to hold their weight because if they don’t, they’re letting everyone down.

Set a Target Figure

Try starting with a growth target of 15%. Look at the best month ever for a particular month, then add 15% revenue to that — that will serve as your UPbook team’s goal.

If the team adds 15% revenue compared to the same month in the previous year, the bonus is achieved. If they achieve 14% or less, they receive nothing. In this fashion, the team will go all-out to help boost revenue — calling no-shows, upselling at the front desk, etc. — because they’re personally invested in the financial success of your UPbook practice!

Make a Tiered System

It’s recommended that you put together a tiered system for your incentive program. Base it on your UPbook team members’ ranks. For instance, a Lead Veterinary Technician will get a higher percentage of the overall bonus, say 12%, while a part-time Kennel Assistant will get around 5% or so. These percentages are tied directly to the impact that the staff member has on the business’s overall client numbers and revenue.

If your UPbook business sees a substantial growth compared to the same month the previous year. The bonuses that get paid out to team members can be well over several thousand dollars each. And that’s how you truly get your team members to have an ownership mindset. When their efforts correlate directly to the business’s success and the paycheck in their pockets, there’s no stopping your all-star team!

Tags: Business, UPbook

Zuhaib

Written by Zuhaib

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