As the owner of a construction business, you understand the need to invest in your company. You realize that at the very least “you will make a huge investment of both spirit and time,” as one veteran general contractor puts it. You will also plow a substantial amount of the money that your company earns back into it. You must do all of that if you want a company that remains productive and strong enough to weather the ups and downs of the economy.
To begin with, you will invest in your employees. You will make sure they feel respected. Respect, along with autonomy, is at the very top of the list of what employees want at their jobs. You will provide them with every financial benefit that your company can afford, from tool allowances through good wages and profit sharing. Or at least you will do that if you have your wits about you. As I have emphasized in my new book, Building Freedom, A Construction Pro’s Path to Financial Independence, and will again in an upcoming article, respect and generosity toward employees are acts of enlightened self-interest. If treated well, employees stick around; you don’t have to constantly replace them with new people.Read More