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Avoiding Pitfalls in Mentoring Relationships, Part II of III
Creating mentoring relationships
Why Are You In Business
Think about serving satisfied customers. If you do, innovation, production costs, marketing costs, and profits, will tend to take care of themselves in a very satisfying way.

Other personal reward Related Articles

USING REWARD PROGRAMS TO CREATE LOYAL CUSTOMERS
Customer reward programs were first introduced by the airlines more than a decade ago. Since then, businesses ranging from bookstores to coffee shops to credit cards have implemented reward programs. Properly implemented reward programs create loyal customers. However, many reward programs simply don’t work. The rewards are either ineffective motivators or too costly to be practical. Often reward programs and short-term promotional programs conflict, turning off loyal customers and attracting only less profitable price-switchers. In order to avoid the traps that can sour customer relationships or drain scarce resources, it makes sense to examine the fundamentals of developing a successful customer reward program.
You Get What You Reward
More often than not an organization says one thing in its literature, on nicely formatted signs in hallways and conference rooms, but unfortunately does not practice what it preaches. As your organization decides what it wants its culture to be, look closely at what it will reward. Remember…You get what you reward.
New Study of Corporate Rewards Program Proves...
Considering that a recent study from the Incentive Federation has shown that a good corporate reward program can improve sales and production as much as forty-four percent a company can hardly afford not to have a corporate reward program.
Customer referral program
There are many businesses that would argue their best source of clients is by referral and yet if you ask what they do about this ‘Best Source', most would also say nothing. Do you reward people for referring customers to you and do you have an organised program to encourage this form of referral? If you answered 'NO‘ to this question then I would ask you to take a moment to think about your answer for a moment and to perhaps discuss changing how you deal with this aspect of your business with your business partners and employees. Firstly, you could make a decision to reward those people that refer clients to you by way of a financial reward either with a cheque or a voucher. Alternatively, you could reward them with your own products or services, by way of a discount on future purchases or by giving items away.
Rebuilding your reward strategy
In the middle of change it can be easy to overlook the impact that restructuring has on reward strategy. We all know that having up-to-date and flexible people practices is vital to support business objectives, but many businesses forget to review their reward approach as their business grows and changes. Here's our six stage model for checking that your reward systems are still up to the job:

Why Rewards Cause Problems #6: Rewards Undermine Interest
We do things because we are interested in them, generally not to get some kind of tangible reward. Organizational reward systems often overlook the very powerful intrinsic motivators of their workers, and get only a tiny fraction of the discretionary effort that is available. The attached article gives some insight on this phenomenon.

Why Rewards Cause Problems #7: Rewards Allow the Tail to Wag the Dog
Sometimes well-intentioned reward systems take on a life of their own and become problems for the organization. They can suck up a huge amount of resources and create mountains of busy work if we do not keep them in check. This article recalls some stories from my personal experience of what happens when the tail begins to wag the dog.

Seller Financing your business (PART 3 of alot of parts!) Avoiding the Risk in \"being the bank\"
Avoiding Risk While Inviting Reward: The 5 Guarantees of Seller Financing (this articles covers the first “Personal Guarantee” Risk is a part of every business venture. From Wall Street to Main Street, you never have the finality of a “guarantee,” but at least in this investment it comes with a personal guarantee – as well as five other types of personal or professional collateral – or (that) and virtually guarantees that your money is paid to you.

Personal Recognition and Appreciation is an Inside Job
Like improvement efforts, effective reward and recognition is an integrated process, not a bolt-on program. Since you can't make your team or organization into something different than you, it has to start with you. Whose needs are your recognition and reward systems designed to serve? What are the goals? Are they to manipulate, control, and "motivate?" Or do they build an atmosphere of helpfulness, appreciation, and high energy? How do you know? As with beauty, quality, or customer service, reward and recognition are in the eyes of the beholder.

Recognition Do's and Don'ts to Inspire and Energize
Like improvement efforts, effective reward and recognition is an integrated process, not a bolt-on program. Since you can't make your team or organization into something different than you, it has to start with you. Whose needs are your recognition and reward systems designed to serve? What are the goals? Are they to manipulate, control, and "motivate?" Or do they build an atmosphere of helpfulness, appreciation, and high energy? How do you know? As with beauty, quality, or customer service, reward and recognition are in the eyes of the beholder.

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