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How to Launch an Incentive Program for Your Business

How to Launch an Incentive Program for Your Business PhotoAccording to experts, returns from well-planned incentive programs reach up to five times that of a normal working day.

Such great benefits come from great motivations. And who wouldn’t want these returns?

Here are some simple steps to take and consider when launching an incentive program for your business. Start with:

Planning

Before you go about the project, it takes a lot of planning and brainstorming to create the perfect incentive program your business needs. Entrepreneur.com released a great article in choosing the right incentive program for you. You can read this while you’re on the planning stage to help you decide.

Meanwhile, here are some factors to consider when planning:

Goal

Why are you launching this program? What specific goal do you have in mind? Is it to increase in sales, productivity, or just a simple employee morale boost?

This would also determine the rest of the planning – whether to make it short and simple, or a quarterly / annual program.

Employees

Identify the people in line with your goals. Is it the administration? Or is it a single department? Will everyone participate and benefit from this program?

Budget

This is perhaps the most important of all, aside from the goal itself. The budget could severely limit your program, so it’s best to plan out every little detail possible. Incentive programs could cost a lot in some cases. Make sure you have contingency plans and cost efficiencies mapped out.

Pick the right reward

Every competition has a winner, and the winner gets the prize. This is the main motivator of the entire project. Make sure the reward is attainable and tempting enough to be fought over.

Program implementation

After planning, you’re now ready to jump-start your program. Make sure that you promote the program and hype your target audience. Have teaser trailers and posters, and give them a sneak peak of what’s in store for them. Motivate them continually, and make them feel that this is a well-prepared program.

Observe the flow

While the program is in place, carefully keep track of everything that happens. Ask yourself: are you still in line with your goals? Are the audience motivated enough? Should you extend the deadline of the program, or should you cut it short?

Even great plans have little trade-offs here and there. Be ready to make some sudden changes and quick implementations.

Celebrate and Evaluate

Always end with a bang. The employees worked hard, and they deserve more than a simple praise. Have a party to conclude the activity, and make sure you conduct an evaluation.

Don’t rely on your own point of view; have the audience evaluate the program. This could come in handy for future incentive programs.

Incentive programs should never be viewed as a simple social event or a money-making program. Though both of these stand true, it’s every company’s secret weapon to success. A stronger and well-motivated workforce provides a steady foundation in any business. Incentive programs don’t only motivate, but provides the business the jump-start it needs.