Mark Bouris was joined on The Mentor with Mark Bouris podcast by Sarah Wall and Kim Green, elite netball players who started their own coaching and training business, NETFIT Netball.
One of the questions Sarah and Kim raised was about how to retain the best quality contractors across the board.
“When you’re working with a contractor, their commercial reality is they’re always looking for someone else who is going to pay them more,” Mark said.
“And the only way to keep those people on board is if there’s something they’re going to lose.”
Mark listed one particular option that could work well in Sarah and Kim’s case for NETFIT Netball, which includes giving your contractors a share in the business’ profits.
“I always think of putting a very small percentage of equity in a pool, for example 5 percent is in a pool that is available as equity for all the contractors,” Mark said.
“And work out some way that they share in that 5 percent, and that 5 percent can be paid dividend to those contractors.”
“And if they know they’ve got something to lose if they leave, make them feel part of what you’re doing.”