Daily Money Minute

Fotolia_54867638_XS_7“I don’t pay good wages because I have a lot of money; I have a lot of money because I pay good wages.” ~Robert Bosch

When you’re starting a business, or even when you have an established business, it’s tempting to try to employ people for as little as possible. Given that people are often the greatest cost to a business then it’s natural for the entrepreneur to think this way. However as with all things in life you will only get what you pay for. The best talent won’t come cheap and the people who will work cheaply are unlikely to be top talent. The most successful sports team will always have the best players. If you want a successful business then you will need top talent. As always there’s a balance to be struck but you will need to get the best people you can afford. Anything less is a false economy in my experience.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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