Too often we think in terms of the “big score.”
Landing that whale account. Hitting the lottery.
But if you really want to be successful, think about doing something – almost anything – a little better every day.
Small improvements compound over time.
Remember the Rule of 72?
The Rule of 72 is a quick way to calculate how fast you can double your money or anything that compounds. For example, if an investment promises an 8% annual compounded rate of return, it will take approximately (72 / 8) = 9 years to double the invested money.
But what if you get 1% better each MONTH? In 72 months (6 years) you will be TWICE as good as you are now. 5% better each month – 14 months! The power of compounding.
Design your incentive program to reward people who make small improvements – small changes in behavior. It’s easy for anyone to make small changes in behavior – and less costly for you to reward them.
But you can rely on the power of compounding to see the payoff. Don’t ask people to change 100% in one fell swoop. Just ask for little changes on a regular basis. Leverage the power of performance compounding.