More businesses fail than succeed. This is the harsh reality that entrepreneurs have to live in. It can be even tougher when you exist within a competitive market. Revenues may be fleeting, and you have to do everything you can to maintain a profit margin. This includes slashing overhead and being strategic regarding how you allocate your assets.

However, perhaps the most important asset you have is your employees. They are the real ones that drive profit by completing sales, interacting with customers and crafting projects that are important to your company’s future. If you have productive employees, you will be much better off as a business. Below are four strategies for enhancing employee performance.

Monitor Your Employees

One thing that can hurt performance and the overall productivity of a workplace is a workplace that is un-supervised. No matter how much you trust your employees, they need to feel like they are indeed being monitored while on the clock. If you can’t be the supervisor at all times, you should certainly delegate responsibility and hire managers to act in your place.

No one wants to feel micromanaged, and your employees are no different. You’ll need to find a good way to monitor their productivity without making them feel like you’re constantly breathing down their neck. Technology is a good way to track the actual data, but it’s also important to consider your phrasing when you address the employees about productivity issues.

Provide Feedback

If you want your employees to improve and produce for the company, they need to receive feedback on their performance. However, you don’t need a performance review to do this. Instead, give your employees continual feedback on how they’re doing. This includes both constructive criticism as well as positive reinforcement when they are doing a good job.

As before, the way that you go about providing this feedback is every bit as important as the feedback itself. A good saying to remember is to praise in public, and reprimand in private. In short, think of what you’re planning to say to your employee and consider if it’s something they would want others to know about them. Proceed accordingly.

Provide Ethics Training

Something that often goes overlooked in the workplace is ethics. Train your employees on ethical practices and how to best represent the company through their actions. Unethical business practices are often illegal. They are also immoral and could lead to a public relations nightmare that could badly damage your brand. However, with proper training from places like Global Learning Systems, employees will know how to maintain ethical standards in the workplace.

Reward Success

One thing that can hamper worker productivity is a belief that performance doesn’t really matter. This can happen, for example, in a workplace with no incentives for achievement and no possibility of being promoted and moving up the corporate ladder. Make sure you provide incentives for success to your employees whether it is increased pay or eventual advancement within the company.

Employees are the lifeblood of any company. They certainly are your most precious resource. Do what you can to make sure your employees are motivated to improve their performance. Your company is sure to benefit as a result.