2) Pay good money for good people
It may sound counterintuitive to pay more money to attract top labor talent, but the reality is it works. High quality employees that are either exceptionally skilled or hard workers are hard to come by. Paying more money to attract top performing employees can reduce waste by trimming less productive performers. Many business owners would suggest one great employee is worth three mediocre employees. In fact, mediocre employees are often a drain on good employees and can have adverse business impact.