In the quest to maximize profits, it’s imperative you have an excellent team. Just like in football, a winning franchise is one with players who work in tandem as a cohesive group that is 100% committed to achieving the common goal. One that, along with being talented, has a winner’s mindset and a “whatever it takes” attitude. That’s a real team.

To build a good team, you have to hire the right candidates, and avoid the bad ones. There are various metrics that put a dollar amount to a bad hire – but it goes beyond that. "The cost of a bad hire is always extensive," Arte Nathan, founder of a human resources advisory service based in Las Vegas, told SHRM. "Most companies don't know the full cost of the turnover, so they don't apply the resources upfront to avoid it. If you make a bad hire, there is a ripple effect among all who work for you, your product and your product quality."

Research suggests that the most effective way to reduce turnover is to improve the effectiveness of your hiring process:

• First, the hiring manager must listen attentively to the needs of the candidates. Besides competitive wages, do you offer other reasons and perks that are important to them? Does your company offer an environment that would help them flourish and motivate them to give their best effort?
• Second, select the candidates who are a good fit for your company culture, share your core values, and buy into the mission and vision of the company.
• Third, recruit for the behaviors that would allow an employee to succeed. You can train them on skills, but you can’t teach values, attitudes, morals, work ethics and other intangibles. The candidates either have them or they don’t.

Hiring is just the first step. Managing your team is crucial to their success and your company’s success, and ultimately your business’ bottom line. A meta-analysis by Gallup found that business units with the highest levels of employee engagement were 23% more profitable than groups with the lowest levels.

Keep these ideas in mind as you encourage good behaviors and squash the bad.

Create a positive working environment. This is the best way to propel the team to achieve excellence. We know the number-one reason clients leave is when they feel unappreciated and taken for granted. Employees are no different. They want to feel recognized, appreciated and challenged.

No place for excuses. Just to keep “peace” in the company and due to the fear of losing employees, a lot of small-business owners put up with excuses for non-performance or underperformance. Such an attitude not only emboldens the employee to continue with this unacceptable behavior, but also gives a free pass to others. Just like rewards and appreciation are expected for a job well done, there needs to be consequences for poor performance or subpar behavior.

Don’t trust your employees blindly. You must train your team to be able to perform at an optimum level, empower them and trust them. But make sure to put checks and balances in place. Hold them accountable.

Become a good role model. In one of his interviews, Mark Cuban, owner of Dallas Mavericks and a fixture on Shark Tank, shared that when he took ownership of the Mavericks, one of the first tasks he undertook was to call past season-ticket holders. When asked why he, a billionaire, didn’t assign that task to his staff, his answer was that if he didn’t want to do the tough task of hearing their complaints, how could he expect his employees to do it?

In the same interview, he also shared that he would always stop to pick up any trash he saw on the floor. Such an attitude of being together on the “same team” and showing by example sends a message to the entire organization. You must let your team know that you are with them in the trenches and that you’re willing to work as hard or even harder than your team.

You’re not running a popularity contest. Some owners feel they will get more out of their employees if they are liked. However, while staffers might not be crazy about your approach to enforcing standards, they will have respect for somebody who is implementing strict policies to build a profitable company – which means growth and long-term job security for them.

Fire the ones who drag down the company’s bottom line. Firing is one of the hardest tasks for most business owners. They keep giving the under-performers chance after chance, hoping the behavior changes. You owe it to yourself and to the rest of the hardworking team to identify and remove mediocrity. Do it fast, before it spreads to others.

As the owner, you have to walk a fine line. Your employees are your most important asset, and it’s your job to create a culture that encourages development and growth. But if someone becomes a liability, get rid of them. Your team will thank you, and so will your bottom line.