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Small business owners don't always have the capital to give hard working employees raises or bonuses. Yet, the need and desire to retain valuable employees necessitates finding effective ways to motivate employees so they will stay with the company over the long term. Here are some small business tips for motivating employees without increasing salaries.

1. Acknowledge Workplace Achievements

When goals are met, clients are won over, and new contracts are signed, acknowledge these workplace achievements. Getting recognition for a job well done has a way of making employees feel satisfied that they're on the right track at work, and that they are valued for what they contribute to the business.

Workplace achievements can be acknowledged with inexpensive things like gift cards, customized trophies, from places like Washington Trophy Center, or announcements in the business newsletter.

2. Share the Vision and the Reward

Too often, business owners forget to bring employees in on the specific goals and challenges that are being planned for the company. Then, when the goal is met, they may share it with their spouses at home, but leave the employees out of the loop.

One way to motivate employees and make them feel part of the organization is to outline what the weekly, monthly or yearly goals are. When those plans come to fruition, bring the employees together to share the good news. This makes everyone feel like they played an important role in getting those plans to come about, and motivate them to keep up their workplace efforts.

3. Encourage Employees to Challenge Themselves

One of the problems with employee motivation is boredom. Once an employee has mastered his job roles, he may feel like there is nothing more to learn at that particular company, and may look elsewhere for new career challenges.

Take the time to consider the employees' daily tasks, and add some challenges to the workload. Don't allow the workplace to be a stagnant place of business where routine rules the day. When you expect more from an employee, they will likely live up to the expectations, and feel challenged in their role.

These three tips for motivating employees are inexpensive or free, and will help small business owners to motivate and retain their best staff members. By acknowledging and rewarding achievements, sharing the goals and rewards, and challenging employees to be their best, the whole workplace will be a positive and dynamic environment that employees won't want to leave.