Make workplace interesting:
It might look like a daunting task but if you manage to make your employees WANT to come to their workplace, than it is a big motivation in itself. Invest in activities that encourage them and make them look forward to the day. Treats, surprises, competitions and activities together build the bond with the organization. A well known MNC introduced a system of giving small surprises to employees on Mondays to end their 'Monday blues' after the weekend. This way when the employees came to work, they had anticipation on their face.
Apart from the formal professional communication, reach out to your employees on a humane level. Sometimes you do not need a monetary incentive to motivate them. Just recognizing their effort can motivate them to supersede performance. When you discuss appraisals and performance management with them, do it from an improvement perspective and not in a criticizing tone. An employee who loves his company will take its overall success as his own and will work for it. Give your employees the sense of ownership of the business.
Make work challenging:
You get bored of something which does not appear challenging enough for you to get attention. Find the niche capability of each employee and assign tasks according to them. This way the employees abilities will be matched with his work and he will find work challenging. Give them concrete performance targets. These targets will motivate them to work towards a goal. Recognize them when they achieve this target and work on their improvement when they lag behind.