From the course: Small Business Secrets

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Determining your pay as owner

Determining your pay as owner

From the course: Small Business Secrets

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Determining your pay as owner

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Imagine an employee in your business who is simply amazing. They work long hours. They're devoted to the success of the business. They bend over backwards to make customers happy. They do whatever it takes, every single day, to help the business succeed. How would you treat and reward that kind of employee? Well, the truth is you are that employee. You are the most valuable, the most productive person in your business. Yet, many business owners treat them self the opposite of how you would treat that employee. They don't pay themselves. They expect themself to work long hours, they're extremely demanding for very little reward. Many business owners adopt the philosophy of paying themselves whatever is left within the business. Well, that actually is not healthy for the long-term success of the business. Of course, we want to leave some profit in the business to help it grow. But we also need to have long term stability in the business by rewarding you, as the business owner. We also…

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