What would you say is the most important expense in your business?
Is it the rent, to make sure you have an office to carry out your business?
Is it your payroll, to make sure your employees keep coming back?
Maybe it's the materials that let you create your products to be sold?
It's none of these.
Your most important expense is the payments you make to yourself, the owner.
You are the linchpin of the business. Without you, nothing else could happen.
But even beyond that, the business exists to support you. Of course it exists to bring value to others, too, but if you don't have the means to keep the business going because you aren't paying yourself a sufficient wage, then the business will no longer have the means to bring that value to others.
It all starts and ends with you.
You are your business's most valuable employee. Are you paying yourself in accordance with that fact?
It's so easy to think you can pay yourself a bit less so you can reinvest into the business's growth. But you are the means of making that growth happen.
It's certainly a balance to be decided carefully, but when figuring out where all the money is being allocated, just don't forget to assign a healthy chunk to yourself.
If you're not sure how much your business can afford to pay you, having a bookkeeper on your side to help make these important decisions can be invaluable. They can get to know your business's finances inside and out and know the perfect balance to strike between paying you fairly and keeping enough money in the business for it to continue to thrive.
I'd love to help you achieve financial success for both yourself and your business. To get started, just schedule a free consultation with me.
In support of your vision,