- benay303
Benay Informer 08/24/2022
Choose YOU for success
In business, you are offered the challenge and responsibility to take advantage of multiple opportunities daily. Depending on their level and degree of importance, these decisions can substantially impact the growth or decline of your bottom line. Each one will take various amounts of your time, and time is your most valuable commodity. It is wise, therefore, to be careful with the limited hours you have and consistently choose yourself first.
Easy business decisions that can be delegated to your most trusted staff include ordering office supplies, picking out holiday cards, or maintaining CRMs. Your time as a leader is better spent on bigger-picture projects.
Mid-level decisions may take more of your attention and require several inputs. Hand off the search for new marketing opportunities, third-party suppliers, and new or improved technology to your team members to research and evaluate, then jump in to review and finalize choices.
Substantial decisions are your purview. The larger the decision, the longer it may take to come to a final conclusion. You and your team may take weeks or months to collaborate to find the right path to move forward with weighty decisions such as adding a new line of business, rebranding, or moving office locations. Ultimately, you are responsible for giving the thumbs up or down to any major decisions.
Thankfully, when it comes to finances, there are clear rules of thumb you can follow to find success every time! One of the easiest instructions for business success is paying yourself (and your team) first. As an owner with growth in mind, you may be tempted to pay demanding vendors, prepay loans or reinvest in the company before signing your own paycheck. While this is a good intention, it is not always the best course of action.
If your business cannot afford to pay you after a reasonable period of time, you may not have a viable business. Remember, you are the most valuable employee!
Compensating yourself once you are cash-flow positive should be part of any business plan. If investors or banks don't see a line on your P&L for your salary, they'll question the viability or success of your venture.
This practice pushes you to make financial decisions throughout the month that include your draw or salary as part of regular monthly expenses to be covered. You are part of the monthly overhead.
If you don't have enough money to cover your own payment, decrease it, but do not forgo it entirely. Your salary is an investment in you and, as such, shows your commitment and confidence in your business's future success and sustainability.
Switching your mindset and making yourself a priority may seem challenging when there are so many other expenses that seem equally important, if not more so. But once you put into practice the mindset of putting yourself at the front of the line, trust us when we tell you that it will not take long for you to feel the economic and psychological pleasure of actually making money!
When you pay yourself first from the income you bring in, you will have a clear and complete picture of what the true cost of operating your business is and what it takes to maintain its financial health.
Now I imagine you are thinking: OK, am I paying myself and my team the right amounts? The experts at Benay are happy to help you find that answer based on your revenue stream and growth goals. Reply to this email or call me to set up a time on our calendars.
Keep growing and thriving!
Dawn
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