How Much Should I Pay Myself?
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Join me as I chat about the number one question I hear from business owners, "How much do I pay myself?"
All too often we hear, "decide how much money you want to make, and then make enough to pay yourself that."
Super not helpful.
Instead I share the number one key to not only paying yourself, but making sure you have a profitable business that will continue to grow.
Resources Mentioned:
Profit First by Mike Michalowicz
Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows.
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