In today’s episode, though I’m not a financial expert, I’m sharing my own insight into how to recession-proof your own income as the CEO of your small business, and why you need to make it a priority sooner rather than later.
I’ve seen so many business owners over the years, investing in our programs, and fully committed to their success and growth, and struggling to pay themselves a decent income.
I’m embarrassed to admit that I didn’t pay myself as the owner of my dance studios for the first five years. Do not make this mistake.
As the owner and CEO, you both need and deserve to experience financial security.
Three key points I want you to take away from this episode:Simply start somewhere – commit to a designated amount that will be your salary. Do not let it be dependent upon the weekly or monthly business revenue. Make that amount non-negotiable. You can always change it in the future.
Educate yourself on the options – The book Profit First was a game-changer for me. I highly recommend reading this and getting familiar with the ways in which this method will benefit your business and you as the CEO.
Why this matters – your business and your family deserve financial security. It may not come naturally to prioritize your own income but it’s really important. Your CPA or financial advisor can help you determine what works best for you.
This content was featured in a recent Forbes article that you can find HERE. As I mentioned, this is not my area of expertise, but I’ve seen so many business owners struggling with this, I felt it’s important to share what I know and recommend.
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