Pay Yourself Regularly
Open a small business, they said!
You’ll make lots of money, they said!
Being an entrepreneur is great, they said!
No one talks about how as a small business owner… you are the LAST person you are worried about paying in those early years. Sometimes, it happens that those “early years” seem to drag on forever – until we start to question why we opened this business in the first place!
How could we let this happen?! Well, it's easy to self-sacrifice during times of investment, growth and finding stability. Maybe you don’t think you are paying yourself “last” – but it is very, very irregular. Not on a regular schedule and not a regular amount. All of these are signs that cash flow is out of your control.
The Profit First system allows you, as the business owner, to get truly clear on the numbers you desperately need to know in our business – namely, your cash flow. So you can protect cash that needs to be protected – including that piece of the pie that is for you!
Friends don't let friends go unpaid in their own business.
This is Reason #2 to Implement Profit First in 2024.
Pay yourself (the small business owner) regularly.