What does it mean to pay yourself as a business owner?
On Catapult Your Business, we help catapult business owners one question at a time. In this week’s episode, we explore a compelling question brought by special guest Tina Moser, Partner and Strategic Financial Director of Cultivate Advisors. Tina asks ”What does it mean to pay yourself as a business owner?”
Throughout the discussion, we dive deep into the complexities of this issue as the company grows and evolves. We address crucial aspects such as the appropriate mindset, cash flow planning, and strategic considerations to factor in. The episode covers various rules of thumb to help guide business owners in determining their salaries at different stages of growth. This question, though challenging, is essential to strike the right balance between prioritizing personal needs and fostering continued business expansion without becoming greedy.
As we know, some business owners tend to underpay themselves to support the company’s growth, while others may overpay, hindering the business’s financial flexibility for further development. We examine these scenarios and provide valuable insights and advice.
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