Coaching Your Business To The Next Level Series Part 7 Pay Yourself First
Coaching Your Business To The Next Level Series Part 7 Pay Yourself First
Yet, even if they read black should they be happy? Why, because they probably failed to embrace this tip.
Tip #6 - Pay yourself first
Mistake: Wearing all the hats and not paying yourself what you are worth. Entrepreneurs wear many hats when they establish their business. As time progresses, they continue to wear these hats because money is tight and they believe that they can do things better. The end of the year approaches and the company made a profit. By paying yourself first, you will focus on what you do really well and delegate those other activities to others at a far lower rate.
After providing this proactive suggestion to my small business coaching clients, I usually hear the following just to name a few:
I can’t afford to pay myself.
You don’t understand the business that I am in.
What a ridiculous suggestion
I then ask them a series of questions. (And yes, the are still around because they really want to be paid more.)
How much were you making in your previous life?
Do you want to make the same, more (please estimate) or less (please estimate)?
How many hours are you working wearing all of these hats?
At this point, I ask them to do the math. Take your total hours and divide it into your desire income.
Are you happy with that hourly rate?
If not, then let’s answer the next series of questions.
Wearing what hat provides you with the greatest income?
Wearing what hat provides you with the greatest sense of accomplishment?
Are you wearing that hat as much as you should to grow your business to the next level?
What would it take to be able to wear that hat more?
If you begin by paying yourself first and rewarding yourself for those efforts that dramatically grow your business, you will find that you will have money to have other people wear those other necessary hats. When your efforts are spread among a variety of hats of different sizes, shapes and colors, your overall achievements are diluted.
Focus on what you do well and reward yourself for those accomplishments. As the old and true belief goes Success breeds success.
Upon conclusion of this series, an e-Book will be available. Reserve your company at http://www.processspecialist.com/contact.php
Coaching Your Business To The Next Level Series Part 7 Pay Yourself First - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Building a small business requires entrepreneurs to wear many hats. Many books have been written about all of these roles such as "The E Myth." By wearing all of these hats helps the entrepreneur to reduce costs and increase the bottom line. At the end of the year, that hard working entrepreneur is very happy when he or she reads black and not red.
Yet, even if they read black should they be happy? Why, because they probably failed to embrace this tip.
Tip #6 - Pay yourself first
Mistake: Wearing all the hats and not paying yourself what you are worth. Entrepreneurs wear many hats when they establish their business. As time progresses, they continue to wear these hats because money is tight and they believe that they can do things better. The end of the year approaches and the company made a profit. By paying yourself first, you will focus on what you do really well and delegate those other activities to others at a far lower rate.
After providing this proactive suggestion to my small business coaching clients, I usually hear the following just to name a few:
I can’t afford to pay myself.
You don’t understand the business that I am in.
What a ridiculous suggestion
I then ask them a series of questions. (And yes, the are still around because they really want to be paid more.)
How much were you making in your previous life?
Do you want to make the same, more (please estimate) or less (please estimate)?
How many hours are you working wearing all of these hats?
At this point, I ask them to do the math. Take your total hours and divide it into your desire income.
Are you happy with that hourly rate?
If not, then let’s answer the next series of questions.
Wearing what hat provides you with the greatest income?
Wearing what hat provides you with the greatest sense of accomplishment?
Are you wearing that hat as much as you should to grow your business to the next level?
What would it take to be able to wear that hat more?
If you begin by paying yourself first and rewarding yourself for those efforts that dramatically grow your business, you will find that you will have money to have other people wear those other necessary hats. When your efforts are spread among a variety of hats of different sizes, shapes and colors, your overall achievements are diluted.
Focus on what you do well and reward yourself for those accomplishments. As the old and true belief goes Success breeds success.
Upon conclusion of this series, an e-Book will be available. Reserve your company at http://www.processspecialist.com/contact.php
Coaching Your Business To The Next Level Series Part 7 Pay Yourself First - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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