Thought ThursdayPay Yourself a salary
As a small business owner one of the things that happen a lot is all of the profit is siphoned out of the business account and put into your personal account. I have been there and done that and the thing I realized was that it was GREAT having tons of money in my account….. for a little bit. Then days, weeks or even months later business has slowed down and now the business is on a tight budget. This can potentially be avoided by paying yourself a salary. Now yes of course when this happens when you can call us and we would be more than happy to assist you with Funding for your business. But we are not the only option.
If you figure out what it is that you need in order to survive and pay yourself that as a salary and keep the rest in the business and disperse profit monthly or quarterly this can help with your businesses cash flow. This helps make sure that your business always has the funds it needs to operate. Yes this means no just getting $10k and being able to do whatever you want to, but this also means that you will not be stress out when business slows down.
Paying yourself a salary also helps you take control of your business finances and be able to have the growth that you may want in the future. I am sure that you would much rather make a little less for one year then to be stuck and not able to grow for a few years. Yes yes we know what you are thinking, yes you can still live your lavish life style and come to us when you are ready to expand/grow but we just like to make sure that as a small business owner you do have other options.
Paying yourself a salary is a great way to make sure that your business stays cash flow positive and that you can grow at a fast yet more sustainable rate without having the extra cost of paying interest on a loan that you get from us.
If you do need help growing your business feel free to click the link below.
We partnered with Nav to allow small business owners to not only get a copy of their business and personal credit reports but to also be able to monitor them for FREE. This will help you understand where you are as a business and personally and...