If I could wave a magic wand and be able to help every entrepreneur (especially the new ones) understand only one concept, it would be about how they pay themselves as the owner. I’m tired of seeing them not pay themselves, underpay themselves or pay themselves erratically. I’m tired of watching them celebrate milestone or profitable months in their businesses knowing they’re personally not making anything.
Setting goals, especially revenue goals, can sometimes feel like plucking a number out of thin air. Should you do it based on percentage growth? Should you “go for it” and try to double or triple? A goal should be a stretch, but also realistic. How do you know if that’s true for the goal you set? These questions can be frustrating, especially for young businesses that don’t have years of history to help figure out trends.
Lately, I’ve had some really interesting conversations about preparation: how to recession-proof or future-proof your business, questions about having an emergency fund, etc. These are amazing questions to consider as a small business owner. Let’s dig into this. First, a look behind the curtain at which businesses are faring better right now and why. Then we’ll explore the lessons to be learned from this and how you can apply it to your own business.
