This is a loaded question and that’s why I like to ask it. While this might be a socially awkward question in any normal situation, as a coach I can ask this question legitimately and get an honest answer even if I have to dig a little deeper at times.
And the answers are astonishing.
Employed people can tell me their hourly rate, their annual salary, their add-on benefits and bonuses. Sometimes they know what their other investment assets are worth, but not often.
Business owners can’t often answer the question because they are not keeping track of it. It moves and flexes with what’s available. They usually have no idea what their business turned over last week or last month or last year. No idea what profit they made – or didn’t make – and no idea of the value of the business or their assets.
Here’s a short assignment:
Go through your finances, bank statements etc. and write down how much your business pays you – even the cash!
Write down everything else your business subsidises for YOU – the legitimate expenses you can claim for the running of your business like your car, phone, home office etc. (you might need to have a conversation with your accountant about this – you could be missing out on claiming legitimate expenses)
That’s your salary package. Are you happy with it? If not, what would you like it to be
That’s your new goal – to work out HOW your business can give you the income you work for. Go to it!
If you’re new to this or need a hand to work out how your business can pay you more – give me a call 0413 739 196 or send me email email@example.com. Your business is probably working at a tiny fraction of its true capability.