The EntreLeadership Podcast Should I Sacrifice a High Salary for Business Growth?
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Sep 23, 2024 This discussion dives into the art of determining the right salary as a business owner while balancing personal and business needs. It highlights the crucial role of delegation in boosting efficiency and reducing stress. The conversation also covers the importance of raising prices for profitability and maintaining client loyalty amid changes. Additionally, it addresses the challenge of prioritizing clients in a competitive market, guiding owners on how to align business choices with their personal values.
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Debt Prioritization
- Put your household on a minimum operating budget.
- Use remaining business profits to clear debts and build retained earnings.
Profit Allocation
- After paying yourself a living wage, allocate a percentage of net profit to retained earnings.
- Use the rest to pay off debt, then invest, enjoy, and give generously.
Delegation for Growth
- Create delegatable systems and processes to offload tasks.
- Trust competent team members and delegate responsibilities to scale your business.