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Entrepreneurs, Pay Yourself A Salary
Are YOU paying yourself a salary yet? According to Business Experts, some of the biggest financial mistakes that can stop you from being able to pay yourself are:1. Putting passion before profit 2. Not separating your business and personal expenses More Bad Financial Mistakes Entrepreneurs Make - Here. In this week’s newsletter:
- How to Start Paying Yourself a Salary- Use your LinkedIn Profiles to build networks & ultimately get sales
- You can still get your copy of the COVID-19 Business Guides and Support Resources- 5 E-Commerce Challenges and Easy Solutions with 1-Grid #sponsored
Stay safe and healthy!
Quote of the Week
“Reinforce the value you are delivering, especially if you have, over time, made popular changes and additions to the product you are selling.” – Viresh Harduth
Entrepreneurs, Let's Have the Salary Conversation - 3 Articles to get ready
1. The Reasons Why You Can’t Afford to Pay Yourself a Salary at the End of the MonthEntrepreneur York Zucchi explains why cash flow challenges are stopping you from being able to pay yourself. Read more
2. How to Set Your Budget to Determine Your Salary as an EntrepreneurPrecious Mvulane, author of ‘The Essential Finance Handbook’, explains where to start, including questions to determine what should be included in your budget.
3. Entrepreneurs Share How They Manage to Pay Themselves A SalaryFour entrepreneurs share with SME South Africa how they pay themselves a salary while still investing in their businesses, including planning for debit orders and interest and having an emergency fund.
MORE FINANCIAL ADVICE Don’t Let Late Payments Kill Your Business – Here are 8 Ways to DealTo limit the impact of late payments, rules to follow include managing debtors and offering discounts, vetting customers properly, and building up and maintaining reserves. Read more here
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