Header_Blue_Flame_2.png

The 4-Step Plan to Get Paid More in Your Business

BY Eddy Hood In Profitability On Apr 08, 2013 With 0 Comments

Small business finance tipsAre you not getting paid what you deserve?

Are you getting the financial freedom you had hoped for from your business? Many people start a company with the dreams of six or even seven figure salaries as an end result. The problem is that many people toil for years and years, sacrificing more and more to the company without reaping any of the benefits for themselves. Does this sound like you? If so, that’s about to change.

In this article, I will give you a four step plan that will help you get paid more from your business. Keep in mind that only a small percentage of people actually do what they learn. Have you also noticed that only a small percentage of business owners are actually getting paid what they want?  I wonder if there is a correlation there. The point is that you have the ability to achieve all you want to achieve within your life and business, but you have to approach life differently. If you choose to apply what you learn in this article, you will have the pride of knowing that you are one of the few who apply what you learn, and you will also reach your salary goal. However, you're doomed to fail if you say “Gee that was good. I’ll get around to that next month once I get over this project I’m working on.” If this is how you operate, you allow your environment to control your outcomes. 

 

Step #1:  Master your finances

Small business finance helpWe all know someone who is attracted to the get rich schemes of our day.  Why is it that those plots never seem to work out? It’s the same reason that fat burn pills will never replace a healthy diet and daily time in the gym. Human beings are naturally lazy.  This comment may offend some, but honesty is our first step towards getting wealthy. We look for shortcuts and then complain when the outcome isn’t want we had hoped for.

This laziness shows up quite often in peoples finances. Why is that people spend more than they have? Why do so few Americans have a retirement plan? Why is it that living paycheck to paycheck is today’s norm?  Is it the economy’s fault? Would we really become richer if we got that raise?  My beiefe is that we would somehow find a way to spend it and then we would still be trying to make ends meet. More money isn’t always the answer.

So what is the real curse of financial stress? You haven’t mastered your finances.  Wealthy people have wealthy habits.  This isn’t a secret to many of us. What strikes me as interesting is that many people go into business to obtain their wealth.  The problem is that they carry into that business their poor financial habits and wonder why after years of hard work and toil, they are still making $30,000 a year as a personal salary.

As the CEO of Ignite Spot, I see this problem quite a bit as I work with business owners all over the world. In fact, it’s not uncommon for me to talk to prospective clients who have had their business for years and still haven’t taken a paycheck. They want to get paid more, but it will never happen until they change some habits.

Since we all know that wealthy people have wealthy habits, I would like to put forth the idea that wealthy businesses have wealthy habits as well.

So here is my question for you… What are the financial habits of your company?

This is a touchy subject for many, and I can appreciate that. However, if you were to be completely honest with yourself, how would you rate your company on a scale of 1 to 10 in terms of financial mastery?

So the first step is to master your finances within your company. If this is not your forte, or if you have habits in your own personal life that you know won’t generate the kind of wealth you are looking for, then I would suggest getting help either through Ignite Spot or another small business accountant that has a proven track record of building business wealth.

 

Step #2:  Understand the GAP

iStock_000019907580XSmallMastering your finances is the most important step in our formula.  Without good financial habits, the rest of this is useless.  However, once you have your business whipped into shape, the next step is to understand the GAP between where you are and where you want to be.

You need determine what you would like your business to accomplish versus where it is currently. Be as honest and as clear as possible as you focus on this step. As you gain clarity, you will define the GAP between where you currently are and where you want to be.

The best way to do this is to ask some key questions that are designed to help you get real with what’s actually going on.  To help out, I have put together a few questions that should spark the fire.  Remember, don’t lie to yourself. It’s natural to want to make things seem less harsh than they really are. We do this so that we don’t have to address the problems in our lives.  Once we get honest, we can actually attack the issue at hand and finally make changes that will improve the quality of our lives and our businesses.

Question 1 – What poor financial habits have I introduced into my business that have caused the company to not reach it’s full financial potential? How can I get paid more if I fix these habits?

Question 2 – What lies have I told myself that have allowed me to live by excuses rather than fix the problem? i.e. The economy has destroyed my company. I can’t compete with company xyz. I am not educated enough. If I could just find an investor, I would be successful.

Question 3 – How have these false beliefs kept me from building the business of my dreams?

Question 4 – How much money do I want to make as a business owner?

Question 5 – What does my company need to do in order to get there?

Question 6 – Have I mastered my finances?  If not, what will I do today to fix this issue?

Question 7 – Where will my company be in 12 months if I don’t master my finances today?

 

Step #3:  Close the GAP

Get small business accounting Never leave the site of a goal without taking huge action towards accomplishing it.  In other words, now that you have gotten real with yourself and your company, what are you going to do right now to make it happen?

Don’t wait. Don’t think to yourself that you’ll start working on this tomorrow, next week, or next month.  Have you ever sat back an had one of those moments where you realized how old you were? I had one of these a few days ago. My first son was born nine years ago and it feels like it was yesterday.  I cannot believe how fast that nine years has gone by. If you can honestly say to yourself that you have had similar experiences, then you know why it is important to do something right now. Make a change and make a difference. Doing things the same way will only produce the same results.

 

Step #4:  Teach others how to get paid more

How to start a bookkeeping businessOnce your get momentum towards your goal and things start happening, you are going to feel euphoric. Why? You are one of the few people who take action instead of just talk.  Good for you. Now that you have a plan and you have taken action towards achieving it, take what you have learned and share it with others. Doing so will give you more momentum towards your goal and help you achieve it faster. Plus you will be able to help other people around you achieve the same.

So, share this blog post with them. Tell them what you did to take massive action. Do something that puts you into the teachers seat for a moment. Doing so will engrain it in your habits and you will have become the kind of business owner that most people strive to become.

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

Leave a Comment About This Blog Post