{"id":4794,"date":"2019-05-29T08:11:13","date_gmt":"2019-05-29T12:11:13","guid":{"rendered":"https:\/\/www.ascloudservices.com\/?p=4794"},"modified":"2019-05-21T14:03:26","modified_gmt":"2019-05-21T18:03:26","slug":"get-paid-first-why-your-salary-should-be-your-businesss-first-monthly-expense","status":"publish","type":"post","link":"https:\/\/www.ascloudservices.com\/get-paid-first-why-your-salary-should-be-your-businesss-first-monthly-expense\/","title":{"rendered":"Get Paid First \u2013 Why Your Salary Should be your Business\u2019s First Monthly Expense"},"content":{"rendered":"

It\u2019s the line item most often left out of a small company\u2019s budget: the business owner\u2019s salary.<\/p>\n

Let\u2019s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for.<\/p>\n

But paying yourself first is a must. You need to earn a living \u2013 and paying yourself can actually help your business succeed.<\/p>\n

Here\u2019s why you should make your salary a top priority, starting now.<\/p>\n

It\u2019s the first rule of wealth building<\/h2>\n

A business exists to make money, but business owners thrive when they continuously save and invest profits. If you aren\u2019t paying yourself before your vendors, suppliers, and employees, you\u2019re probably not setting aside funds to re-invest in your business to help grow more profits \u2013 or investing in a wealth building portfolio.<\/p>\n

Pay yourself what you can afford monthly or biweekly and earmark a portion to invest in savings. Making consistent financial contributions throughout the year will help you build a healthy nest egg \u2013 and the sooner you start the more you\u2019ll benefit from compound interest<\/a>.<\/p>\n

Setting up automated fund transfers from your business to an investment savings account will make paying yourself easy. After a month or two, you won\u2019t even notice a difference in your cash flow \u2013 but odds are you will<\/em> be motivated by your growing balance.<\/p>\n

Avoid a cash flow crunch<\/h2>\n

There will be times where you\u2019ll need additional funds available for your business \u2013 and borrowing from a lender may not be an option. Unfortunately if you\u2019ve only been in business for a short time, it can be difficult to qualify for a business loan or line of credit.<\/p>\n

When you make it a habit to pay yourself first you\u2019ll be able to build up funds. When you need to make a large purchase, an unexpected expense comes up, or you\u2019re ready to invest in profit-generating growth strategies, you\u2019ll be prepared \u2013 and can avoid the risk of debt.<\/p>\n

Pay yourself \u2013 even when you think you shouldn\u2019t<\/h2>\n

Sometimes it may feel like you need to compromise between two priorities: paying yourself and paying all your bills in full.<\/p>\n

Continue to pay yourself a minimal salary every month, even when money is tight. Then pay the rest of your bills, putting down as much as you can above the minimal required payment. This strategy will help you build a solid credit rating \u2013 so when you apply for a business loan a lender will consider you a good risk.<\/p>\n

It\u2019s worth noting that banks, finance companies, and investors regard business owners who pay themselves in a positive light \u2013 and are much more likely to want to deal with them.<\/p>\n

Financial reward can be a powerful incentive<\/h2>\n

Many businesses generate revenue, but it typically takes time to see healthy profits \u2013 another reason it can be difficult to pay yourself first.<\/p>\n

Nonetheless, rewarding yourself for your hard work will motivate you to keep working, even if you aren\u2019t able to pay yourself a large salary right away.<\/p>\n

Talk to your accountant for a guideline on how much to pay yourself \u2013 and always treat yourself as generously as you would your employees.<\/p>\n

Reward financial milestones met and projections exceeded with a bonus. Raise your salary when your profit shows continuous growth. If giving yourself a raise creates some anxiety, do it in confidence knowing you can always make adjustments as needed.
\n <\/p>\n

\n

Alloy Silverstein Cloud Services<\/h3>\n

Bringing simple online accounting to startups and forward-thinking businesses.\u00a0Contact us to get started. \u2192<\/a>
\n<\/small><\/p>\n

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It\u2019s the line item most often left out of a small company\u2019s budget: the business owner\u2019s salary. Let\u2019s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. 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