Michael Newman’s latest ‘e-Wealth Daily’ article is titled “How Much Should You Pay Yourself?”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

How Much Should You Pay Yourself?

Growing a business can be a very exciting time. Watching sales boom and seeing more and more money coming in is a great feeling — it means you’re accomplishing your goals. At the same time, growth offers the opportunity to make a lot of big decisions. These decisions can have a huge impact on how your company continues to grow and how much money you’ll make in the future.

For new entrepreneurs, seeing an influx of sales dollars and profits is a good thing no matter how you look at it. Of course, there are a number of different things you can do with that cash.

For many, this profit means one thing: a bigger salary. This seems fair, after all, because you’ve worked hard and now it’s starting to pay off. Why not reward yourself and start living the good life?

Of course, doing this may not always be the right decision. You may now be able to afford the nice home, car and all the other toys that you’ve always wanted, but your business may become stagnant.

The best way to grow a business, especially as sales pick up, is to reinvest that money into the company. Keep a low salary and continue to reinvest and grow your business. Improve your product, increase production and do all the things that let you maximize your services and grow your market. After all, the more you invest, the quicker you will grow and the more money you can make. Furthermore, a commitment to reinvestment helps to ensure your business’ longevity and success. The longer you can earn, the better.

The key to reinvestment and keeping your own salary low is to focus on the future and know that, by pumping more money into the business, it will stay relevant and produce greater returns. Once you’ve expanded to a comfortable level, start bumping up your salary a bit. However, even when you do this, be sure to keep pouring cash into the business.

Keep focused on growing your business and you should be rewarded. Remember: the good life will be there at the end waiting for you!

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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