You do a job (or many jobs!) in your business that could one day be done by someone else.
Even if you’ve delegated everything except for CEO.
This is “you the worker”.
Then there is “you the owner”, who owns this business asset as one of potentially many in your investment portfolio. You want a return on your investment, whether that’s distributions/dividends or growth or eventual sale.
If your business can’t afford to pay “you the worker” a market rate AND have profits or growth for “you the owner”… then something needs to change.
If it can’t afford to pay “you the worker” a market rate, that means you won’t be able to hire someone else to do that job / those jobs. Your time and energy will be absorbed with these tasks and you won’t be able to work as fast on the projects that move the business forward.
If your business can’t afford to pay “you the owner”, then eventually you’ll think that maybe you should shut down or sell the business and do something else.
You’ll feel conflicted about whether you’re working on the right thing, or whether you should just get a job.
That’s a lot of time and potential wasted.
I find that most businesses are usually 1-2 projects away from fixing this problem, but it varies between businesses so I can’t just give you one solution without a bit of context.
If you are in this position of not being able to pay yourself or a replacement, and you want to fix that, I’ve got a simple process to identify your top projects to turn this situation around. It will take you 5-15 minutes at most, it’s free, and you don’t even need to get on a call with me.
If that sounds useful, click here for more details.