How To Give Yourself A Raise: 6 Crucial Strategies for Business Owners
If you own a business, chances are you have a tight budget and limited resources. You might even be strapped for cash right now because of it. If that’s the case, giving yourself a raise isn’t just an option, it’s an imperative. It doesn’t take much to make your life as an entrepreneur better and more enjoyable, but it does take planning and creativity. While there are plenty of strategies to help, these 6 critical ones can give you the boost you need to give yourself a much-needed raise.
Take the Money You Need
First, you need to take the money you need. If your business isn’t profitable yet, or if you’re just starting out, this may mean cutting costs until it does become profitable. The key here is to make sure your expenses aren’t going up at a rate faster than sales are coming in, and that’s something that only comes with measuring and tracking your progress over time. You also want to think about your personal needs when creating a budget for yourself and for your business. It’s important not just because of the obvious benefits such as having more cash on hand, but also because you’ll be more willing to work harder when you can reap the financial rewards.
Always Use Fuel Cards
Using fuel cards for your business is one of the best ways to not only track your spending but to save on fuel as well. These cards often prevent misuse of funds because they can only be used on fuel. When you have a team that travels frequently, business fuel cards can help alleviate any confusion or misunderstanding about the expenses that your business covers. It also helps to track mileage and pay yourself for the miles you drive. All of these savings mean that you can finally give yourself a much-needed raise.
Stop Looking at Your Phone
Don’t check your phone while driving. If a text or notification comes in, pull over to the side of the road before you respond. Don’t check your phone while walking. Walking is a great time for reflection and self-reflection, so don’t waste it on social media or other distractions. Don’t check your phone while eating. Put down that burger and focus on what’s in front of you. You’ll enjoy it much more if you’re not distracted by notifications popping up on screen every 30 seconds.
The point is, if you aren’t constantly looking at your phone, you’ll have more time and energy to do important business tasks that require your creativity and focus. When you do that, it’ll be easier to come up with ways to earn more money so you can get that raise.
Get a Virtual Assistant (VA) To Do Routine Tasks
A virtual assistant is any person who works remotely and can take on a variety of tasks. For example, they can be your personal assistant or your bookkeeper. A good VA will save you time and make you money and they are often a good bang for the buck. A VA can help with things like bookkeeping, customer support, data entry, research, writing, editing, and even creative and design tasks. Finding the right VA can take some effort, but when you do, they will be worth the investment.
Paper is a cornerstone of business. In fact, it’s a cornerstone of life in general. You can’t go a day without it. From the magazines you read on the train to the cereal boxes that feed your family at breakfast, paper is everywhere. But it doesn’t have to be that way. Modern technology gives us plenty of ways to cut down on our use of paper and avoid unnecessary clutter. And by eliminating paper, you can save a significant amount of time and money. And at the end of the day, this money can go back into your pocket as a raise.
Outsource What You Don’t Enjoy Doing
Your time is best spent working in your zone of genius. If you haven’t already, it’s time to outsource what you don’t enjoy doing. This is a step most business owners miss and regret later on because they spent so much time doing work that should have been done by someone else. There are many different ways to outsource business tasks like answering calls, HR tasks, and even accounting.