The buck stops here when you're your own boss! Find out what that means in today's episode.
Being on the top is lonely. When I started my business 10 years ago, I've tried hiring friends, I've tried converting employees to friends and that always worked out poorly.
It’s is always better to have a distant and professional relationship with your employees. I really like the people on my team, but I am not best friends with them and that distance we have is one of the reasons why we work so well together.
The level of responsibility you have as a boss means that there is a level of stress that you experience. Even if you're just a one-person operation, when you're your own boss, you have to decide how much money that comes in, goes to the business, and how much it goes to your family. The kids might want a new toy, but you need to put money aside for some software that you need to buy to grow the company.
With my company, I always have the worst-case scenario possible in my head but I also have solutions if that ever happens. We are constantly trying to improve how much space there is between what we have and what we need, so we have more and more buffer. This is why even though I want to hire new people all the time, I learned to take a step back and consider whether that money would be better left in the company buffer. I don't like to hire someone until I have at least three months of their salary saved in a separate potential higher salary box.
It’s always a good idea to keep a proper track of your money. You have to know how, where, and how much you are spending. The money you don’t spend is money you get to keep. Working for a big company and spending the company’s money is different than when it’s your own money.
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