By my calculations, based on their roles and responsibilities, the average small business owner should be paying themselves around a million dollars a year!
“Fat chance” you say! Well, you’re probably right. But I did say should – not could! Here’s why.
Let’s pretend for a moment that your business is actually called My Very Big Corporation Inc. If it was, here’s what your job description and pay cheque might look like.
1. President & CEO – $150K
In this role you are ultimately responsible for all facets of the business. You have bottom line responsibility and are the “go to” person to create stakeholder value and a sustainable business entity!
2. VP Sales – $120K
You’re the one that has to bring in the business that keeps the company running, pays the pay cheques and meets the projected sales budget. If you don’t do your job – then nobody else can do theirs!
3. VP Marketing – $120K
You are the keeper of the company brand – everything your customers and industry associates see and hear about your business. You are responsible for ensuring that customers choose your products or services!
4. VP Information Technology – $100K
You’re the techie – making sure that your I.T. infrastructure is safe, current and is meeting the needs of all the other departments. You’re also the trouble shooter if something goes wrong. You fix it – and fast!
5. VP Accounting – $100K
You’re the numbers person – the bean counter in charge of the company purse strings. You mind the cash that comes in – and that goes out. You keep a close watch to ensure that company [projections (also your job) become a reality!
6. VP Customer Service – $80K
If a customer has a problem, you fix it. You work with all other departments to ensure that the entire organization is focused on delivering “customer delight” – ultimately helping drive valuable repeat and referral business!
7. VP Operations – $80K
You plan and implement the processes that effectively deliver the company’s products or services, meeting deadlines and doing so on budget. You run a smooth well oiled machine!
8. VP Product Development – $80K
You work with Sales and marketing to ensure that the needs of your customers are being ongoingly met better and faster than your competition. You seize on profitable opportunities that will satisfy your customers and your stakeholders!
9. VP Administration – $ 80K
You make sure that the company’s infrastructure, systems and processes effectively support and deliver results to all other departments. You dot the “i’s” and cross the “t’s” to ensure complete delivery of company goals and customer’s needs!
10. VP Business Planning – $80K
You orchestrate the overall growth patterns of the business. Working with all other departments, you’re the one that’s creating tomorrow’s path while others are delivering on today!
And you tell people that you’re “just” a small business owner!
I’ve helped many small business owners over the years to build their businesses and achieve their goals.
Without a doubt, one of my greatest challenges is to ensure that every entrepreneur keeps all 10 of these balls in the air and maintains balance through all facets of their business.
Sure it’s a juggling act – I know that – but I also know you’ve got to keep all the balls in the air because if you drop just one – then the others are sure to fall too!
So keep those balls in the air and give yourself that million dollar raise!
Martin Povey owns
http://buildingyourbusiness.ca”>http://buildingyourbusiness.ca and is a business and marketing coach who helps entrepreneurs and small businesses who need focus direction and creative solutions to build their business and achieve their goals. He can be contacted at:
mailto:[email protected]”>[email protected] or 403-529-9259.