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!