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The Back Office Article

   

The Back Office

Updated: November 11th, 2008 05:04 PM GMT-05:00

How Much Money Are You REALLY Making?

Ron Roberts

For example, successful entrepreneurs love the rush of pulling off a business success when the odds are stacked against them. Most people freeze in fear over the possibility of losing their job. They don't stomach risk well enough to own their own business.

Regardless of where you fall on the spectrum of risk tolerance, you MUST know how to calculate your financial rewards in order to make critical business decisions such as:

  • Should you grow your firm by adding overhead and taking on more work?
  • Should you down size as you've discovered the net income was more attractive when the firm was smaller?

How to Calculate Your Financial Rewards
STEP NUMBER 1: Determining your WAGE - how much money do you earn as an employee of your business.

Write a comprehensive job description for the work you do. Don't forget your money management tasks, your hiring tasks, and your sales tasks. If you work in the field, create a second job description for that effort.

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