3 Ways Underpaying Yourself is Hurting Your Business

As a small business owner, you know the struggles of keeping the business going. You wear a lot of hats, put in the long hours, and prioritize your company’s success above all else. Sometimes, this dedication translates to taking a backseat with your own salary, relying on sporadic owner draws instead of a consistent, market-rate wage.

If this is you, you’re in good company – many small business owners take a below-market salary. Taking it one step further, a 2022 survey by Wave Financial found that 26% of small business owners took no salary at all.

This could seem like a savvy way to maximize profits, but it’s probably creating blind spots and hurting your business in the long run.

Sharon Sheekey, our Accounting Division Director, discusses three ways that underpaying yourself is hurting your business on the Small Biz Flash podcast.
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SBS started in 2006 with a passion to help small businesses bring order and automation to their accounting processes. Since then, SBS has helped hundreds of small business owners do just that. Due to the virtual nature of their services, SBS can serve clients regardless of their location. The team at SBS is committed to living out their core values of integrity, quality, and love for others in all that they do.Whether you need to set up QuickBooks, keep your books up-to date, or create a strategic plan for the future, we’ve got you covered. Our team of experienced bookkeepers, QuickBooks ProAdvisors, and business coaches are ready to help you take your organization to the next level.

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