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Could We Do This in a Team Meeting?

August 6, 2013

I spend a lot of time in my seminars imploring leaders and managers to spend more time with their employees: “You need to spend time every day with your direct-reports providing guidance, direction, support, and coaching!”

Often, managers will raise their hands and ask, “Could we do this in a team meeting?”

Team meetings are great. They are critical to any leader/manager’s repertoire. But team meetings are really only useful for four purposes:

  • Creating a feeling of belonging and togetherness. (This reason should be used sparingly. Maybe once a quarter).
  • Sharing a bunch of information to a bunch of people in the same way at the same time.
  • If there is an open question/problem with multiple constituents so the various constituents may discuss together; hear what each other says; respond spontaneously to each other; and move together toward a common solution.
  • Because team meetings so often make it clear that certain one-on-one huddles are necessary and must immediately follow the team meeting!

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How Much Should Business Owners Take As A Salary?

May 8, 2013

Business owners are compensated with equity in the company, but they still need a salary to live on. Setting a salary can be tricky as you’ll want to be compensated for your work, while also not taking away from the future growth of the company. How should you set your salary?

Setting your salary

There are a few different ways to determine the appropriate salary for the business owner. The first and most important method is based on company specific financials. If you’re boot-strapping your business, then you’ll need to determine how much net income is available or cash on the balance sheet. Then, you’ll need to identify the amount of your personal monthly expenses. If the cash flow on your balance sheet and expected monthly cash flow exceed your monthly personal expenses, then you can at least pay yourself some sort of a salary. Still, how much should you be paid in salary? (more…)