The Buck Stops Here

SNM203: The Buck Stops Here. It’s Time To Take Responsibility

Welcome to the second segment of our “be your own boss” series, where we are talking about what does it take to leave your day job and become your own boss.

One of the first things you will realize when you become your own boss is that being on the top can be lonely. Of course, you will have people who work with you but the sooner you understand that you can’t have your best friends around you all the time and that you have to have a professional relationship with your employees – the better.

It’s important when you are a boss, to act like one as well. People who work for you, your team expect that from you and keeps the company balance in place. The boss usually only speaks to other bosses when they want to work together on a project because it’s the boss who has the final saying and that’s what you need in order to close the deal.

As you probably imagined, there are sacrifices that only a boss can make for their own company. First of all, a boss always gets paid in the end. The employees are always a priority, so only after they receive their paycheck you can go over the numbers once more and see what you get to keep and what stays for the buffer system.

The buffer system means that you have saved up for rainy days. We are building a strong business here that’s designed to last and a safety net is essential. This is why it’s very important to be careful with how you spend your money. Every dollar you don’t spend is a dollar you get to keep and a dollar that gets to stay in the security deposit if something ever happens.

New people are always needed and welcomed but if you don’t have enough money to pay them, can you even hire them? You probably can’t.  Having clear and in-depth access to everything you do with your money is very helpful to keep you grounded and on track, because it’s not the same when you work for a big company and spend their money, right? This is the money you made with your own blood, sweat, and tears and you have to make everything possible to keep it running as smoothly as possible.

Show Notes:

The Buck Stops Here
Key Points:

  • How to act like a boss
  • How to keep a steady business account
  • Why is it easier to safe money than to make money  

Resources Mentioned:

The Buck Stops Here

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