What are you worth?
You often hear of business owners who are struggling, so they pay their staff first, then their expenses and rent, and finally, they pay themselves whatever is left over.
When cash is tight, it makes sense. Especially when you have employees who are depending on you.
But you need to be aware of what you are doing.
One day, hopefully quite soon, I want a senior developer working with me, who does a lot of the work that I do. Writing formal specifications, designing the user experience, reviewing the code and making sure our standards are kept high.
But getting someone to do, what is essentially the heart of my job, won’t come cheap. A couple of years ago, someone for that kind of role, with my 20 years experience, would have a salary of around £65000.
I don’t pay myself anywhere near that amount, but if I want to replace me so I can concentrate on other things, that’s the bare minimum I will need to shell out.
So what are you worth? Not what you pay yourself, how much will it cost to replace you?
Take Action: Price up your replacement by searching the job boards for someone who can do what you do. Can you afford them? Do you pay yourself at market rates? If not, why not?