Should restaurant owners add themselves to payroll? Well, let’s talk about it for a minute. You have been working your butt off trying to get through this COVID pandemic. Right? You had to throw out goals to work on your business and instead work in it. You’re definitely in it, doing anything and everything that needs to get done. Then think about how Congress provided PPP money but initially said you can't pay yourself if you're not on payroll. They ended up changing this rule, luckily, but it gets you thinking, doesn't it? Should you be collecting a paycheck? Click below to watch the video or keep scrolling for the answer.
Bottom line? Yes, you should put yourself on payroll. Here are three reasons why.
Number one, I want you to take care of your family. Did you open this business to be a prisoner to it? To work endless hours? I’m going to guess the answer is no. You did that when you opened your business and the pandemic has been a reminder of that experience. If you’re on your restaurant’s payroll, you’re making sure you have resources you need to pay your bills and make sure you’re taking care of your family.
Number two, you want to feel valued. If you don't pay yourself on payroll, you’re waiting until the end of the month and hoping there's money to take home. This drastically affects your mood and attitude. Your family, your employees, your managers will when you when you don't feel good about yourself. You can feel tired and unmotivated when you work your butt off, paying everybody else, all the bills and then coming up short for yourself at the end of the month. Pay yourself to feel valued for what you contribute to the business. Put yourself as a priority. And look at it this way: if there is no restaurant, there are no paychecks for anybody.
Number three, it's about self-esteem. It's about your well-being. There is nothing worse than walking into your business day after day after day and feeling bad about yourself. How do you lead a team if you feel bad about yourself? Paying yourself is proof to yourself that what you do matters and provides you with that self-esteem that comes from creating something of value.
So put yourself on payroll and take advantage of your business to take care of you.
I cover Restaurant 101, putting systems in place and more in my book. Order your copy of Restaurant Prosperity Formula: What Successful Restaurateurs Do here.
You can also complete a free restaurant evaluation. It's a great way to identify immediate opportunities where you can make things better in your restaurant.
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