It’s fairly true in life that you only get out what you put in. But when you’re starting or growing a business – especially with business partners, though even just for your family or for yourself – how exactly do you make sure you are all evenly rewarded for differing contributions?
Take a common example – where one partner pours in the start-up capital a business needs, while another dedicates their full-time labour. Is it ‘fair’ that both receive the same salary? Or no salary? Or 50/50 dividends?
(Trick question. Life isn’t fair. Make it unfair to your advantage. But I digress…)
In this week’s episode, structure and partnership expert John Knight addresses this challenge through a cracking Bucket analogy. With everything going in – and coming out – of your business, this is a simple concept that help you realise the best way to make sure everyone is rewarded for their contribution while also supporting the business on its onward journey.
How is your bucket built? And are there any holes in it?