When the company got into trouble, I cut my own salary too — was that the right decision?

I did this in 2020 too it was really hard... but I saved the team. now they're happy with me... maybe that 3 months of sacrifice bought me 10 years of loyalty.

What to do when cutting salary: 1) be open with the team ('we'll wait 3 months'), 2) convert it to employee bonuses ('I can pay 1.5x next year'), 3) find income outside the home (consulting, freelance), 4) set a deadline (salary comes back in 3 months — if it doesn't, say so).

If the boss doesn't cut their salary during an economic crisis, employees start cutting themselves (by quitting). Sacrifice isn't a principle, it's a strategy — to save the team.

edit: fixed a few typos.

Spending 3 months without a salary actually changes your whole life! because afterwards you get this 'I did it, I can do it' mindset. your confidence shifts!

very hard decision but worth it if it saves the company, it pays off later

My questions are cleared up, thanks.

Great work. Second-time founders don't make the same mistakes but find new ones.

Extending terms makes customers happy but turns you into a financing institution. Proven by experience.

Following.

Thanks, this was very helpful. Taking notes for two weeks yields better results than a six-month estimate.

If you post the result here, it will help others too.

timely topic.

Youre right Ive been down that road too... If you dont write this down from the start it leads to arguments later.

Let's separate the concepts, they're getting mixed up. When making a decision, first look at what data you have on hand.

I have an objection here. Mistaking revenue for cash is the most expensive illusion; trust the bank account.

The biggest time-waster for us was not knowing who had the final say. Hope this helps.

There are three things to check when doing this. The first thing to break as you grow is communication, not the numbers.

The biggest time-waster for us was not knowing who had the final say. If I were you, I'd go this route.

I'm a small business, let me explain from my side. Just because everyone does it doesn't mean it's right.

If you don't write this down from the start, it leads to arguments later. If you post the result here, it will help others too.

There is something to watch out for. Delaying bad news is the habit that causes the most losses in this job.

If you have questions, write them; I'll answer as best I can.

We've heard this a lot, but it never happened like that for us. The harder it is to reverse a decision, the slower you should make it.

If you post the result here it will help others too.

The opposite happened to me, that's why I'm writing. The first thing to break as you grow is communication, not the numbers.

Correct me if I'm wrong.