Are you neglecting your own financial wellbeing while running your building business? In episode 104 of The Builders Business Success Podcast, Mick Hawes explores why prioritising yourself financially is the foundation of a successful business. Joined by experts Katie Crismale-Marshall from Profit First for Tradies and Steph Campanella from Tradies Go, Mick reveals the importance of paying yourself first—and how this simple shift can transform your business and life.

This blog distils the key insights from the episode and offers actionable strategies to help you put yourself first, ensure sustainable profits, and create a thriving business.

Why Paying Yourself First Matters

Many builders put themselves last, prioritising suppliers, team wages, and project costs over their own pay. This can lead to financial stress, burnout, and unsustainable business practices. Here’s why paying yourself first is a game-changer:

• It Highlights Financial Gaps: Katie explains that paying yourself first exposes areas where your business may be financially unhealthy, allowing you to address issues before they spiral out of control.
• It Encourages Smart Decision-Making: By ensuring you take a wage regularly, you’re forced to manage cash flow effectively, optimise expenses, and follow up on unpaid invoices promptly.
• It Sets the Right Example: Mick emphasises that as a business owner, your actions set the tone for your team. Taking care of your own wellbeing demonstrates leadership and fosters a culture of accountability.

The Business Hack: Prioritise Yourself

Making yourself a priority isn’t selfish; it’s essential. Here are the steps to integrate this mindset into your building business:

1. Treat Your Wage as Non-Negotiable

Katie likens this principle to the “oxygen mask” metaphor: you can’t help others if you’re running on empty. Set up a system where you pay yourself a consistent wage every week, just like any other essential expense.

“Your business is speaking to you. Listen to it by paying yourself first,” advises Katie.

2. Use Financial Shortfalls as Opportunities

When paying yourself reveals cash flow challenges, see it as a gift. It’s your chance to tighten expenses, follow up on invoices, or improve project timelines for faster payments.

“By not paying yourself, you’re ignoring the signs your business is giving you,” Katie explains.

3. Shift Your Mindset to Leadership

Mick shares that the owner is the most critical factor in a business’s success. Prioritising yourself financially allows you to lead effectively, support your team, and focus on long-term growth.

“The fish rots from the head. If you’re not prioritising yourself, your business will suffer,” Mick warns.

4. Align Your Work with Your Goals

Steph emphasises the importance of defining your ideal projects and clients. By focusing on the work you truly want, you’ll attract better opportunities and avoid wasting time on unprofitable jobs.

“Respect yourself and align your work with your vision. That’s how you move forward,” says Steph.

5. Invest in Your Skills and Mindset

As the linchpin of your business, you need to invest in your growth. Mick recommends prioritising personal development, from financial literacy to leadership training, to enhance your impact.

“Your success hinges on your ability to lead. Make yourself the priority,” Mick advises.

Real-Life Examples

The podcast shares stories of builders who embraced this mindset and saw significant improvements:

• Financial Clarity: One builder discovered cash flow gaps after committing to a weekly wage. By addressing them, they stabilised their finances and reduced stress.
• Streamlined Operations: Another business owner used financial shortfalls as motivation to optimise processes and improve profitability.

Take the First Step Today

Here’s how to start putting yourself first:

1. Commit to paying yourself a regular wage.
2. Analyse your financials to identify areas for improvement.
3. Define your ideal clients and projects to focus your energy.
4. Invest in personal development to strengthen your leadership skills.
5. Create a support network of industry peers and mentors.

Conclusion

Paying yourself first isn’t just a financial strategy; it’s a mindset shift that empowers you to lead, grow, and thrive. By prioritising your wellbeing, you’ll create a sustainable business that supports your goals, your team, and your clients.

Ready to take control of your business? Reach out to Mick and the Builders Business Blackbelt team for guidance on implementing these strategies. Visit the ToolShed or comment below to start the conversation. Prioritise yourself and watch your business flourish.