Can Your Business Grow If You Don’t Pay Yourself?

Entrepreneurs who pour every dollar back into their businesses may be undermining their own financial security and the long-term success of their enterprises. That is one of the key messages at this year’s EntreCon, where more than 230 entrepreneurs, investors and industry leaders are exploring what it takes to build investment-ready businesses.

Held under the theme “From Grant to Growth: Building Investment-Ready Enterprises”, BELTRAIDE’s flagship entrepreneurship event focuses on helping small businesses move beyond survival, attract investment and create jobs.

CEO of Money Media and guest speaker Khalila Enriquez says entrepreneurs must first rethink how they manage their personal finances.

“Some of the key points that I want to really bring home are, one, entrepreneur needs to take care of themselves financially, ’cause you often hear that in business the entrepreneur pays themself last and I kinda wanna flip that on their head, because if you don’t take care of you, the business is gonna fail,” Reynolds said.

She also challenged business owners to know their revenue, expenses and actual profits. Reynolds argued that many cannot readily provide those figures.  

Meanwhile, BELTRAIDE Executive Director Ishmael Quiroz says the event also connects entrepreneurs with incentive programmes and advisory services to support expansion, technology upgrades and new products.

Prime Minister John Briceño was also present at the event. He said, “As Prime Minister, I take seriously our responsibility to improve the opportunities available to them. That means helping more Belizeans access appropriate support, prepare for investment and build businesses capable of providing for their families and creating employment.”