Hiring staff is always going to be a risk for any business owner. You need to consider whether the potential hire is going to be worth it and if hiring a new staff member will help your company make larger earnings. You might be a solopreneur, in the midst of considering hiring your first employee. If you have reached this stage, you are probably starting to find that you can’t manage all the jobs in your business yourself anymore. If you want to expand your position on the market, you have to be willing to grow and move forward. That means hiring more staff so you can take on larger contracts and increase your market presence. But when is the right time to hire the first members of your team?
‘Sorry, I Can’t Take On Anymore Work’
If you are constantly saying this to potential new clients, you should definitely consider hiring your first staff member. The fact is that if you’re turning down the chance of more work you are losing revenue. You have more demand than you can meet. By turning down work, your business looks weak, and clients will think twice about using a company who can’t meet all their needs.
Of course, it is possible that you want to keep the business small for personal reasons. Perhaps you don’t have the time to run a larger company. If that’s the case, you may still want to think about hiring the right individuals who can help manage the workload. This could give you more free time outside of your company if you choose the right team of staff. However, your workload isn’t the only factor to take into consideration.
More Money, Less Problems
If you think about hiring staff, you need to take a long hard look at your accounts. You need to think about whether you can afford to take on new staff members. Perhaps you have enough revenue that you will easily be able to afford a new team member. Or, maybe, your business hasn’t grown because right now you can’t afford it. You should not take on new staff unless you have the demand to cover the cost.
To get around the heavy cost of a full team, you can consider hiring part-time staff. This will allow you to provide more services to clients and customers while still keeping costs low. Or you can hire workers on a freelance basis. One of the best advantages of this business model is that you won’t have as many responsibilities for your employees. For instance, the employee will be responsible for managing payment of their own taxes.
Potential For Profits
It’s possible that there’s the potential to increase profits in your business if you hire a new staff member. For instance, you might have assessed your marketing and found with an increased focus on content, you can gain new clients. If that’s the case, it would be beneficial for you to hire a content manager or a content writer. These individuals will grow your marketing campaign and provide you new ways of reaching customers that you could never attract without their help. There are lots of areas where businesses can expand, but usually, it requires specialist staff and knowledge that the business owner might not have themselves.
With the right employees on your team, it is possible to take your company to the next level. But you have to hire at the right time. You shouldn’t hire a staff member with the aim to identify further profit potential. Instead, you should identify the area and then use a new member of staff to make it happen.
The Customer Is Always Right
If customers and clients are complaining about your level of service, then something has to give. Complaints and queries from customers can be tools that you can use to make your business stronger and more competitive. But it might also be a sign that you should be thinking about increasing your staff numbers. It’s possible that clients are constantly complaining about missed deadlines and a low-quality output. If that’s the case, you might need more staff to manage the workload that you’re currently undertaking. Continuing on the same path could lead to the permanent damage of your company profile and reduce the chance of positive word of mouth.
You might find that you just need a staff member behind the scenes, dealing with customer queries. If you have the money to pay them, they could be a valuable asset. They will be able to ensure customer complaints are handled more efficiently and free up your time to focus on other areas of the business.
A Role To Fill
If you are considering hiring staff for your business, you need to make sure that there is a role that exists for them to fill. Some business owners make the mistake of hiring employees because they think it’s a required part of making a business successful. But if you hire staff without a role in mind, they’ll just end up sitting around doing nothing, and you’ll still need to pay them. The trick is finding the role and then filling it with the right team member and this brings us neatly to the next point.
Take The Time
A pitfall new business owners always fall into is filling the office with staff as quickly as possible. The desire to hit the ground running is understandable, but if you hire the wrong individual for a position, you’ll quickly trip over your own feet. Don’t forget, not all the candidates on the job market right now are going be a brilliant new addition to your business. Some will be inept, inferior or simply uneducated and untrained. Hiring people like this by mistake will cripple your business potential. Make sure you are taking your time with hires, searching far and wide. The right employee might not even be in the same country as your company.
Taking on your first hire is a big decision, and it’s one that all business owners must make. While there is a right time to hire, if you leave it too late you will just need to take the risk. No company can grow effectively without a strong team to help steer the ship.