As a small business owner, you might be tempted to do as much as you can on your own. This type of proactive approach may have definite benefits, but sometimes, bringing on a new employee can prove to be the best choice for your company. These are the 5 signs it’s time to expand your small business team, along with a few tips on how to make it work.
You need an expert
Sometimes, the best sign that you need to add more people to your team is recognising that you need a certain profile. For example, if you’re expanding into a new niche, having someone experienced by your side can be a huge advantage.
Furthermore, it’s a good idea to think about the work that you outsource. If you find that you’re using a certain freelancer’s services on a regular basis, you could actually benefit from them joining your business full-time.
This is especially true for developers, designers, writers, marketing specialists, customer service representatives, and accountants. Not only can these profiles lighten your workload and free up time for important matters, but they can even play a big role in the company’s growth, thus bringing in additional income.
You’re sacrificing your health
This is the most common scenario for entrepreneurs. Small business owners often have to bear the brunt of the work. It’s not uncommon for entrepreneurs to work over 12 hours a day, sometimes without a single day off in years. While this may seem like a good way to save money, in reality, it’s actually doing more harm than good.
Being exposed to high levels of stress, as well as getting insufficient sleep and time off can cause you to be less productive, thus more likely to make mistakes, fail to notice important things, or even to suffer from burnout. All of these can put a serious dent in your company’s progress.
Having one or more trusted employees on your team is a great way to free up precious hours you’ll use to deal with tasks only you can take on. Additionally, it will give you the opportunity to take the occasional holiday, allowing yourself to rest and recharge.
You’re losing business or missing opportunities
Do you find yourself saying no to great opportunities because you know that your team is not big enough to take them on? Alternatively, are your regular clients moving on to other service providers?
If any of this is true for your business, hiring someone new is definitely a good option to consider.
People often put hiring off because they think it’s a risky investment. But that couldn’t be farther from the truth. Yes, it may require you to secure additional funding for a shorter, initial period (to cover salaries and benefits), but you’ll quickly find that a larger team can get more done. This way, you can close some pretty great deals and increase your income without having to worry about meeting deadlines or sacrificing the quality of your work.
You can’t meet deadlines or quality standards
Being in a constant race to finish work on time is a good indicator of a team not being large enough. In most industries, missing a delivery date for a product or service can incur huge additional costs and penalties. It can also reflect badly on your firm overall, which can then turn into an obstacle when securing new deals.
You might come to the conclusion that having an extra person on board can turn out to actually be cheaper than having to suffer the consequences of blowing through deadlines. It can also be financially more profitable than to pay for current employees to work overtime, sacrifice their job satisfaction, or become overworked.
If you’re not yet ready to make a commitment to a full-time employee, consider outsourcing.
Your industry is growing
If your industry is experiencing a boom, now’s definitely a good moment to hire new employees. This is particularly true for in-demand profiles such as developers, creatives, and skilled tradesmen.
Because people with high skills in these areas are difficult to find, you should be aware of the fact that you need to act fast. Yes, it will require a larger investment upfront, but it will also give you a notable advantage over your competitors.
Furthermore, if you know that new opportunities are going to be popping up in the near future, consider bringing on less experienced individuals who you can train. Although the process is challenging, it’s the single best way to ensure you’re getting a worker who knows exactly how you want things done. And potentially, they can grow into a leader who is going to take on an important role in the company in the future.
Over to you now. How do you feel about hiring in order to let your business grow? Tell us in the comments below.