June 9, 2019
Ask any business owner and they’ll tell you – growth is the goal. Growth is a visible indicator of success, and proves that the long hours, lost weekends, and risk has paid off. However, when growth happens too quickly it can be overwhelming and if you try to tackle the process by doing things as you’ve always done them, you could be in trouble.
In periods of rapid growth, it’s crucial that you create processes and systems that have the capacity to see you through current and future growth periods. One way to do that is to hire or promote the right team members and delegate. Look for those that are knowledgeable, attentive, and have relevant experience. One benefit to delegating is that it can really motivate your staff. With each task you pass on, you are giving them an opportunity to exhibit their own problem-solving, creative skills, and perhaps set the stage for their own advancement.
Another way to get the help you need now, and bring outside expertise in, is to outsource. Payroll is a popular option for many small to medium sized business owners, due in part to the complexity and time-consuming nature of doing it in house. The more time you spend on payroll, the more money you are spending on manpower and associated overhead. Business owners are realizing that by outsourcing, they free up that time and can redirect resources and focus on direct business operations and growth.
As growth can also mean rapid hiring, outsourcing HR and employee benefits can also really pay off. Human resources support is a critical component to protecting and growing your business. With employment laws, regulations, and practices constantly changing, you need reliable resources in place to keep your business compliant. At Spectrum Payroll, our HR management experts can help your business create an automated system for managing benefits, workplace policies, handbooks, and employee records that will keep you compliant with labor laws and provide protection from potential violations, while also allowing you to redirect resources to another area.
Growth can leave you breathless, but in the middle of it all, it’s important to take some time to look at your processes carefully. Are they scaleable? Do they have what you need now, and in the future? A growth period is a great opportunity to shake things up, adjust, and get ready for the next wave. Ask yourself:
· Are you wasting time on tasks you could delegate?
· Is your payroll process working? Is it compliant?
· Are your HR processes up to the task?
· Are there tasks you can get outside help with? (Examples may include accounting, bookkeeping, payroll, or marketing.)
Managing fast growth in a way that doesn't damage the very attributes that made your customers love your business in the first place is a challenge, but with the right team, and a group of trusted partners, you can sail through the current growth period and right on to the next!
While setting salaries, payroll frequency, and processing – whether outsourcing or in-house – are important topics, it’s also important to look at the big picture and determine whether or not labor costs are eating up your profit. Labor costs, which can account for as much as 70% of total business costs, include employee wages, benefits, payroll or other related taxes.
Time – there never seems to be enough of it. Time is also something that we make and take, save and spend, keep, waste, kill, and lose. Ultimately though, time is money and making sure that you and your team are in the best position to maximize the time available means you’re going to have to look closely at time killers.
When it comes to hiring, resumes and interviews will only get you so far. Today, background checks are a standard part of the hiring process and can protect you from potential liability and help you avoid misinformed decisions. When it comes to background checks, one size does not fit all, there are many different types available, and you may select different reports depending on your needs, the nature of the job, or the location.