While some business owners hire an entire working staff in the early days of their startups, others wait until they have some initial success. Before making this crucial decision, consider whether any of the five situations below sound familiar to you. If so, it’s likely time to expand!
1. You’re Turning Down Work
If you’re turning down new clients or income because you don’t have the capacity to support them, that’s the clearest sign to start hiring. The new business opportunities will likely cover the costs of expanding your team and raise your annual revenue. You don’t have to choose between an overwhelming workload and turning down customers. As your business grows, hiring new team members to sustain additional work is the perfect recipe for success.
2. You’re Losing Solid Business
Losing business isn’t always an indication that it’s time to hire, but it’s a helpful signal to consider. If you’re losing customers that weren’t aligned with your business in the first place, that’s one thing. But if you’re losing ideal customers, that’s a different story. Losing business tends to mean that you’re not meeting expectations, and unless you change course, you’re likely to lose even more business down the line. Instead, hire the help you need to keep your best customers happy.
3. You Need Someone With a Specific Skill
As you grow, it’s only natural to need new skills that you (or your current staff) don’t have the expertise to handle. If you start to notice areas of your business that require more specialized knowledge, you may want to look for a role that fills that requirement. And don’t forget—If the role you need does not require a full-time position, you can always look into contractors or part-time support for the time being.
4. You (or Your Staff) Are Making More Mistakes
Mistakes are unavoidable in running a business, but if errors happen more frequently, there may be an underlying cause. Mistakes become more common when you and your team are overworked or lack the skills you need to get your work done. If that’s happening in your organization, expanding the team can give everyone more bandwidth to focus on the details.
5. You Haven’t Taken a Vacation in a Year
Finally, business owners are notorious for forgoing time off. While you may genuinely want to spend every waking hour growing your business, the reality is that you need regular breaks to recharge and stay motivated. If you haven’t felt equipped to take a vacation for over 12 months, consider expanding your team. This will give you the support you need to run the business as usual during your absence.
Ultimately, only you can decide when it’s the right time to bring new employees on board. But if you’re experiencing any scenarios described above, it may be time to expand! If, for any reason, you’re not sure if you can expand your team, you also have the option to outsource.
Many businesses rely on outsourcing for their payroll and HR needs since it is more cost effective than hiring a full-time employee. You can learn about the benefits of outsourcing HR and payroll here. You can request a consultation with our team to gain a more in-depth understanding of our services.