Becoming a business owner can be one of the most lucrative and rewarding choices you can make in your career. But if you’ve been in business even a week, you’ve probably realized that there are so many facets to running a small business or company. One challenging aspect of business ownership is managing when to grow your employee base and when to delegate tasks throughout your current workforce.
So how do you know when you need to create a new role in your company and hire someone new? There are many things you can ask to help you determine if that’s the best step for your business. First and foremost, understand that when you create a role for a new employee, you need to be sure the company is fiscally prepared for another employee. Hiring someone, the right person, is a long term commitment. You’re committing to offering them pay, unemployment if they were to leave, worker’s compensation, and a variety of benefits depending on the terms of their hire. If the company isn’t financially prepared to have another full-time employee, then hiring someone will be detrimental to your growth no matter how much you need the help.
If you could feasibly pay out the income for an additional employee there are a range of factors to consider…
Are your current employees overworked? Is their productivity and effectiveness being negatively impacted by the degree of work they’re expected to produce? Are employees willing to take on new responsibilities and skills, but unable to because of the expectations already placed on them? If any of these questions seem familiar, your company may be at a turning point where new roles need to be created.
Do you have employees that don’t quite have the skill set needed in order to make advancements in your industry? What has worked as the status quo may not be enough to take your company to the next level. That doesn’t mean your current employees aren’t effective, it just means that a different skill set may be required in order to increase company growth and advancement.
As the manager or business owner, reflect on how you’re spending your time. If your efforts can generate $1000 an hour for the company through sales or management and you’re covering accounting and technological duties that can be completed at $30 an hour, financial loss is being created by not hiring someone to manage those tasks.
RJ Byrd has been placing highly qualified and talented candidates to meet the needs of companies since 1996. We specialize in filling roles for Executives, Mid-Level management, Information Technology, Finance and Accounting. Contact us today to help your company accelerate to the next level.