Is It Time to Hire? 4 Telltale Signs You Should Grow Your Workforce
Adding another employee to your small business team is a big step. So, how do you know if it’s the right time to hire? Here are four telltale signs it’s time for you to add someone new to your staff.
1. You’ve run out of hours in the day
If your workload is overflowing and your work quality is suffering, it’s time to hire some help. You might also be spending too much time on areas outside your expertise and not enough time on the activities that are the most important to your business.
2. You avoid taking on new clients or finding new customers
Maybe you’ve started to turn down work or clients because you barely have time to support your current clients. Or, you start panicking when a new customer walks through the door because you don’t have enough time to help them. If that’s the case, hire a new employee who can help you take on more work so your business can grow.
3. You know exactly what you’re looking for
You’ll know it’s the right time to hire a new team member when you know exactly where you need help. You could find a jack-of-all-trades, but chances are you’ll need the worker to perform a specific function to foster growth successfully.
Read also: How to Write a Job Description
4. You can afford a new employee
Once you’ve done the math and determined that the potential value the person could add is greater than what they’ll cost, go ahead and hire that staff member. Remember, the cost will be more than just their salary or hourly pay. You’ll also have to consider benefits, unemployment insurance, workers’ compensation, and the employer’s share of Social Security and Medicare taxes.
When you first hire someone, your profits might take a hit. But, if you carefully selected someone who could help your business grow, they will eventually help you increase your revenue.
Read also: Cost of Hiring an Employee in 2019
Still unsure? Hire a contractor
If you’re not quite ready to commit but need help with a specific project, hire a contractor to test the waters. Set a timeframe and evaluate at the end whether they helped your business and if their skills are needed long-term. If you decide it’s necessary, bring the contractor on as an employee or find someone with the same skillset.
Read also: Should I Hire an Employee or a Contractor?
