As a small business owner, you’re probably used to taking on most of your operation’s burden. However, if your business has grown, you might need to bring on some helping hands. Though letting go of some control can be difficult, it’s essential for the long-term success of your business. Below, learn who you should hire and when to do so for your small business.
What Kind of Employees Does Your Small Business Need?
Understanding the skill set, expertise, and experience your business needs is the first step in determining who to hire. This largely depends on your industry and business model and can involve roles such as administrative support, sales and marketing, operations and logistics, or even specialized roles like IT or product development.
While you might start by wearing multiple hats, try to recognize when the tasks and responsibilities are overwhelming your capacity. For instance, you might be struggling to manage your business’s finances if you’re focusing on hands-on product development. In this case, you might ask yourself whether you need a financial advisor to take the burden off your shoulders and set your business financials up for success. Basically, identify which bases you’re struggling to cover, and hire expert individuals to do so for you.
When Should You Hire Such Employees?
Hiring people is expensive. Doing so too soon might waste valuable liquidity, but doing so too late could have your business struggling to keep up with demand. Therefore, a helpful rule of thumb is to focus on demand. Evaluate if there’s an increase in workload and customer inquiries or if the existing resources are unable to effectively meet the needs of your growing business. If that is the case, then it’s time to expand your team and onboard new employees.
Plus, as we mentioned, your own capacity as a business owner should play a role in your decision. If you’re stretched too thin or are about to be, then hiring help is essential to protect your ability to effectively manage your business.
Is Hiring Contractors Instead of Employees Right for You?
Before you say, “My business can’t afford to hire full-time employees,” don’t despair! You can explore hiring only part-time employees or contractors and freelancers. These individuals can satisfy your business needs without as much of a financial commitment on your part.
Though employees are generally more reliable and better long-term assets to your business, contractors and freelancers give you flexibility and require payment for only the projects you hire them for. For example, if you need to revamp your business logo and promotional materials, you don’t need a full-time graphic designer on staff. Instead, you can hire a freelancer to fulfill the business needs at the cost of just their time and resources.
Understanding who and when to hire for your small business is a crucial decision that could be the difference between success and failure. Carefully considering the skill sets you need, the timing of your hires, and the advantages of employees versus contractors will ultimately help you create a thriving, dynamic, and successful organization.
