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Is the time right to hire employees?
Hiring your first employee or expanding your workforce is a big step, but how do you know when the time is right? If you’re unsure, take note of these four telltale signs…
1. You never have enough hours in the day. If you can’t get to key tasks and the quality of your work is suffering, it’s probably time to hire some help. The same advice goes if you are spending too much time on areas outside of your expertise (for example, complex accounting work or direct marketing) and not enough time on bigger-picture, success-fueling activities.
2. You’re hesitant to take on new clients. If you have to turn down work for fear that you don’t have the time to handle it, it’s time to hire. Taking on new employees positions you to expand and grow the business.
3. You already know the type of employee you need to hire. If you continue to daydream about bringing on a new employee, and you know exactly the tasks you want them to handle, it’s likely time to pull the trigger. If you’ve thought it through to this degree, you are ready.
4. You can afford it. Of course, the reality of budget prevails. Once you’ve done the math and know you can afford to hire a new team member, move forward. Of course, make sure the math is correct, keeping in mind costs beyond salary, such as payroll taxes, health insurance, contribution matching and more.
Not sure? Hire a contractor to start. If you’re not quite ready for the expense of hiring a full-time employee, but need the help, consider testing the waters with a contractor. This provides you with the help you need without all the commitment.