When Should Your Company Hire Employees?
When you start your own company, you have a lot of your yourself invested in it. Therefore, it may be difficult to learn how to delegate to others. However, if you are planning on growing your business, it is imperative that you hire others to help you with daily operations. How do you know when it is time to hire an employee?
Has Productivity Peaked?
There is only so much that you can get done in a day no matter how efficient you are. At some point, you will have an order that is larger than you can fill in a single hour or a single day. At that point, it may be best to hire one or more people who can help fill orders or who can handle sales and customer service issues.
Are There Weaknesses That You Can't Overcome Yourself?
While you may be a great thinker or have a knack for interacting with investors, you may not be so good when it comes to sales or customer service. Conversely, you may be great with customers but not so good when it comes to networking or asking for capital. This means that it is in your best interest to hire someone who has a strong sales background or who can ask for money without feeling guilty about it.
Is It Time to Expand to Another Location?
One of your goals may be to expand to more than one location or to more than one part of the country. When you feel like it is time to open another location, it will necessarily be time to hire one or more employees. This gives you someone to oversee each location to ensure that customers have access to the goods or services that they have come to expect from your brand. Make sure you have the proper funding for the new locations while taking into account worst case scenarios.
Although you may be able to spend some time at each location to ensure that employees are doing what they are supposed to, you can't possibly be at each location at all times. As long as you make good hires, you benefit from increased sales, increased productivity and more money in your pocket.
Find Someone Who Can Fill Multiple Roles
As a small business owner, you can keep costs down by hiring workers who can fill multiple roles. For instance, one person may be able to stock goods, work as a cashier and make sure that the place is clean at the end of the night.
While employees cost money, they can also help your small business make money. If productivity has flatlined or you feel like you're spread too thin, that is the time when it makes sense to hire an employee to help you better manage your company and its growth.