Your small business has come a long way but maybe you're noticing more often that you just don't seem to have enough time to get everything done anymore. As such, hiring an additional set of hands to help out around the store may be beneficial. Here's a few things to consider before putting up that 'Help Wanted' sign.
Balance the books
According Ron Finklestein of AKRIS, a consulting firm in Ohio, some sole proprietorships that could really benefit from an additional employee don't have the means or the appropriate grasp on their finances to bring another person into the business. If you're looking to hire but are concerned about your business banking, a financial advisor at My Bank would be happy to sit down and discuss options with you, including financing and loan opportunities.
Monitor the situation
It may be that you're looking to bring on an accounts receivable or documents clerk, but it's important to first figure out what you can do in a day, comfortably, and what you really don't need to be doing. A report by the National Association for Business Economics predicts that this year's hiring trends include plenty of new job creation, but warns that consumer spending might not increase at the same rate. Recognizing whether you really need someone to do the job is important, so if it doesn't feel like a good fit, don't be afraid to cut a job to enhance cash flow.
Know the law
Healthcare reforms, FLSA regulations, taxes, reporting guidelines and more can add to the stress of a new employee. It may be more complications than your business is ready to handle. My Bank is always there to help with good advice, but if you're not sure where to go, the U.S. Small Business Association's website provides a variety of information on everything from employee handbooks, wages information and benefits help. They even have links for conducting background checks and setting up new hire information, giving you an extra advantage by letting you complete most of the process just like you would online banking.
Look to alternatives
Locking in a new full-time employee can be a big change both legally and financially. If you want to get your feet wet, so to speak, you could also look into private contractors and student interns. A contract employee is already trained and provides you with statements so you can focus on how well the new position works with your business and not completely on training. Interns are green to most work environments but are usually unpaid and trade services for college credits. Accredited universities like Harvard, Yale and Johns Hopkins regularly promote internship programs with local businesses, so check with colleges near you.
Ask for help
Hiring a new employee isn't something you should rush into without reviewing your finances, deciding whether you could use delegation in work tasks and looking at all your available alternatives. If you need help determining whether you could benefit from an additional employee at your business, regardless of size, stop in at a local My Bank location and sit down with a business and financial advisor. With a variety of useful tools and services, we can help you keep your company on the right track.