When is the Right Time to Hire?
Many business owners find it difficult to decide when the time is right in business, to hire new hands. In this article, we'll guide you in making that decision so you don't hire too early, or too late.
It really is different from business to business. There's no rule that says "hire when you hit a particular amount in revenue" or "hire when your business is three years old" or anything like that. Determining when to get extra hands on board really depends on you and the nature of your business. So let's get into it!
If you're thinking about hiring, but aren't sure if it's a pre-mature move, then here are some questions you need to ask yourself:
1. Can the business afford it?
This is very crucial because, how else do you plan to pay your new hire(s)?
Note that, the question is "Can the business afford it?" and not "Can I afford it?". The business needs to be able to support itself (which includes employee salaries) and still make you money, to be considered a profitable one. So if you're about to hire, make sure you've done the math.
2. Will it be profitable?
This is another very important question. Will hiring increase productivity in the business? Will it bring in more profit? If yes, then you're most likely on your way to making a great decision. If no, then you should have a rethink. You don't need any redundancies in a growing business.
3. What are the risks involved (if any) and are they worth taking?
Most of the time the answer to this question is yes; the risks involved are worth taking, but you should still ask this anyways.
If your answers to all three questions are positive, then you're ready to hire!
What if you aren't considering hiring yet, but want to be able to recognise the right time when it comes?
Some signs that tell you "Okay, hire now!" are:
- You spend too much time on administrative duties.
- You no longer have any free time.
- Work/Life balance becomes a problem.
- The business is gradually running down because you don't get time to strategise and plan.
- You perform tasks you don't enjoy/aren't good at to keep the business going.
- You are overwhelmed.
If this is you, then you need to start considering expanding your workforce.
These days, you don't have to break your bank in order to afford pay checks and all the expenses involved in expanding your workforce. Hiring a virtual assistant has proven to be a great way to expand businesses on a budget, while getting top notch productivity and quality of work.
A virtual assistant is a person who works for a business, company or organisation from a remote location. Hiring a virtual assistant is by far, the best choice for any small business as they are generally more affordable. They can help you save up to 70% on expansion costs. Here, we have it broken down for you:
- With a virtual assistant, you 2on't need to spend as much as you would on salaries, not to mention employee taxes.
- You can hire on a contract basis and end, hold or renew the contract whenever necessary. You can even pay for specific one-time tasks. This way, you don't have to pay for labour when it isn't needed.
- Virtual Assistants are usually experts in various fields. You won't have to worry about training new hires.
- As virtual assistants work remotely, you also won't have to worry about getting a bigger space or new equipment for employees.
If/when you've decided the time is right to get new hands on deck,
We're more than happy to get you the best virtual assistant for your business, here at MimiVPA.