When running a business on your own, you tend to wear many hats. From CEO to Head of Marketing, Product Development Manager, Salesperson and so many more. That’s why it’s important to spot when is the right time to take the plunge and hire help.
We’re going to be looking at some key indicators that it’s time for you to hire help for your business and hopefully give you the confidence to do it.
Turning down work
One of the first and most important indicators is that you’re having to turn down work from customers or clients on a regular basis. Keeping up with a workload that isn’t sustainable, won’t just add stress to your work but may also end up costing you if mistakes are made.
Expanding your team means that you’re able to take on more work or orders and your capacity is increased. But you must ensure that there will be enough work for an additional team member and enough revenue to pay them.
New sources of revenue
Adding another person to your team can also mean that you can begin to explore new sources of revenue for your business. This could be anything from a new product line, additional territory or similar.
Working on your own, you are limited to so many hours in the day as well as your own capacity. Hiring another team member means you can delegate projects or mundane tasks to free yourself up to work on other things within your business.
There may be a time when you need to hire someone as you have the need for their expertise on your team. This can be anything from Marketing to Web Design or Accounting. Knowing your limitations when it comes to your expertise and not trying to do everything yourself will yield your business better results.
If you’re receiving complaints from customers on a semi-regular basis and all the complaints are about similar things such as the lead time or the quality of your work. This is a huge red flag for you. The worst thing a business can receive is bad reviews as this will tarnish your brand reputation and be off-putting to new potential customers.
When this happens completing the work to a high standard and having an acceptable lead time on product delivery is crucial for keeping customers happy. Hiring an additional team member can help to eliminate these complaints, increase productivity and reduce stress.
Running out of time for BAU tasks
Business as usual (BAU) tasks are the tasks that you do every day to run and maintain your business. Although they may be mundane tasks, without them your business would suffer. So if you find yourself running out of time for these tasks, it’s time to look for help.
Your business growth
If you’re seeing your business growth plateau over a significant period of time, this is also a large indicator to expand your team and get some help. Whilst there may be several reasons for the plateau, hiring a team member can mean increased output as well as being able to focus on new ways to grow your business.
You can afford to
And lastly, you can afford to hire help. It’s not a good idea to hire help when you’re not sure if you can afford it. It could result in your being out of pocket and your business ultimately suffering.
This also isn’t fair to the person you’ve hired if you may have to let them go later down the line. So if you’re experiencing any of these things and you can afford to, now is the time to hire some extra help for your business.