As a small business owner, you may think that you can run your establishment on your own or with just a few trusted employees who have been with you from the start. That may be true, depending on the size of your business and your hours of operation. However, if you and your team are burning the candle at both ends and still can’t keep up with your growing workload, not investing in hiring new employees could already be affecting your performance, growth potential and overall revenue.
Most business owners form a strong emotional attachment to their establishment, which is understandable. In many cases, a business owner has invested their life savings to follow their dream of being their own boss, and the countless hours of hard work behind turning this aspiration into a reality make it a very personal connection. It can be hard to admit that something you’ve worked so hard to create has become overwhelming. So how do you know when it is time to bring in the extra help you need manage your growing business?
You may find that once you take an objective look at employee performance, sales volume, time off, and your overall workload, the answer will be clear. Looking past your pride and being proactive in hiring at the right time can help grow your profits and protect you from losing experienced employees to burnout. By the time many business owners come to the conclusion that it is time to hire, their company morale and bottom line are already being affected.
If you are on the fence about whether the time is right for you to hire, have a look at these common reasons successful business owners decide add new employees to their team.
If you notice that your current employees, as well as yourself, have been working more and more overtime, then it may be time to start thinking about hiring. Are your employees struggling to keep up with their workload? Is your team consistently missing or barely meeting deadlines? Do you have staff members who are being made to perform tasks beyond their scope of experience or ability?
If the answer to any of these questions is yes, then you are probably understaffed. Overtime is expensive, and in many situations, the cost of not hiring is far greater than biting the bullet and bringing in the extra help you need. A new hire usually starts with a lower salary than your more experienced employees, and if their presence will reduce your overtime costs, they are well worth the investment.
Amount of Paid Time Off Carry-Over
Have you noticed that your employees are not using their paid time off? If most of your employees are deferring or forfeiting their time off, then that may indicate an issue. Don’t underestimate the need for your employees to have a healthy work-life balance. If your employees are not using their available paid time off because they are worried that any absence will result in them facing mountains of work when they return, take that as a huge red flag.
You may have inadvertently created a workplace culture where the company demands are perceived as more important than the personal wellness of the employees. If this is true, it is likely a result of being understaffed, and your staff could be on the fast track to burnout. It makes more business sense to keep your employees happy and working within their limits, rather than in a perpetual state of mental and emotional exhaustion. A rested and focused staff is your best weapon against your challenges as a business owner.
Are Employees Expressing Concerns or Complaints?
If you have an unusual number of employees voicing complaints or concerns, it is usually a good indicator than morale is down and they are reaching a breaking point from overwork. When your employees do not feel appreciated and valued for the work they do, it can be an indicator that your business is not running efficiently.
As an employer, you are likely leading the charge and putting in more effort and hours than anyone else on your team, which is normal. After all, you have the most to gain and lose, and while you can hold yourself to a higher standard, your employees don’t have the same skin in the game as you do. If morale is down and productivity is suffering, it could mean it’s time to bring in more help.
If you notice a consistent pattern of having to extend project deadlines, adjusting assignment timetables, and falling short of your productivity goals, then you may have a staffing issue. If there are no extenuating circumstances that would cause your employees to suddenly have difficulty meeting their deadlines, then something is obviously out of sorts.
While an issue like this can be the result of several different factors, many times it is a direct result of an increased workload. Take some time to assess the situation, speak with your employees, examine their workload, and assess their individual time management skills. If you find that the only new variable is an increased workload, your team is probably in need of some fresh blood.
Creating Opportunity with a Cash Advance
Far too often, businesses grow faster than their ability to effectively fund their success. When opportunity presents itself, it is essential to have access to the capital you need to stay in the game. Sometimes that means staying afloat through a rough patch with a cash advance or small business loan, and other times it means making the investment in new employees. Nobody knows better than a small business owner that a goal without a plan is nothing more than a wish. It is ultimately up to you to decide when it is time to bring in more help to reach that critical goal.