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By Jamie Van Cuyk
As a business owner, when someone mentions the idea of hiring help, one question typically comes to mind. That question is, “Can I afford to hire help?”
Whether considering hiring part-time, full-time, temporary, or contracted help, each new team member comes with a price tag. However, instead of focusing on the expense of hiring, a better question to ask is, “What is it costing my business not to hire the team member(s) I need?”
Every successful company reaches a point where hiring help is needed for continued business growth. While the type of help might differ based on each business’s unique needs, investing in the right manpower support is essential.
FIVE REASONS WHY ADDING TEAM MEMBERS CAN BE THE RIGHT NEXT STEP FOR YOUR BUSINESS
1. YOU CANNOT DO IT ALL
One of the reasons why it’s important to hire help is because you can’t do it all and manage to do everything well.
In your business, if you try to do everything yourself, you are not going to complete all tasks at the level needed for optimal success. You cannot be a jack of all trades, and your business, your clients and yourself will feel the impact when you try.
By investing in help, you can put your expertise where it needs to be to move your company forward. By hiring, you can bring in the right experts who are going to have the knowledge, the skills, and the time to complete the remaining tasks.
2. YOU CAN SPEND TIME OR MONEY
As a business owner, you can make the decision to either spend time or money.
When you choose to spend your time to complete non-revenue generating tasks instead of hiring someone for that work, you are potentially limiting or losing out on revenue possibilities.
While you might view hiring help as a drain on your financial resources, adding to your team can put your time resources where they need to be. When your time resources are in the right places, you are typically able to bring in more revenue for your business.
Not all tasks need to be completed by you. At times, spending your money instead of your time is going to get your best financial return.
3. YOU SHOULD FOCUS ON HIGH-VALUE TASKS
In business, there are high-value and low-value tasks. Low-value tasks are those that need to be done but do not produce a significant or sometimes any monetary return.
While these to-dos are essential to keep the business going, they do not need to be done by you.
Your time is valuable. When you focus on the higher-value tasks, you will typically earn more revenue per hour than you are paying out when you hire help.
For example, let’s say you bring in $200 every hour you work with a client and you can hire part-time help for $20 an hour. That team member works for you five hours a week. As a result, you can add five more hours of client time to your weekly schedule.
During those five new hours of client work, you can bring in an additional $1,000 in revenue. In return, you are only paying your new team member $100 a week.
That’s a $900 a week increase in your bottom-line by focusing on client work instead of low-value tasks. Over a year, that’s over $46,000.
Even if you were only able to fill three additional hours a week with client work instead of all five, it would still result in a bottom-line increase. You would bring in $600 and payout $100. That means you still have $500 more a week after paying your help. Over a year, that’s $26,000.
4. YOU DON'T WANT TO BE OVERWORKED
No one starts a business because they want to be overworked.
Most people enter entrepreneurship because they felt like they were mistreated by their bosses and companies. However, now, they are treating themselves worse than if they stayed in the corporate environment.
Think about your current work situation. It’s most likely full of long hours, low pay, no or very little vacation time, and way too much responsibility. If a boss ever treated you like you’re treating yourself, you would quit.
Overworking yourself just to keep your business going with the limited manpower that you currently have is not a sustainable business plan.
When you invest in help, you finally allow yourself to create the life that you envisioned when you started a business. You can finally begin to work reasonable hours, have time for family, friends, and self-care, and take a vacation.
5. YOU CAN RAISE YOUR CAPACITY
When you pay for help you have the ability to earn more. It might seem counterintuitive that you’re going to make more by giving up money, but it’s true.
When you are just yourself in your business, you will reach capacity. There is only so much you can do. There are only so many hours you have to serve clients or create and distribute products.
When you bring on help, you increase the capacity of your business. Instead of just you serving your clients and creating products, you now have support. You have people on your team who are going to be able to increase the number of hours available within your business, increase the amount of manpower, and increase the revenue potential your company has.
When you refuse to bring on help, you are limiting your business. The only way to gain more time, and the only way to increase your business past your personal capacity is to hire help.
WHAT TYPE OF HELP SHOULD YOU HIRE?
Investing in and leveraging help can be the exact thing you need to take your business to the next level and reduce any overwhelm that you are feeling.
Once you recognize that adding to your team is right for your business, the next step is identifying the specific help that you need. This includes determining what task should be assigned and the position structure (independent contractor or employee).
All successful businesses leverage help to keep growing and achieving goals. Don’t limit yourself by trying to do everything on your own.
Do you know that you are ready to hire an employee but are not sure where to start? Jamie offers her expertise on how to hire employees in her online course Hiring with Confidence: A Step-By-Step Guide to Attracting, Interviewing, and Hiring Loyal Employees. It walks small business owners through hiring employees from beginning to end, ensuring high-quality, long-term employees are hired and retained.
Jamie Van Cuyk is a small business consultant who helps high-performing business owners grow their teams. With over ten years of leadership experience, Jamie teaches her clients how to hire and manage loyal and reliable contractors and employees. By learning the dynamics of each company, she helps each client create and understand the right hiring and leadership strategies so that they can find, develop, and manage the team members they need to feel confident and supported as they move their business forward. You can connect with Jamie at https://JamieVC.com