Time to add an Employee (or Two)

As a small business owner, it’s difficult to know when you need an extra employee or more. Allocation of resources and possibly the fear of giving up some of the control you have with your business all factor into the decision. So, when is it the right time to hire?

If you are handling Human Resources, Marketing, Sales, Accounting, etc., you probably don’t have the time to focus on the most important aspect of being a business owner: growing your business. You’ll want to first determine if you can afford an employee. You could possibly hire a part-time employee and not have all the additional costs of a full-time employee. If your needs require a full-time employee or more, you’ll have to factor in additional costs other than salary: insurance, benefits, retirement, and so on.

Take into account how much more productive you will be with an employee handling the extra work load. What more can you accomplish focusing on the bigger picture? However, hiring another employee means being responsible for another employee, you’ll have to add “Manager” to your hat.

When you are ready to hire someone, make a list of what you need. Take your time hiring to make sure they fit with your vision and can handle all of the tasks you require. Hiring a friend or family member may seem like a good idea, but be cautious, there might be unrealistic expectations on both ends and can ultimately ruin a good relationship.

Whatever the reason is for hiring a new employee or two, at FORUM, we have business services that fit the small business owner and their employees. Contact us for more information on health savings accounts, payroll services, 401(k) plans, and more.