The choices you make when beginning your business will set the foundation for its success – accordingly, we’d like to ensure you’re making the right ones. Hiring your first employee is an exciting time for a business owner, but before you bring others on board, consider these important tips for starting your business off right:
Ensure Your Business is Ready for Employees
The most crucial step before starting your hiring process is to ensure your business is ready to do so, both financially and foundationally. Many businesses run into the issue of hiring for the future, not the present. While keeping the future in mind is a good mindset to have, the costs of hiring and retaining employees add up quickly, and can become a financial hole for your business if not done right. Many business owners underestimate the costs of hiring, including the employee benefits, wages, and taxes involved. If you find yourself too busy to operate on your own, having to turn away customers, and your business has the cash flow necessary to ensure that you can pay your employees when payday rolls around, then you’re ready to consider hiring new help.
Consider Setting up Your HR First
If you’re planning to expand your business with several employees, take a look at your HR process first. Whether you decide to hire a dedicated HR department or work with an outside HR professional, developing a rock-solid process for the hiring and intake of new employees will save your business from a lot of headaches down the road. This step is a great time to decide on a software suite for payroll and accounting, both of which will make paying your employees easier and simplify the process of tracking the business’s finances.
Set New Hires up for Success
Creating processes and procedures for new employees, as well as rock-solid documentation of those processes, goes a long way in ensuring success for new hires. Consider creating an employee handbook that contains all the key information an employee needs to be successful, as well as an onboarding checklist to ensure every new employee is on the same page and receives the same information.
Remember that the processes you establish at the start of your business will develop its foundation for the future; by creating good processes now, you ensure that you’re set up for success. For assistance in developing the systems your business needs to succeed, contact Business & Beyond, LLC today – we’re ready to help grow your business successfully