If you've been running a small business successfully for some time now, it's easy to be content with the status quo. When your operations are humming along and the money is flowing in, why rock the boat? There's no reason to ruin a good thing.
If you can hire additional staff members, you might be able to take your business to the next level.
On the other hand, if you ride your current wave of good fortune and use the money you're making to hire additional staff members, you may be able to take your business to the next level. With greater manpower at your disposal, you just might be able to have the same successes you're having now, just on a larger scale. In other words, you can multiply your profits.
But how will you find the talent you need to make your organisation better? And even if you do find great employees to add to your staff, how will you go about paying them? These are difficult questions for even the savviest entrepreneurs.
Devising strategies for finding talent
If your company has a decent supply of working capital saved up and you decide it's time to start adding to your staff, the first step is to start sourcing. This means you have to decide where you're going to find talented people to fill your candidate pool.
Social media is often seen as the wave of the future in staffing, as it's a way to connect with a wide variety of people in a quick and efficient manner. Depending on the site you use, you might be able to connect with the perfect audience - LinkedIn is great for connecting with older, more mature professionals, for example, while Twitter is great popular with young people following the latest trending topics.
Having said that, there might be a better way to find talent. Australian Government data indicates that only about 5 per cent of job postings are being filled via the social route. What's more common, and in many cases more effective, is using specialised staffing agencies run by talent experts who have the expertise to fill particular positions.
Figuring out the compensation logistics
It's one thing to decide you're ready to start staffing your business; it's quite another to actually find the money for it. Overcoming this challenge requires having a steady stream of cash flow. It also demands that you figure out a fair amount of sometimes confusing logistical details.
Figuring out payroll logistics is one of the toughest parts of hiring.
According to the Fair Work Ombudsman, it's required in Australia to pay wages at least monthly to your employees, if not more often. They must be paid in cash, cheque, money order or postal order. In addition, your business is required to keep detailed records of all wages paid out. This must include pay levels, hours worked and all other details that impact each employee's compensation.
If your records aren't in order, or if they aren't reading accessible to any Fair Work Inspector who wants to read them, your business might be in trouble. Make sure you get all the logistics right.
Get financial help with wages, if you need it
While adding to your staff can be a tremendous boon to your business, it's difficult to pull off if you don't have the funds available. This is why debtor finance can be a tremendous asset for your business - with debtor finance, you can quickly and securely get the cash you need to hire right away.
Cash flow is often unreliable, especially with a smaller business. You never know when your next payment is coming in, or whether you'll make it to the next one. With debtor finance, you can simply collect the money you need quickly and put it to good use, improving your business overnight.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].