If you're like most small business owners, you're probably not content just to get an organisation off the ground. More likely, you're going to have a constant focus on growth. The questions will always be on your mind: How can you add to the foundation you've built so far? How can you grow your influence, attract new customers and make more money?
Having a bigger, more successful business is predicated on having the manpower to run it.
At the root of all this is a need to hire more employees. Having a bigger, more successful business is predicated on having the manpower to run it - which means you'll need to be aggressive about hiring. There's a balance to be struck, therefore, between adding to your staff quickly and staying responsible about managing your payroll.
Are you ready to add more employees?
The chance to add to your staff is always exciting, but according to the Department of Industry, Innovation and Science, there are a number of questions you should ask yourself before deciding it's time to hire. One, quite simply, is whether you can afford it. If you don't have the working capital to dole out another paycheck, you have to hold off.
Additionally, you have to think about the logistics involved with each hire. Are you adding someone on a full-time or part-time basis? Are they a permanent employee or a contractor? Are they legally authorised to work in Australia? You can't move forward without first answering all the relevant questions.
Staying focused on your company's payroll
As your company grows, it is obviously hugely important to keep an eye on your payroll. You want to be sure you're consistently able to afford to pay your entire staff.
Not only should you have people in house dedicated to making payroll, but as the Australian Payroll Association recommends, you should also have backup plans in place in case you run into a rough patch in any given month or quarter. If you've got a pile of unpaid invoices and not enough working capital, you'll need to find a quick solution.
Getting financing help when you need it
If you ever decide that making payroll is too difficult at any time, you can reach out for financial assistance. One form of help available to you is debtor finance. If you have money owed to you from customers, we can give you up to 85 per cent of that amount within hours; you can then use that money to pay your staff as needed.
Do you think debtor finance might be a match for your business? If so, give us a call at Cashflow Finance. We can walk you through the details.