The Dilemma of Hiring
As an entrepreneur your business is your baby, you quit your 9-5 job, invested your savings and risked it all to follow your passion. You eat sleep and breathe your business and it would devastate you if it were to fail. Being your own boss means you have the liberty of making all the decisions, doing things at your pace and in your style. At the same time, it means you have no one to blame but yourself for any setbacks or failures. Therefore, when you decide to expand the business past yourself and begin to hire employees, it is as if you are entrusting your infant child into their care. This, of course, is a terrifying prospect.
Why is it Scary?
What if you are a bad boss and your employees hate you? What if you can’t get them to do things the way you want them done? What if they violate the employee contract, how do you even write a contract? Worst of all, what if they run you out of your money and the business fails? These are some of the typical concerns of small business owners considering hiring employees. At the end of the day, despite however nerve-racking it is, adding employees is an important step in growing your company and legitimizing it to the world.
Why You Should Be Hiring
Setting aside time for interviews and learning to hire and fire smoothly will allow you to eventually find quality people who can make a difference in the success of your business. Each new successful recruit will bring fresh ideas and different perspectives, adding value. Also, managing more employees means being able to better delegate tasks and responsibilities based on ability, tightening the talent gap that many small businesses are prone to. The new focus of your business is optimizing your productivity by hiring new engaging and worthwhile employees.
Making Each Employee Worthwhile
Hiring a new employee is a process that ends not on their first day of work but only after they start pulling their own weight and more. Once they begin to increase the worth of the company, only then can you stop worrying about whether it was a mistake to hire them. Some important aspects to consider are timing, and incentives. Adding employees to your team at the right time is very important. If your business in having a slow month and you don’t have work to give them, they will end up sitting on their hands, getting paid for wasting time. However, hiring a new employee when the business is flooded with work is also not ideal because you won’t have time to train them to do things the way you like. The other aspect mentioned above is incentives, it is important to give your employees reasons to work hard and stay with you. A fair contract, healthy paycheck, and a pleasant work environment will make any employee want to help your company succeed.
How Z&R Funding Can Help
Once you decide to take the steps to legitimize your company by increasing the size of your workforce, you need to make sure you can afford it. Z&R Funding is here to help, our main goal is to help stable companies expand their potential by providing them with fast access to working capital. We understand that taking out a Line of Credit or a Merchant Cash Advance can be just as scary as investing time and money in a new employee, that is why we want to help companies just like yours get over that fear and have access to the money they need to grow.