Let’s face it, in many businesses payroll is one the largest (if not the largest) line item on your monthly budgets. So, it can sometimes be a very difficult decision to add on more staff. BUT, in some cases adding staff strategically can help drive a lot of profit to your bottom line.
So when do you know it’s time to hire? Here are a few warning signs:
- When bottlenecks are holding up production.
If you find that a certain area of your business is continually a bottleneck, then it’s time to evaluate your talent needs. In many cases, adding one or two new skilled people can have a dramatic effect on production and profits.
- When you miss out on new business because you don’t have the needed help.
You’ve probably had a lot of great ideas for new business ventures; however, you may not have the resources to implement those plans. But with contract workers, you can tap into the resources you need, when you need them, in order to take on new opportunities and grow your business.
- When being a “do-it-yourselfer” is distracting you from your core job duties. Instead of taking the time to learn a new skill on your own, or spending hours trying to train your staff, bring in an experienced contract employee who can offer you the knowledge and capabilities you need on a temporary basis. There’s no learning curve and once the project is finished, you don’t have to worry about the cost of a full-time employee.