Businesses large and small have similar struggles when it comes to expanding operations and building teams. Knowing when to do it is the hardest part. Your business is growing, which is great. The problem is that you can’t keep up with all the new work with the team you have. You’re burning out, your employees are burning out, and nothing is getting done with excellence. Plus, your revenue isn’t growing as fast as it should be. At this point, you probably need to hire help. But how do you know if it’s time? Well, there are a few indicators that point to the fact that you may need an extra set of hands:
You Don’t Have Those Skills on Your Team
If the work you need help with is not something that someone else already knows how to do or could be trained to do easily, it may be time to hire more employees. For example, if you have a tech company and you need someone who can leverage AI technology, but no one on your existing team has done it, then it may be time to look for someone with that specialty.
Additionally, If there are certain aspects of running your business that are beyond what one person can handle, such as small business tax services, software development, or graphic design skills, then it’s important to hire more people with those skills.
It’s Hard to Keep up With Growing Business Demands
You may feel like you’re not able to keep up with the business demands in your office. Maybe you are missing deadlines and struggling to complete projects on time. You may also be feeling like you’re not able to focus on your clients or team because there are just too many things that need attention. When things start falling through the cracks and you can’t keep up with it all, it’s probably time to add to your growing team.
Everyone is Working Overtime
If your teams are constantly working overtime, then it’s about time you considered lightening their load by hiring new people. Whether you get temporary hires or you squeeze out a few new full-time team employees, people can only work overtime for so long before they will burn out or start looking for employment elsewhere. When you’re working on a big project, some overtime is to be expected, but you’ll get the best out of the people who work for you if you ensure that their workload isn’t constantly overwhelming them.
You’ve Reached Your Limits on Revenue Growth
If you’re not growing your revenue, you are losing out on money. Once you’ve reached your revenue limits with the employees you have, it’s time to scale up if you aren’t happy with those numbers. When it comes down to it, all businesses need sales in order for them to survive. That’s why this question is such an important one: how do we know when our business needs more help? You’ll need to understand how growth affects profits and whether those profits represent a healthy business model that can continue growing into the future.
You Aren’t Getting New Customers
If your customer base starts to shrink or becomes less engaged with your products and services, this could indicate a need for new staff to help. This can happen for many reasons, like slow shipments, poor customer service, and even sub-par products. When your business fails to gain new customers, it could mean trouble ahead. Additionally, if your clients are leaving you for your competitors, it’s time to rethink what’s happening in your organization. Exit interviews are helpful to learn why customers are leaving and they can be invaluable feedback you can use to grow.
You Plan to Open a New Location
Of course, when you are getting ready to open a new location, you’ll need to hire new staff to manage it and work in it. This is always a good time to start training new people, offer promotions to current staff who are willing to go to the new location, and to expand the people resources in your business.
If your business is growing, it’s important to keep up with the demand by hiring more help. Your business may struggle if you fail to hire people at the right time. If you’re not quite ready to hire full-time employees, contract workers or consultants can help with temporary projects and tasks that need completion right now.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.