When you’re running a business of your own, it’s natural to shy away from spending money. After all, when your expenses increase, your profits go down . . . don’t they?
But what if I told you that, by spending—no, investing—money in your business, you could actually increase your profitability? Today, let’s look at how paying for the right new hire can completely transform your business for the better.
1. The Right Hire Can Save You Time And Money
When you consider hiring someone for your business team, focusing on the expense is natural. How much will a new employee or contractor cost you in terms of salary and benefits? How much will you need to spend to get your new employee set up with all of the tools, supplies and licenses she needs? And how much time will you or your staff need to sink into onboarding a new team member?
The right hire, however, will always yield both a financial profit and a productivity profit for you.
Think about where your business is stalling right now:
- What important business tasks are you not able to do at all?
- What tasks are you not able to do well, because you don’t have the time or resources to handle them?
- What projects or clients have you turned down because you lack the bandwidth to take them on?
- What business initiatives have you needed to put on hold?
When you hire the right person, he or she frees you up to strategize, tackle your most important tasks and maximize both your productivity and revenue.
2. The Right Hire Can Improve Morale
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Turnover is expensive.
The departure of disgruntled team members sends the wrong message to the ones who remain. You lose the time and monetary investments you’ve made into your staff. And you likely need to scramble to cover the void left by your departing employee.
But even if your team sticks around, declining morale is simply bad for business. You may see your team’s motivation tanking when . . .
- They frequently need to take on tasks that are not part their job descriptions in addition to their regular responsibilities.
- They’re struggling with activities that are far, far outside of their areas of genius.
- They’re so bogged down with urgent responsibilities they’re rarely able to focus on their actual business goals and tasks.
- They’re constantly overworked or logging overtime.
But when you hire the right person to handle the responsibilities that are clogging up your current team’s schedules, you free up your employees to function at their very best.
3. The Right Hire Takes Your Business To The Next Level
As much as you’d like to, there comes a point when you simply can’t do everything in your business. And you may also realize that you’re not the expert you growing business desperately needs. Maybe you require a team coordinator who can juggle competing priorities, a social media manager who knows the best ways to engage followers and drive traffic or an accountant who can keep your books perfectly organized and accurate.
The right hire will have the ideal skill set for tackling the tasks that you need done. He or she will have the expertise to jump in and get moving, create efficiencies that you’re currently lacking and even innovate to improve the quality of your business.
Plus, your perfect hire will infuse your team with a fresh perspective while allowing you to make better use of the resources you already have:
- Your time and skill set.
- The time and expertise of your employees.
- Your existing clients and leads.
- The products, services and subscriptions you currently own (and may be under-utilizing).
When you hire with intention and add the perfect person to your already incredible business team, you’re not just creating a new expense on the books. You’re fortifying your business, priming it for growth and putting yourself in a position to maximize your profitability.
Community Question: How has hiring someone improved the quality of your business? What’s holding you back from hiring the person your business really needs? Tell us in the Business Owners Only community!
image credit: Bigstock/fizkes
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Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.