We’ve all heard of Payroll services, many of you may use one now. And when you think of a PEO (Professional Employer Organization), you may think they’re similar to other payroll services you know. The truth is: a PEO is so much more.
As an entrepreneur, the idea of growing your team can be both exciting and terrifying. On the one hand, it’s exciting to have the resources and budget to bring on new team members, but on the other hand, your business is your livelihood — and you can’t afford to make a costly hiring mistake.
The recruiting and hiring process isn’t cheap. In fact, on average, it costs more than $4,100 to hire a new employee. And when you consider the time of onboarding and developing a new employee and the cost of potentially losing that employee, it makes it even more critical to ensure you make the right hiring decisions upfront.
At any stage of your business, whether you’re just starting or you run a fully established organization, the success of your business is highly dependent on the success of your sales team.
After all, new business is what keeps the engine running.
A robust sales process can be a key driver in helping you to achieve your business’ sales and revenue goals.
The key to running a successful small business is a solid financial foundation.
At any stage of your business, whether you're just starting or you're a seasoned entrepreneur, there is a direct correlation between having a firm grasp on your financials and running a profitable business.
However, most entrepreneurs don't go into business because they are passionate about financials. Managing the financials is often the least exciting thing about running your own business. As a result, many owners avoid digging into their numbers and instead focus on other areas of the business. This is a mistake. Even if your business excels in other areas, you must stay focused on managing your company's cash flow to avoid jeopardizing everything you've worked towards.
With the spread of COVID-19 and the constantly changing situation around the world, this is an unprecedented time for everyone. For many, this time is filled with uncertainty.
The unknown of how long this will last, and, for small business owners, how this growing economic crisis will impact their business.
With no end in sight, it can be difficult to know how to make certain decisions for your business. The answer is not that simple, to truly understand what you need, or what can be done in the interim of this crisis, you need a plan. The key is to approach economic risk with logic not emotion, ensuring your business is safe from this crisis.