No matter what kind of organization you’re running, chances are you’re facing the same critical challenge— lack of time, money, and resources.
While some companies do have a healthy amount of investment capital to work with, the reality is that the majority of small businesses do not have swimming pools of reserve capital to dip into.
The cost of doing business
When you’re running a business, you know that your budget can be depleted from a variety of expenses. For instance, a single bad hire can become expensive very quickly, draining a small company’s profits. According to research by CareerBuilder, the average cost of one bad hire is $17,000. Getting those hiring decisions right the first time is essential.
In addition to finding the right people, companies must also take on the important task of providing a safe working environment and staying up-to-date with local and federal workplace laws and regulations. This is no small task. And no small risk. A workplace accident can cause havoc in your organization, and non-compliance fees can add up, impacting your overall operations.
If important business functions like employee recruitment and retention and workplace compliance and safety are more of a burden then they should be, it’s time to look for solutions. Fortunately, there are organizations and platforms that specialize in helping small to mid-size companies excel in these areas, and working with them can be a game changer.
Finding the right solutions
Businesses suffering from a lack of time and money have several options, but it all starts with evaluating your current situation. Taking the time to analyze and observe which areas of the business are underperforming or inefficient and could use some restructuring and guidance can yield a huge return. That way, you’ll be able to pinpoint those specific areas that are most in need of improvement— instead of just guessing what they are.
It’s important to note that obsolete technology and outdated business possesses can obstruct productivity and drain precious sources. In some instances, business functions that currently require two or three people can be reduced to a single person by having the right technology and solutions in place. In addition to saving time, Increased efficiencies will result in reduced labor costs, and less stress and frustration for employees.
Learning to let go
It’s your company, and you love it. So of course you want to do it all! But considering the areas of your business that can be affordably handled by third-party service providers is a great way to make more happen with less time and effort. Reducing employee workloads will enable them to focus on other important aspects of your business, which in turn can positively impact your bottom line.
Partnering with a third-party service provider for help with managing things like payroll, commercial, benefits, HR, recruiting, and 401(k) helps your company streamline processes, stay up-to-date with current laws and regulations, and stay in compliance. Finding the right HR partner can also reduce turnover by implementing procedures to ensure your business has a smooth and consistent employee cycle from onboarding to promotion to termination or retirement.
Solving your company’s lack of time and money will not happen overnight, but by doing some internal assessments and seeking out the best business practices and solutions, you will be well on your way to creating positive, lasting change. And building a sustainable organization that employees want to be part of.
If you’re looking for the right partner to help you figure out where your business need help and what solutions might help ease your mind, your burdens, and your budget, you’re in luck. At Combined, we’ve got a whole team of people dedicated to doing just that. Get in touch to find out how. Improving Your Business With Limited Resources: It Can Be Done! CONTACT US