As 2012 gets well under way, business owners will be looking at their growth plans for the new year. Often, this means making new hires and investing in new staff. But how do you know if now is a good time to grow your team?
Here are a few signs that your business needs more people:
- A shortage of human resources – your current staff will likely always complain that they’re overworked – but you will want to assess the legitimacy of these complaints. If the grumblings are indicative of a lack of resources and your business’s performance supports their complaints, it might be time to start hiring.
- Changes in the industry – as your industry develops, new opportunities may arise or new skillsets may be required to keep up.
- Future proofing and investment – there are a number of ways to invest your profits back into the business and staff is an obvious area to expand. Look out for areas of growth that you can expand into and get the people you need into the right roles.
If you’ll be looking at expanding your team, ensure you’re making the right investment in your human resources with these considerations:
- Managing – managing staff is a big responsibility and a good manager must have the ability to get the most from their team. Often businesses will promote the most senior person to a management position, but just because they’re experts doesn’t mean they’ll be the most effective managers. If you’ll be hiring new staff, consider carefully who you put in charge of them, even if it’s yourself.
- Training & Development – outside of managing your staff, you’ll need to consider ongoing training and development. This means making sure any licenses are kept up to date and new skills are learned to keep up with new developments. Remember that your staff will likely have their own plans and career goals; a good professional development plan will help you retain good staff for the long term.
- Equipment – you’ll need to ensure you have the equipment to support your new hires. That means work stations and desks, computers and any machinery or equipment that they’ll need to do their job. Remember to think about safety requirements and Occupational Health and Safety standards. Business owners can look into equipment finance options to get the assets they need.
Remember that investing in new staff involves much more than just adding on an extra set of wages. Think carefully about the requirements and hire with care – the future of your business depends on it.
Author Bio: Paige writes about operating a small business including equipment finance options.