As we put 2020 in the rearview mirror, many small business leaders have bid good riddance to that loathsome year. There are a multitude of reasons to feel that way. Some sectors of small business were nearly decimated, save the quick thinking and ingenuity of industry leaders. Still, there were casualties. 2021 seems full of promise by comparison. Anything is better than what we had.
If you are a glass half full kind of small business leader, there was some silver lining to take hold of. Once you stop reading doom and gloom headlines, it is easy to reflect on what one had to gain for all this madness. And there were good things about 2020 for small business leaders if you look at it a different way.
It is the astute small business leader who is always looking to trim expenses. This year was different. Even the small business leaders who are not necessarily paying too much attention to expense budgets have found themselves in need of budgeting ASAP.
Travel Expenses - So much for travel to distant lands to close deals and bring home the big win. COVID-19 sidelined any unnecessary travel. Landing a big client in 2019 usually meant traveling to their offices. This kind of planning could take months to get to contract sign day. With everyone grounded, these all too important meetings are being held over the Internet. This new way of doing big business has slashed travel expenses to nearly zero and sped up time to contract completion to weeks instead of months. This shift means a faster check in hand for everyone.
Unnecessary Meetings - Not all meetings are productive. While your office may have spent too much time huddled in corner conference spaces before, now meetings are kept to an absolute minimum. With your workforce primarily at home and operating with flexible schedules, now work time is spent being as productive as possible.
Unproductive Employee Hours - It might have seemed as though work from home would be time wasted for the small business leader, but this is proving to be untrue. The average remote worker is clocking in 10 more hours than their office working counterpart. This change in mindset is just one of the unexpected things small business leaders said good-bye to in 2020.
Expensive Square Footage - One thing that most small business leaders said good-bye to in 2020 was unnecessary office space. Some of our small business leader friends had expensive office space, thinking that sought after addresses in well-heeled cities would make their business feel more legitimate. Now, most small business leaders are conducting business from their home offices. What everyone involved has enjoyed is not having the expense of commuting, parking, and paying rent. The only ones who are not happy about this turn of events are the real estate people.
Limiting Hiring To Local Talent - Small business leaders were stuck with having to hire people who were local to their area. That left out a whole lot of people who were very qualified but unable to commute to your office. Now, small business leaders are broadening their horizons by hiring outside of the area through remote working technology. This lifts up everyone by allowing remote talent to compete on an even playing field with everyone else.
One thing small business leaders said good-bye to in 2020 was benefits that don’t benefit anyone in a real way. PEOs have opened small business leaders to the possibilities of better offerings without killing the bottom line. Managing people all over the country and being able to offer them competitive benefits they can use in their area without the expense and hassle is the new normal in small business benefits management.
There have been good things that have come about for small business leaders in 2020. It hasn’t been all bad. If you are looking to add to your bottom line in 2020, contact us for a 20-minute conversation about whether or not a PEO would work for your small business. The only thing you have to lose is great benefits and HR compliance.
If you’d like to find out more about how PEOs can help you provide great benefits and payroll management at less than you are paying now, contact us today for a free consultation.
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