Some of us spent a whole lot of money (and someone else’s) on starting up our small business. Those efforts took a lot of sweat and tears to make it happen. But today’s climate in business has forced small business leaders to think of their business models in a whole new way. The time is now to reinvest in your small business while you stay the course until we all see this COVID thing through.
What does it take to reinvest in your small business? Well, it means getting partly assessing how you do everything to see if it still works. The other part is making the changes necessary to rethink your business plan and make the changes necessary to be around for another 5 years. That sounds like a monumental task when all you are trying to do is keep the dream going through the end of 2020. There are some great tactics to help you reinvest in your small business and some of them don’t take more money.
The best asset you have right now is your existing team. Your business will never be any better than what they are capable of. If you aren’t happy with your team, the only one you can blame is you. You hired them. Many small business leaders find out just how capable their team is when they are all up against a wall. It’s your team that will dig you out of this mess. Have you handed them their shovels yet?
You need to know what places in your small business need reinvestment. The best people to ask are your teammates. Too often small business leaders are so focused on the business model they came up with that they don’t notice the blind spots in their plan. What does your team think of your business plan? How about your sales strategy? If it was all up to them, what would they do differently? Listen to the answers. You will be surprised by what you hear. Take some time to think about what you heard. Does it make sense? Put to work what does. Your team will be thrilled to know their feedback made an impact on the business.
Knowing what your business model is lacking from your team might sting a little, especially if there is more feedback than you expected. Don’t take it personally. They are trying to help and you are the one who asked the question. Humbly receive what you asked them to give.
Where you actually need to spend money is the natural next question and that is really up to you and your team as well. Do any of the suggestions that came from your team require you to spend money on it?
How about suggestions they made about where you don’t need to spend money? Is what you are spending budget on really necessary if they are telling you they don’t need it? Most employees would rather have a job than being laid off because their boss didn’t curb spending. Think hard on where you can save and put those dollars to good use in reinvesting in your small business.
What about your employee benefits? Are they happy with the coverage your small business health plan provides? What about your workers’ compensation insurance coverage? Is that adequate to cover your business if something should happen? Who processes your payroll? Do you like working with different vendors for all three of these things?
A PEO provides all of your employment and HR needs, under one vendor, for a lot less than you are paying now. PEOs can provide much better coverage for healthcare and workers’ compensation than what you have. Plus, a PEO will take care of all HR Functions so you can get focused on what matters to you all, staying in business.
What would you do to reinvest in your small business if you didn’t have any HR functions to do? How much more could you grow if you were focused on your business strategy? It’s time to think about PEOs as a way to achieve positive growth this year. Your small business deserves to grow and your team deserves to grow with it.
The best way to reinvest in your small business is to take care of the great team you have. If you’d like to find out more about how PEOs can help you and your team, contact us today for a free consultation and finish 2020 out strong.
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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