As a business owner and as a leader of your own success it is up to you to determine when you need staff. Not when your colleague does and certainly not when a friend of a relative is looking for work.
It is also necessary to consider do you really wan t to hire staff. Maybe your business model or future do not include hiring help, but if it does this blog may be of some assistance in helping you determine when that time is.
There are three main points in identifying when you need help
- Do you want to continue to do this work?
- Do you plan on scaling your business so you can help many more businesses?
- Are you personally working way more hours than you want?
Do you want to continue to do this work?
Many bookkeepers love the end to end work of a bookkeeping job and that is awesome. But there are just as many that do not love the grunt work (scanning, processing, paying bills, weekly payroll etc). They are choosing to do this work and all the other necessary compliance, review, setup, training etc etc – which is fine...until it is not!
Would you prefer to spend your time in higher end work eg management reporting, business advisory, training, setups etc.
Do you plan on scaling your business so you can help many more businesses?
Is your business model such that you want staff and can imagine the hierarchy of your organisational chart? You do plan to scale and have staff to do the grunt work, senior staff to do the review work, specialist staff to do the training & setups etc. ? If this is the case, I recommend you plan for this scenario and I further recommend you start earlier than later. The reason being is that you do not want to hire on desperation or hire the wrong staff member.
Are you personally working way more hours than you want?
Well imagine growing your business, client on-boarding, client issues that arise at any time to add pressure to your already busy day. Add to that the need to keep up to date with:
- industry changes
- software enhancements
- CPD hours; and
- implement new internal procedures
I do not mean to scare you or overwhelm you, but I would like you to consider hiring earlier than you think. That way, you will have time to transition work over smoothly and effectively. Set up your checklists, manuals and train staff before it becomes too busy or the pressure is too great.
When you hire based on “I need someone now” you will inevitably hire quickly, hire an unsuitable candidate, take shortcuts and waste money and time. The old adage says Hire Slow and Fire Quickly. At some point you must decide if what you are doing, day after day, is sustainable. Can you realistically continue doing all this work for a long period of time? Or do you have some work you could delegate to a lower staff member? Doing the latter will reap you the benefits of freedom to choose your next step.
If you are unclear of your business model or unsure about whether you do really want staff then feel free to book a complimentary chat with myself to see how I can assist you.