Running a business takes a lot of work. In today’s digital world, it’s not uncommon for entrepreneurs to do everything on their own during the startup phase. There’s so much automation software that it’s possible to be a solopreneur for a while without burning out. However, inevitably, you’ll reach a point where it’s necessary to get other people involved.
Even if you aren’t a one-man-shop, and you have several employees, you’ll reach a period of uncharted growth, or you’ll hit a plateau. Just like in the case of the solopreneur, you’ll inevitably reach a point where getting more hands-on-deck seems like an inevitability. However, how do you know when it’s the right time?
In addition to seeking growth, business owners know that a key to profit, is cutting expenses, and hiring outside help is an expense. How do you know when that expense is justifiable and necessary? Here are a few sure signs that it’s time to hire outside help for your business.
Sign Number One: You’re Burned Out
Fatigue and burnout are real threats to a business’s success. If you find that you’re burning at both ends and running out of steam, it’s time to bring more people on. While you might feel like you can’t afford it, you can’t afford not to do it. Your business will not run if you’re not around. Stress is a leading cause of heart attacks and suicide, and if you keep running without reprieve, you’ll burn out, and so too will your business.
Sign Number Two: You’re Implementing New Technology
There are numerous DIY-friendly software solutions out there, but there are others that are much more complicated. If your team doesn’t have the necessary skills to implement tech correctly, you’ll waste time and money in the long run. Frankly, the new tech won’t even be worth the hassle. Complicated analytics software, robust CRMs, or sophisticated bookkeeping software are all examples of these types of tech. You don’t have to hire a full-time IT department, either. There are several companies and freelancers out there offering tech consulting, salesforce services, analytics tracking, and more.
Sign Number Three: You’re Growing Rapidly or Not at All
If you’re in a period of rapid growth, you’ll have to hire some outside help. During periods of growth, it’s much more common to drop the ball on regular processes, leading to dissatisfied customers and lost revenue. If your company is growing, use the extra revenue to hire more staff so that you can sustain the growth, and continue to grow.
Conversely, if your revenues and profits won’t budge, something isn’t working. Try and isolate what part of your business is causing the stall and hire a consultant to come in and whip it into shape. The consultant market is vast. There are business consultants, marketing consultants, sales consultants, and more. Their insight could be just the thing you need to move past the plateau and into rapid growth.
Sign Number Four: You’re Turning Down New Projects or Opportunities
If you find that you are turning down clients or potential growth opportunities. It’s important to ask yourself why. While some clients and prospects aren’t smart business moves, if you find yourself turning down more opportunities than you’re taking, then you need to hire outside help. Why? This goes back to the first point about burnout. If you don’t have the capacity or time to take on more work, then your business will never grow. Getting clients and projects is the hard part, too. So, if you find that you’re turning them down, this isn’t a good sign. Hire the help you need to be able to say yes to all the right opportunities.
Sign Number Five: Your Accounting Is a Mess
If your books are a mess, so is your business. Many businesses forgo hiring competent accountants, but doing so could be a giant mistake. If you can’t easily find your profit, revenue, and loss, you’re not in a good place. Not knowing the state of your financials not only makes tax time a headache, but it makes the potential of selling your business in the future nearly impossible. Even if you don’t ever plan to sell your company, having a clear picture of the financials is critical. This concept also relates to other areas of the business, too. If your marketing numbers, customer communications, or backend is disorganized, you’re shooting yourself in the foot.
Don’t Be Afraid to Hire Outside Help
Getting outside help for your growing business is a smart move. Whether you’re doing it solo, or already have a few employees, the above signs are indicators that it’s time to hire some outside help. All business owners and executives are worried about the bottom line and unnecessary expenses. However, research shows that hiring outside help and support staff actually increases profit and grows the business, as long as you do it at the right time.
If your business is showing any of these signs, consider hiring outside help. The added expertise and added hands will ultimately pay off for your business in the long run.