The right business advisor can help keep your company on track
This is the first in a series of four articles on how to manage new business development vs. day-to-day operations.
Even amid the worst economic downturn since the Great Depression, the American entrepreneurial spirit thrives. Yet, with each start-up or expansion comes anxieties, when a business owner realizes that running a company brings a number of potential headaches. How do I know I am hiring the right people? Can I keep up with payroll? Am I offering the best benefits? And, most importantly: How do I make sure my attention remains trained on growing revenue and providing services?
Many small businesses find the key to avoiding mistakes is to have expert support in place and turn to the right advisors on the ins and outs of running a business, from payroll taxes to setting up office-technology networks. Building a relationship with a company that excels in workforce optimization and business performance solutions ensures that a business owner has a comprehensive approach to human resources (HR) and productivity issues and gains more time to focus on the critical bottom line.
Here are five ways an experienced business performance advisor can help a company prosper and relieve some of the administrative worries of running a company.
- Benefits management. A business can go head-to-head with competitors and attract and retain top talent by offering an array of important employee benefits, from medical and prescription insurance and life insurance to retirement savings plans and educational reimbursement. A sophisticated benefits program is within reach by aligning with a company that offers the buying power to provide such HR services. An HR and business performance solutions company also will take over the administrative aspects of benefits plans, freeing up valuable time for managers.
- Recruitment support. After creating a great business, it is time to make sure the top talent in your field knows about the company’s job openings through strategic recruitment efforts. Then, when the resumes begin arriving, training and assistance throughout the interview and hiring process will prepare the company to recognize the real talent from the pretenders.
- Performance management. One of the biggest reasons good employees move on is a lack of feedback from management. Do not be tempted to skim over employee needs because of other priorities; however, that does not mean taking your eye off the business-development ball. A business performance advisor can help put systems in place to monitor employee development; establish competitive compensation, incentive and recognition programs; and foster a climate that encourages optimal performance and productivity. Ignoring these critical aspects of staff management could result in lost productivity or costly turnovers.
- Technology services. Computerization and the Internet have become vital parts of virtually all industries. Yet, few small companies can keep pace on their own with both the benefits and the threats these technologies bring. Having the right support and software will keep crucial systems operating properly and important business data protected.
- Organizational planning. Growth can create confusion about a company’s reporting structure. An organizational software program can provide clarity as well as pertinent workforce metrics and statistics. Understanding a business’ organization can help managers and employees plan for the future while keeping the company poised for success.
For a company to run smoothly and grow at a profitable pace, especially in this economy, smart business owners need to focus on what matters most – their core business. The help of trusted and capable advisors for solid workforce and business performance solutions can provide relief and insight, and even help position a company for success and future growth.
Next week: How to take the “work” out of paperwork.