Here's Why Small Business Owners Who Do It All Aren't Seeing Growth
What are the biggest problems business owners face this year and in the following years? According to recent research, a talent shortage is at the top of the list, causing more problems down the line. Manpower Group reports that talent shortages are at a 16-year high, affecting 3 out of every 4 (75%) companies.
And chances are, if a business is not growing and you're having difficulty attracting or retaining employees, it is because you're trying to do it all. And as the popular saying goes, don't give everything half your attention. Give one — or a few important — things all of your attention.
So, if you're wondering, "why is my business not growing?" When you partner with a PEO, you get access to the best business growth solutions focused on reducing costs while taking proper care of your employees. This means happier employees who are less likely to leave and more attractive benefits and perks for those still on the lookout.
Here are the likely reasons why your business growth stalled and how a PEO can help you grow your business.
You’re Burdened with Time-Consuming HR Tasks
Did you know that studies found that at least 4 hours and 38 minutes are wasted on tedious and receptive tasks a week? That's 10% of each employee's work time wasted every week!
Between the routine paperwork business owners and their leadership need to take care of — especially if they don't have an HR team — and daily/weekly paperwork that needs to get done, several hours are taken away from growth opportunities.
Fortunately, there is a solution to this burden. PEOs handle time-consuming HR tasks and allow business owners to focus on expansion. In fact, they can help with all of the following and more:
- Accelerating hiring and onboarding
- Employee data management
- Timesheets and attendance
- Payroll accounting and management
- Building/maintaining company culture (and hiring with your type of company culture in mind), etc.
Employee Retention is a Problem
Growth is difficult when employees aren't properly retained:
- ROI is impacted
- Hiring and onboarding cost a lot
- Losing employees costs productivity and lowers morale
- Training new employees are time-consuming and costly
- More productivity is lost
Your employees are directly linked to the growth and success of your company. If they're constantly being replaced, more time is spent on getting the new hire at the potential of the one that left. And how can your company grow in that environment?
Fortunately, PEOs improve retention and productivity. This is because they have exclusive insight into ways your staff can improve tasks quicker and more efficiently, receive the health and resources they need to be happy and healthy, and address issues in the workplace that are among your staff's top concerns. In turn, your workplace environment is more stable and healthy, meaning staff is more inclined to stay and better able to meet deadlines.
Safety and Compliance Issues Hold the Business Back
Fines can be costly when businesses aren't up to speed on state and federal safety and compliance laws. In fact, $14.82 million is the average cost of companies not being compliant. Any business hoping to grow will find it hard to achieve its goals if they run into noncompliance costs due to a lack of knowledge on the subject or small mistakes that cause big problems.
The two most common issues are:
- Federal and state safety and compliance laws can be difficult to keep up with
- Safety training for employees can be lacking
PEOs handle compliance, safety, and training to solve these issues. This way, you can stay in the loop on all the latest local, state, and federal changes and no longer worry about whether your company complies with every regulation or rule.
You’re Trying to Do it All
When you try to do it all, something will always be neglected. Despite how nice it would be, you cannot be an expert in everything and take care of it yourself.
There's enough on your plate—trying to run a business, finding and keeping good employees, dealing with supply chain issues, and other non-revenue generating tasks like payroll, benefits, safety, onboarding, training, etc.
What if you only had to focus on what you do best?
The current business environment has made it clearer than ever— small and mid-sized business owners need to recognize what they do best and delegate these tasks to someone with the staff and resources to efficiently take care of them.
Who is That Someone? PRO Resources
You may think it will cost you more to partner with a PEO. But, a PEO can actually get you more than $27 back for every $1 spent on your co-employment relationship. With PRO Resources, you get a team of specialists with in-depth knowledge of the employee issues you face and how your business can navigate through them because—it is all they focus on.