By Connie Laughlin
Were all your strategic initiatives in place when January 1st rolled around so you could focus on revenue and growth?
If not, begin preparing now so your time is spent more wisely. What worked for you last year might not necessarily be beneficial this year.
Can You Turn It Around?
Do your homework on new and viable options, such as outsourcing or other business initiatives. Verify you've got all your ducks in a row with respect to human resources and risk management. Eliminate as many administrative duties as possible if you believe they could be delaying or impeding earnings growth, or possibly leaving assets unprotected. If you elect to keep your human resource admin in house, ensure all areas are up to speed with respect to the ever-changing landscape of laws and regulations. Your assets need to be better protected now (more than any other time in your business career).
Customers don't buy off on your vision; they buy your service or product. Look ahead at what this year holds for you, your company, your clientele, your market, and your employees. Look outside the box, meet new people, know what your options are, and learn as much as you can starting today.
Can you turn it around?
With business rivals everywhere and a bad economy it's amazing how companies with the right initiatives grow stronger. The leaders that are thriving are on a mission - a mission to drive their business with new ways of thinking and well-defined goals. They have a formulated process to beat the odds and make a successful business.
Are you at fault?
Management and business owners stay awake at night worrying that some day they'll be discovered . . . that indeed they don't know all the answers and that they've somewhat been bluffing this whole time. This is a true concern, although no one will admit it. You won't hear the president of a company standing at the water cooler expressing these thoughts. All of us feel that we need direction - we need to be the leader our employees are counting on to keep the business flourishing and to provide job security and benefits.
Professionals should be called in!
You wouldn't call a friend for advice on a serious health issue - you'd go to a doctor specializing in that area. With the same concern, do you let your staff handle tricky employment claims and safety training putting your company in a high risk category?
Outsourcing human resources to professionals to manage the administrative side of your business is a practical option, actually an excellent option that is a lot less costly than you think. Or, hire various employees that are highly certified and well experienced in these multiple areas; payroll, benefits, employment law, claims management, safety, risk management, HR (all areas of Human Resources expertise).
Are your employees engaged?
Determine how your employees can make the most money for the company. Are they weighed down with too many administrative duties? Are they motivated? If not, they need direction. The employees with expertise in this area are certified professionals in human resources. They are worth the money if you are a large enough company, if not you can outsource to a professional employer organization (PEO).
Where should you cut expenses?
Cut back on unnecessary expenses that don't produce revenue, such as; travel, meetings, training, and other miscellaneous expenses. But don't get caught off guard . . . be sure you're legally protected, insured, and conducting your business professionally with the least amount of time spent by your staff on administrative duties and with the least amount of associated business risk.
What's the skinny on benefits?
Benefits are a real hot button right now. Offer all the benefits you can afford to offer. Assure your employees you run a tight ship and that you are not only protecting their interest, but the company's as well.
For more information on a ESAC accredited Texas headquartered PEO call or email business consultant Connie Laughlin at (361) 852-6392 or at firstname.lastname@example.org.