For small businesses, payroll can present a significant challenge as they struggle to recruit and retain the best employees. If your business does not offer competitive salaries or bonuses, you may find that top performers seek out opportunities elsewhere, leaving you with less-skilled employees who are not as capable of keeping up with demand. This can lead to slower response times, higher employee turnover rates, and poor customer satisfaction scores. To avoid this fate, follow these seven strategies small businesses should follow for rapid growth.
Table of Contents
1) Automate your HR Department
Finding a small business human resources software that’s intuitive to use, affordable and comes with real-time support can be a challenge. The good news is, there are solutions out there specifically designed for small businesses that save you time and effort as well as money. In today’s competitive environment, where job applications can be submitted from anywhere in seconds, it pays to know your options. Put simply: An effective HR system will automate time-consuming tasks, allowing you to focus on other areas of growth within your company.
2) Switch to a cloud-based payroll software
Manually calculating payroll can become time-consuming as your staff grows, so switching to cloud-based software is often a good idea. In some cases, you may find your payroll provider offers a solution for small businesses as well as large ones. If not, enquire with them about what kind of plan they have that would work for your company. Either way, it’s important to factor in convenience and flexibility into any business decision—and payroll systems are no exception. Cloud technology allows you to change or add employees at any time without having to contact an administrator or software developer; you simply log into your account and make adjustments yourself.
3) Simplify Information Flows
Being innovative can be difficult. We have to take risks, explore uncharted territory and deal with uncertain outcomes. With so much uncertainty involved, it’s easy to get overwhelmed. But there are ways for organizations to better manage risk and protect themselves against failure. One way is by simplifying information flows within an organization so that it becomes easier for employees to follow internal company policies, procedures and strategic initiatives. When things are streamlined, you can take calculated risks without feeling fearful of negative consequences because people know where they stand at all times.
4) Take Advantage of Cloud Computing
Regardless of your small business, one of your biggest challenges is probably figuring out how to manage and automate your data. Cloud computing has evolved to make many things possible that were once difficult or cost-prohibitive, such as easy access to multiple computing power sources; cloud-based storage; and systems that can sync with other platforms. If you’re not familiar with cloud computing, look into what you can do. It could be a great solution for solving some of your difficulties—and it’s something worth learning more about.
Cloud-based management software is one of the newest technologies to enter the market. With cloud-based production management software, companies can have a production plan for their business and be able to track work orders and other statistics. It frees up the time of managers so they can focus on other aspects of their business rather than dealing with production schedules.
5) Streamline your business process
If your business is currently doing payroll manually, you’re most likely putting in far more time and effort than you need to. There are a variety of payroll software providers out there that offer solutions for every type of business. Using an online payroll provider can help eliminate payroll paperwork, save time with automated payments and deductions, eliminate accounting errors, provide customized reports and tax filings for up to 50 employees per month—and you can even get paid faster. You pay for these services by the employee each month, so it doesn’t cost much to start making things easier on yourself. Plus, once you’ve used a system l for a while you might discover new ways your company could grow with all that extra time saved!
6) Expand by Outsourcing Tasks
Deciding what to outsource and whom to outsource it to can be a challenge, but there’s one common denominator: If you’re not doing something every day that contributes to your bottom line, then someone else probably can. Look at all tasks that do not contribute directly to revenue or retention and figure out if you can transfer them to someone else. Freelancers are great for outsourcing tasks, as are job boards. Tap into both of these resources before making any decision about what could be outsourced. If a task is a nice-to-have instead of a must-have, move on from it and save your time and money for things that will have a positive impact on your business.