Monday, April 28, 2014

How to turn your business around Part III: Do you have the right personnel?

Another element which can hold a business back is not having the right personnel.  Every business has to sell and if the owner is unable or unwilling to sell, then a sales person must be hired.  The same is true for the bookkeeping/accounting.  It has to be done so the question is who is going to do the work?  The financial arena is one which is often neglected and is the frequent target of cutbacks.  While this area is not a profit generator, having accurate numbers is crucial for managing the business so the cost of maintaining the books for the company must be built into the budget. The decision as to whether to outsource certain tasks can be easier to make if the owner can see he/she is able to free up time for income generating tasks by hiring people to tackle non-income generating tasks.  

An important part of hiring the right personnel is to create an detailed job description with the tasks to be performed and the skills needed to perform the tasks.  Take time to determine what kind of personality the owner works best with is also important, especially if the business is a small one.  You don't want to have clashing personalities with your only employee!  If this is going to be your first hire, think about which family member you work the best with and what personality traits that individual has.  Also think about which people you have the most frequent conflicts with and determine what personality traits that person has.  

If this is your first hire, make sure you get some expert assistance in becoming an employer.  There are so many rules and regulations and paperwork involved so you will want help to get it right.  

Don't let you fear of being an employer hold your business back.  Do your homework, find the right person and get help with the paperwork and move your business to the next level of success.

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