One of the key ingredients to growing your business is knowing when to hire. But here's the tricky part: timing is everything.
There are two common hiring mistakes business owners make:
1️⃣ Hiring too soon—before you have the cash flow to support the new hire.
2️⃣ Waiting too long—until you're stretched so thin that growth opportunities slip through your fingers.
The secret lies in finding the right balance. Knowing your payroll numbers and understanding how much of your revenue goes toward payroll is critical. That percentage—your benchmark—serves as a guide to help you determine the perfect moment to expand your team.
But here's the thing: this benchmark varies by industry. There’s no one-size-fits-all answer. That’s why diving into your numbers and understanding your unique financial situation is so important. As soon as you hit that threshold, you’ll know it’s time to bring in the extra help your company needs to grow.
This is one of the areas where we can provide guidance. By analyzing your payroll, revenue, and industry-specific benchmarks, we help you make confident, informed decisions about hiring.
Your team is one of your greatest assets—making the right hiring decisions can propel your company to the next level. Don’t leave it to guesswork.
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