Expanding Your Business

Expanding Your Business

SMEs are getting a lot of attention right now, and rightly so; everyone loves rooting for the underdog. However, no one wants to stay as “the little guy” forever. Business is all about growing, expanding, and innovating. Failing to do so will result in obsolescence. And no one wants that in their backyard.

The Growth Factor

So what does growth entail? For most, it involves the obvious: Increased revenue, cash flow and profit. That is the goal that most business owners envision. In order to achieve that, you have to be able to engage with a larger pool of clients. More importantly, you have to be able to handle the increase in client engagement. That means having more staff in one’s employ. When it comes to staff management, focus invariable falls upon the Human Resources department and how efficiently it executes its mandate.

Growing your workforce hinges on two things: your ability to both recruit and retain talent. Your company’s profile and career opportunities should be enough to handle the recruitment aspect of things, leaving you with retention. When it comes to retaining talent, it boils down to making the employee feel like a valued stakeholder within the company.

Serving Peace of Mind

When you’re operating in a fast-paced environment (and who isn’t these days?), security becomes a common concern for employees of all levels. Knowing that their basic employment rights are taken of gives your staff peace of mind, allowing them to focus at the task at hand. And while you may think you’re giving them the attention they deserve by using certain tried-and-true methods regarding HR management, you’d be remiss not to consider alternative options that could help to optimise the whole process.

Mention “job security” and one of the first things that come to mind is legality. Ensuring that your legal documents are on the level is the first step to assuring your employees that their jobs are protected within the confines of the law. This is considered to be behind-the-scenes-work and while your staff may not be aware of it, it will definitely be of tremendous benefit to them especially considering the tumultuous time we live in right now.

Hiring or even maintaining a legal department can come at a significant cost. Instead, consider consulting a software-as-a-service (SaaS) firm on how they can actually assist you in terms of legal documentation. Some companies, like Dragon Law, offer business owners the capability of generating legally-sound documents off a standardised template. The template can also be individualised to suit to business owner’s requirements, making it a very flexible option to be considered. Dragon Law’s technology for example, guides business owners through the process of creating even the most complex legal documents from start to finish. The platform promises highly-customised contracts that address specific business needs, at a rate that is 10 times faster and 5-10 times cheaper than buying traditional bundled legal services.

The other thing that ties into job security is payroll management. Having an accurate and regular payroll is of equal concern to both employers and employees. Mismanagement of salary payment can cost businesses time and money whilst generating no small amount of frustration amongst staff members. At best, it can result in a bunch of cranky employees. At worst, it will have the authorities serving you a notice of failing to comply with basic employment statutes! If growth is of any priority to you, it would be best to ensure that these matters are taken care of before they get out of hand.

Several software options in the market now offer automated calculations of both salary payment and tax contributions. The respective amounts are also displayed via itemised payslips can the information retained within the systems database, allowing for easy retrieval and review. Vendors such as HReasily offer a user-friendly interface that allows administrators to effect accurate and detailed payments in a streamlined fashion, relieving them of the burden of doing it manually. This minimises the chance of human error, an unfortunate constant that has always bedevilled even the most astute of business owners.

Onwards and Upwards

Growing your business can be an uphill task. As with most things, it’s taking that first step that is often the hardest; the study of physics explains it as inertia. However, once you start to generate traction, you might actually find it hard to stop (not that you’d want to)! When it comes to taking advantage of technology, think of them as accelerators: something that will definitely aid you in your goal of moving your business forward.