Small businesses may start off as a simple one or two-person operation but as the business gains traction and starts to attract more customers or expand, the need will eventually arise where you’ll have to hire someone to help out with the workload. Even still, some business owners will remain reluctant to bring on an employee because of the added expense in wages. There is a potential solution for that dilemma, which will be covered in this article, along with some other added benefits of hiring someone.
Free Up Your Time
If you’re an owner/operator of a small business, chances are you’ve been putting in some pretty long hours from the very start. Whether your business is currently growing or has plateaued, it might be time to free up some time for yourself. Having an extra set of hands will allow you more opportunities to take a break if you need to.
Having more help and time also gives business owners a chance to focus more on the business side of things. Perhaps you’ve been thinking about expanding but simply haven’t had the time to work out the details or formulate a plan. Once you hire an employee, you’ll then have some time on your hands to focus purely on business matters such as expansion.
New Employees Can Bring New Ideas and Enthusiasm
There is always the possibility that a fresh mind and set of eyes can lead to new ideas that will ultimately benefit the business. While it’s up to the business owner what ideas they will implement, it’s always wise to listen to the feedback you get from your employees and determine whether it’s something to take on board or not. Everyone sees things a little differently and more combined brainpower can lead to better decision making.
As a small operation, the vibe in the business could have grown a little stale over time. A fresh face will generally provide an injection of fresh enthusiasm which can become infectious for everyone involved. This is another major advantage of hiring someone, as it can prove to be a good motivator.
A New Employee May Have Skills That You Don’t Have
Everyone has skills and good points that others may be lacking and bringing on a new worker could fill some gaps in the business skillset. For example, if your business relies on someone having good sales skills but those currently working in the business are only adequate at best, the new employee could end up boosting sales in a major way.
The same could apply to many different skills, depending on the type of business you’re running and what industry you’re operating in. New employees with new skills will help keep your business competitive.
Employers May Be Eligible For Wage Subsidies
The Australian Government is currently running a wage subsidy scheme, to offset the cost of hiring a new employee. There are actually a number of different subsidies available under the scheme, so there’s bound to be a wage subsidy you can avail of.
Wage subsidies are up to $10,000, 40% of which can be claimed after the first 4 weeks of hiring someone. The job needs to be ongoing and not temporary and you must meet certain criteria to be eligible.
The job you’re offering can be full-time, part-time, or even casual, so long as the new employee works a minimum of 20 hours per week for a 6-month period. There are other criteria that need to be met to be eligible for a wage subsidy but you can find out all the small details when you look into it further.
Some key things to note are that you can’t hire a new employee under the wage subsidy scheme in order to fire another employee. The new employee cannot be a family member and the job must not be a commission-only position.
For small business owners who need workers but cash flow is tight, a wage subsidy could provide the solution.
There are a number of positives to be gained by hiring a new employee to help out with your small business and the wage subsidy scheme could make that a reality.