It’s Time for Your Company’s New Year’s Resolution
The beginning of a year is a time to assess what goals you want to achieve over the course of the next twelve months. Companies use this time to evaluate their business plan from the previous year and determine what goals were met and what plans may or may not have been successful. Now is the time to dust off that old business plan and devise your company’s New Year’s resolutions to put yourself on the road to success for the remainder of 2014.
Most businesses’ resolutions include increasing profits and productivity while growing return on investments (ROI). However, there is one important factor often overlooked that should be considered: maximizing time as a business owner.
Resolve to make time
Time stops for no one and there is a finite amount of it to use each day. Business owners that learn how to maximize their time, streamline processes and create efficiency in the workplace know they have a greater chance at achieving their goals each year.
Because time is our most valuable asset, it should be used towards creating processes and establishing ways to increase revenue. However, when tedious day-to-day administrative processes take up much of an owners’ time, business growth can suffer.
Companies face many challenges in today’s marketplace that make it difficult to devote time to expanding their business and remain successful. Market conditions have made it especially hard for small businesses to maintain profits in a struggling economy. Many have had to cut their workforce in order to stay profitable, forcing employees to wear several hats.
Keeping up with important administrative duties often falls on the shoulders of owners who are already strapped for time. This causes New Years’ resolutions to fall by the wayside as administrative tasks become a burden and companies try simply to stay afloat.
How do I create more time?
How can owners stick to their resolutions when they don’t have time to devote to activities that increase profits or help generate new business?
An attractive and affordable alternative, especially for small businesses, is hiring a Professional Employer Organization (PEO). Rather than investing in growing an expensive internal HR department, business owners are able to minimize their costs by hiring an expert PEO to take on administrative duties and allow them to put time back on the their clock.
What do I get when I hire a PEO to save time?
A good PEO will offer a variety of services such as HR consulting, compliance, employee benefits, risk management, payroll services and more. Using a PEO will give owners the time they need to focus on the important day-to-day tasks that help them increase business. Instead of adding to your workload, start outsourcing administrative tasks that take up much of your day. For about the cost of hiring one employee, engaging a PEO can help you assess your company’s processes to keep you runn
ing more efficiently.
A PEO can take on the labor-intensive task of payroll administration and tax compliance, while increasing worker productivity through time management software. A PEO also simplifies the process of obtaining fortune 500 benefits that your company may not otherwise be able to have access to or afford.
Compliance regulations and reporting are two important additional factors that take owners away from their business and put them behind the desk for hours at a time. New Occupational Safety and Health Administrati
on (OSHA) regulations being proposed for 2014 could make reporting accident and illnesses more time consuming for companies with as few as twenty employees.
In addition, the Affordable Care Act (ACA) will go into effect this year, forcing businesses to take the steps to ensure their healthcare plan is compliant or face penalties. A PEO has the experts business owners need to help sort through complicated OSHA and healthcare regulations. A PEO is also able to assess risk and keep companies out of legal trouble. The PEOs ability to aid employers in this fashion gets the owner out from under paperwork and gives them time to do what they do best, run their business.
Start 2014 differently
Using a PEO as your HR partner allows business owners to outsource activities that consume their precious time and gives them back the opportunity to invest in and grow their business. Resolve to let the experts at a PEO handle many of your tedious HR and administrative tasks and put your company on the road to success in the New Year.