As a new business owner, you may feel you can manage your workload single-handedly.
However, this will not always be the case.
As your business grows and evolves, you will eventually need an extra set of hands, meaning you will need to bring people on board.
The recruitment and onboarding process is an integral part of running a successful organisation. But what do you need to consider beforehand?
Which areas require support?
First and foremost, you need to figure out why and where the additional support is needed.
Review your business’s output to identify where there are gaps, or signals of increasing demand that you would be unable to cope with.
If you are not currently at capacity but aim to be in the future, you need to be realistic about whether taking on an employee would be sustainable.
Think about what the employee would be doing daily. Are there specific skills that you are lacking and need support with?
You must have a clear understanding of what the employee’s role would be and how they would contribute to the business’s overall goals.
Forecasting can help to predict the potential revenue that the employee will generate.
How much will this cost your business?
When you are satisfied that taking on an employee is justified, you need to decide on a suitable wage to offer. Research similar job listings to get an indication of what you should be offering.
You should also look at your business’s finances to confirm a salary range that would be sustainable.
Make note, you must pay any employees at least the National Minimum Wage and give them 5.6 weeks paid holiday each year.
You should also factor in the cost of Employer National Insurance contributions, pension contributions, benefits, and the cost of equipment or accommodation required for the role.
Are you clued up on payroll?
There are several different types of payroll systems available. These include computer-based software packages such as QuickBooks, Xero or Sage 50cloud Payroll.
Depending on the size and complexity of your business, you will need to select an appropriate system based on your specific needs.
A sound knowledge of payroll rules and regulations prior to recruiting staff can help you avoid potential legal issues, financial penalties, and other costly problems.
Need further advice on matters related to the above? Contact us.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)