Solving Staffing Problems WIth A Business Cash Advance
If you are a small business owner, you know the difficulty of hiring and maintaining an adequate number of employees. A big problem is often the lack of sufficient cash flow to enable you to hire enough personnel for your company to function as well as it should. One solution to this dilemma is a business cash advance. The following are some factors to take into account before deciding to go down that road.
How Many Workers do you Need?
Because it’s not easy to predict how many customers you will have on a given day, it’s difficult to calculate how many workers you need at any given time. If you overstaff, you waste money that you may not make up in sales. Conversely, if you understaff, you may lose out on sales.
Your Staff’s Productivity
Do your best to determine what level of work your current team can realistically handle and then come up with a staffing plan. Once you know how your staff is currently functioning, you can decide on some productivity goals and rewards if those goals are reached. Keep in mind that new employees will be less productive at first than your seasoned workers.
Costs of Hiring
When you hire staff, your expenses aren’t limited to their wages. You also have to factor in payroll taxes and benefits. Although part-time workers receive fewer benefits than full-time ones, it’s generally not realistic to expect an entirely part-time staff to do top notch work. A business cash advance can enable you to grow your business with dependable full-time employees.
Funding Additional Staff
One solution is to increase current staff hours gradually rather than hire new personnel. Another idea is to hire interns such as college students who may be paid or unpaid. However, when your cash flow can’t keep up with your staffing needs, a business cash advance may be the solution. We can provide you with funding to solve your staffing needs, so give us a call today.