Many business owners are unfamiliar with the time and energy-saving services that a PEO can provide. As an illustrative example, I’d like to introduce you to Dave. In this blog post, we’ll see how partnering with a PEO helps save Dave time, money, and energy so that he can run his business effectively.
A few years ago, Dave woke up inspired to start a new business. Soon, an idea that started in the back of his mind began to grow. He did some research, developed a business plan, and determined how much start-up capital he would need to bring his idea into reality. He did his due-diligence by learning employment rules, regulations, and tax laws. Eventually, Dave brought some more people on board, created a marketing plan, and secured a location. He poured all of his knowledge, creativity, passion, and persistence into growing his idea, and soon he was looking at opening a viable business operation.
Fast-forward to today—Dave’s company is a success! What started as an enterprise with just a few people has turned into a fully functional business with a growing staff of over 30 employees. Dave is thrilled, of course—but he’s also feeling overwhelmed. He’s nurtured his company into a thriving business, and there is room for further growth. All he needs to do is devote some time to developing his business plan for the next year, if he can just find the time!
Unfortunately, as a small business owner, Dave has to wear a lot of hats throughout the day. In addition to running his business, he finds himself spending countless hours on HR-related issues, balancing risk management decisions, and tackling the tedious task of payroll.
Does this sound familiar? As a business owner, it’s easy to become overwhelmed when all of your ambition, drive, and motivation is overshadowed by a mountain of tedious administrative work. If you’re anything like Dave, maybe you’ve begun to wonder if you can afford to hire someone and task him/her with the duties you simply don't have the time to do.
Hiring a PEO Saves Dave Money
During his research, Dave realizes that hiring someone with the necessary skillset he needs is quite costly. Not only does he need someone to handle payroll, he also needs HR support, help with benefits administration, and a risk management expert. Dave was surprised to learn that the traditional route of hiring a few skilled professionals was not the most cost-effective solution, especially when he compared it to the cost of PEO provider.
Hiring a PEO Saves Dave Time
Dave is eager to get to developing next year’s business plan, but first, he has to find a new employee. He knows he’ll have to spend time creating a job post, sifting through resumes, interviewing, hiring, and training. Then he’ll have to handle all the back-end paperwork that comes along with recruitment such as completing the I-9 forms, new hiring reporting, employee handbooks, etc. He’ll have to take care of all of this before he can focus on developing his business plan.
Dave could free up a lot of his time by allowing a PEO to handle all the paper pushing, while he still oversees the recruiting and hiring of personnel. They are up-to-date on the ever-changing federal, state and local regulations. It's difficult for Dave to keep up with his regular duties when he’s wearing a number of other hats, too. A PEO is efficient. With a PEO, Dave would have a team of skilled professionals all at his disposal to tend to time-consuming tasks.
Hiring a PEO Saves Dave Energy
Finally, Dave has a free afternoon to dedicate to writing next year’s business plan! He’s an hour into the project and brilliant ideas are flowing when he gets a knock on his office door. It’s an employee with a question about their 401k benefits, followed by another employee who needs to update a workers’ compensation claim. Dave answers the questions, fills out the right forms, files a report, and tries to get back to his work—but his brilliant idea has faded away while he’s been fielding questions.
Dave can’t change the fact that these are essential tasks that need to be completed. However, by partnering with a PEO, he can minimize the energy he spends on them.
No business owner wants to deal with administrative issues when they have a business to run. No business owner wants to do the research of labor regulations and workers' rights when their employees file a claim.
Like Dave, you can liberate yourself from having to deal with the headaches and heartaches that come along with managing personnel—let a PEO handle it for you.
As a business owner, your goals always include making a profit, generating a high level of interest, and creating brand awareness. If you're a successful business owner, the outcome could be more than you've ever dreamed or expected. When you find yourself doing more than you can handle or feeling that your passion is overcome with overwhelming tasks you'd rather delegate, consider sourcing the professional employer services you need through a PEO. Your knowledge, creativity, and vision are irreplaceable and should be spent creating the next big idea!
