In the realm of “up and coming” or small businesses, the competition is fierce. The Small Business Administration reported in their 2018 Small Business Profile that while 872,000 jobs were created, over 749,000 jobs were lost.
Some of the top reasons new companies fail includes not having the “right” team, cost issues, and ignoring customers. Partnering with a professional employer organization (PEO) from the beginning can help eliminate these failing elements. The PEO can assist in bringing the “right” team together, take on much of the heavy lifting in terms of HR administration (putting money back on the table), and giving the business owners back the ability to focus on the customers and other revenue-generating activities.
When considering a partnership with a PEO, business owners will want to look into:
Range of Services
PEOs have the ability to offer any number of primary (e.g. payroll, workers’ compensation, risk management, etc.) and supplementary services (e.g. short-term and/or long-term disability, telehealth, gap insurance, etc.). Outside of products, the PEO of choice should help in understanding compliance regulations, reduce the overall administrative burden, and offer benefits that the business may not be able to secure on their own. Make sure the PEO you choose has a full end-to-end service offering to help you stay competitive in the industry—especially as a thriving, new business.
With all of the services available, it is important that you select a PEOs that provides service to small to medium-sized businesses with tailored packages that fit the needs of the business. In true à la carte fashion, ask the PEO if they will allow you to choose which products and services you want for your business. A customized bundle of services will not only get you the industry-best cost, but will ensure your employees are getting the benefits and services that they need most.
Ability to Grow
The PEO should be able to take on a young business with a small number of employees and have the experience and structure to grow at the same pace as the business. The services offered, also, should be able to grow with the business, offering varied services to meet the changing needs, including new or expanded service lines as they pertain to a larger employee base (i.e. 401(k) or specialized insurance plans).
Businesses that are just ramping up are naturally front-loaded with excitement, momentum, and motivation! But these energetic qualities can quickly fade when faced with some of the more intricate details of starting and maintaining a business. Adding a PEO to the mix early on gives the business a renewed sense of focus and gives business owners the ability to really focus on what matters most: the customers, the employee(s), and generating revenue. Is Vensure on your radar? Contact us today to learn more.