Choosing to hire extra staff in your business should never be a decision made lightly, but according to The Economist Intelligence Unit (EIU), more small businesses are failing to hire new staff, that could really make the difference in a business, because they simply don’t want to take the risk.
The economy has forced many small businesses to close its doors, operate online or scale back in some way – but according to research from The Economist Intelligence Unit (EIU), it is important not to let this scare you into never taking a business risk again.
According to the research, small businesses have “a longer-term view on financial planning, debt, business continuity preparation and building reserves,” rather than an “appetite” for risk.
Richard Coleman from Zurich has commented, “It’s great to see the increased sophistication and long term view of many SMEs but for [small employers] to drive growth, we need them to regain their appetite for controlled, calculated risk-taking. In the face of such a challenging environment however, some are understandably reluctant to do so.”
It is these small risks in a business that can encourage successful company growth – and can be the difference between a company “getting by” and really succeeding in their industry.
Hiring a new employee, or even your first employee, may seem daunting but there is a guide and toolkit online, released by the Government yesterday, which should help. This gives tips and guidelines when it comes to hiring new staff, so you know you do not make any mistakes. It also covers other areas of recruitment, like maternity pay, sick leave and contracts, so you can understand the entire process more easily. Taking the leap and hiring new and innovative minds into your company can make the difference and the risk really can pay off.
Giving your business an opportunity to grow will enable many small businesses to succeed and fight through the effects of the recent recession, which should in turn help pave a brighter road for the economy. By working together and being forward thinking, businesses don’t have to struggle like they have been for the past few years.