One of the biggest problems that many eager startups run into during the first year is a lack of staff. Whether it’s not having enough workers or the lack of a PR department, startups tend to have their workforce spread thinly and as a result, they can’t meet demands.
To help your startup succeed in the first year, here are some tips to help you decide who you need to hire for your business to grow.
A lot of young business owners try to save costs by subscribing to an online bookkeeping service or design spreadsheets to manage finances on their own. However, neither of those are suitable for a large business and it’s foolish to think that you won’t need accounting assistance. It’s dangerous to take financial matters into your own hands and it’s a threat that will shut down an eager business.
An accountant can be hired at any stage of your business but it’s recommended to get one on board when you open your doors. They will know how your business works, they can manage the payroll and invoices with more ease, and they’ll get to know the rest of your staff to make communication easier.
If hiring an accountant right off the bat is too expensive then consider outsourcing it to a finance company. It saves you time and effort because you won’t have to manually recruit someone and interview them, and you don’t need to promise them a monthly salary with all the added benefits because they won’t officially be your employee. However, if you plan to upgrade to an in-house accountant at some point then it’s recommended that you do so from the beginning.
A legal team
If you deal with trademarks and patents on a regular basis then it’s essential you hire solicitors and lawyers. They will advise you on how to start up your business, how to maintain it, all the fees and hidden costs, legal advice and even how to deal with trademark and copyright disputes.
If you consider getting a legal team when you’ve already been sued then it’s too late. By the time you can source a lawyer to help your case, you’ll be forced to pay the fines or fees and you could end up with a huge dent in your finances. It’s best to have a legal team ready to avoid those situations in the first place, but they’ll also come in handy with everyday disputes and legal problems as they arise.
A human resources department
You won’t need an HR department early on but having a couple of people who are capable of interviewing potential recruits is an essential component to sustaining healthy business growth. It’s always a good idea to plan ahead when it comes to business so that your workforce isn’t thinly spread when there’s a lot of tasks to manage.
By having an HR department, you’ll have a team dedicated to solving employee disputes, dealing with absences and illnesses, listening to employee concerns and of course, sourcing the best workers for the job. It’s an invaluable resource and arguably the most crucial department once your business has grown.