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When to hire?

accounting services build a better business business organisation Nov 26, 2021

As a business entrepreneur, you will reach many breakthroughs in your business, and one of these breakthroughs is getting to hire your first team member or employee. Hiring your first employee is always a good thing because it is one of the signs that you are expanding your business. However, it’s hard to know when to hire your first employee, and there are a lot of things you need to consider before hiring because hiring your first employee too early can be a cause of an issue.

Here are signs that it’s time for you to hire help:

1. New sources of potential revenue streams

When you have identified new sources of potential revenue streams from your line of business, like new territory, product extension, or a new target audience, you’ll need a helping hand that will allow you to tap into the new market. 

You may not see it right away, but hiring an employee when there are new sources of potential revenue streams will be a great deal of help because you’ll be able to offer your products or services to a wider audience, and when you do, you’ll also increase your revenue.

2. Customer complaints

 Amazing customer service helps increase your revenue, so when you receive customer complaints, you may be losing revenue. If you’re getting customer complaints, it means they’re complaining, but they haven’t left your business yet. This means that you are given a chance to improve on your product or service.

So if you are receiving complaints because of the poor quality of the product, or some problems with your business website, or simply because of long wait times, take that into account and hire your first employee who will help better your business.

3. Turned down work

 Turning down work as a small and startup business is bad and is a recipe for failure because your customers might have the impression that you are turning down work because you can’t afford to provide the product or service, and in turn, your potential customers will go to your competitors.

Don’t let that happen. When you start to feel that your number of customers is going up, or the orders are piling up, go and get yourself an employee.

4. Poor quality of products or services

 You may have started off with an excellent product or service, but along the way, the increase of the demand could have overwhelmed you, or you are rushing to provide the products or services, which results in a poor quality of products or services.

Never sacrifice quality over quantity, because no customer will go back if you continue to offer poor quality products or services. When you can see that your product or service is not the same as when you started, do not hesitate to hire your first employee.

5. No time for accounting

 If you are dealing with customers all day during your business hours, you will not have the time to do your accounting, like bookkeeping, invoicing, and the like. You might have to sacrifice your weekends to do these tasks.

Your business will grow, and so will these responsibilities, so you need to hire someone who can help you.

Need help with accounting tasks? Stream Accounting is here for you!

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