Your business began with a dream. You wanted to start something from scratch and build a legacy. You wanted freedom and the ability to be your own boss. You wanted to inspire others and share your passion with the world.
You have remained persistent and continue to be proud of your creation. However, some days, you get discouraged. It feels that your time is not spent on your dream but dominated by paperwork and management. You wanted to inspire those around you, but you feel that most of your time now goes to supervising behaviors and processes. There is not enough time to keep up with changing government regulations and still be the visionary leader of your small business. How can you get back to doing what you love?
According to the 2018 statistics published by the Small Business Administration, only one-fifth of new businesses survive one year, and about half of those left survive five years or longer. Growing a successful business is more than having a great idea. It requires determination, hard work, great partners, and valuable time to grow your business.
HR is one area which can be more than time-consuming for any business. But it is especially challenging for small businesses, who must face the same HR and compliance issues as their larger competitors, yet with fewer resources.Professional Employment Organizations (PEO) were created to provide HR support and take care of the administrative burdens, so small businesses could get back to running their business. Under the PEO arrangement, the PEO becomes the co-employer of employees and shares employment liability. The business still retains complete control of operations and managing employees, and the PEO takes care of all the HR-related responsibilities, such as payroll.
Using a PEO frees you up to focus on business growth and development.
Rather than handling all these functions in-house or outsourcing to various providers, a PEO partnership integrates with your business to serve as a full-service outsourced HR department.
It is hard to focus on your vision and building your bottom line when you are worried about FMLA, #Metoo, and Obamacare, and the many new and changing employment laws. Outsourcing with a PEO, like Propel HR, provides the expertise, as well as peace of mind, to handle the complex facets of HR. The co-employment model serves as a one-stop-shop with access to, not only better employee benefits, support for HR compliance.
In fact, companies that use a PEO:
- Are 50% less likely to go out of business
- Grow 7-9% faster
- Have 10-14% lower employee turnover
That’s why 98% of companies using a PEO would recommend one to their colleagues.
It is time to recall why you started your business? What was the dream that got you motivated each morning? Have you lost sight of that vision in the minutia of being an employer? Is it time to reignite your passion for your business? If so, it may be time to consider outsourcing your HR.
For more expert HR insights, visit www.MyPropelPro.com/UBJblog.