Posts Tagged ‘small business’

3 Ways Your Small Business Can Save Money

Small Business

Owning a small business is a labor of love, but you’re also in it to make a living. If you’re looking to cut costs without cutting corners, consider these three ways small businesses can save money.

Reduce Employee Turnover

Hiring the right talent is important to a smoothly operating business, but keeping star employees is absolutely essential. Instead of spending your time searching for and interviewing new hires or paying an employment agency to do it, work on keeping the good workers you already have on staff. Offering bonuses, paid time off, commission, raises or other incentives will reduce turnover.

Control Insurance Costs

Insurance premiums can take a big bite out of your bottom line. Review your current policies to make sure you’re getting the best rates and aren’t paying for coverages you don’t need. Also, companies can use an innovative risk management tool such as a medical stop loss captive to keep employee health insurance costs down.

Eliminate Office Space

If being on site is not essential to your business, consider closing down your physical location and switching your staff to remote workers. Many employees prefer not having to commute, and you won’t have to spend money on rent and utilities to keep the office going.

Your small business thrives on your attention to detail. By tweaking just a couple of expenditures, you can free up capital to grow your business.

Benefits That Come from Outsourcing Your HR Function

Human resources is an essential function in any organization, including small businesses. But employing a dedicated HR resource might be costly for a small business. Many companies find that outsourcing HR is the perfect solution for many reasons.

HR administration

An HR department administers a wide array of policies and functions that can be very time consuming and requires expertise. One of the key benefits of outsourcing HR is the help they provide in managing all HR-related functions.

Legal issues

Many companies find themselves party to a lawsuit that is related to an HR issue around compliance. These complaints can prove costly for a company. Outsourcing HR can provide a business with a team of HR consultants and employment attorneys to help with employment practices and compliance. Source: https://www.arroyoins.com/tools-resources/hr-resources/

Rules and regulations

The rules and regulations are constantly changing and oftentimes the human resources function in a small business is already understaffed and overworked. Keeping up with the nuances of the regulations and how they affect the business is an ongoing task that can leave a company open to risk if not managed constantly.

These are just several of the benefits a small business can realize by outsourcing HR. Management can then be free to do what they do best – growing the business.