Where have you been directing your focus?
On top of growing your staffing business, your payroll and record-keeping tasks can seem never-ending – taking up so much of your valuable time. Plus, it can be even more stressful for anyone inexperienced with such responsibilities (which most small-medium business owners are).
As the owner of a growing staffing firm in Canada, your primary focus should be on what you do best: recruitment, and growing your client base. With that said, here’s how outsourcing payroll services will allow you to thrive in the staffing world:
You can spend more of your hard-earned money on the right things.
As we mentioned in our other article, not outsourcing payroll and hiring in-house payroll clerks instead can be a much costlier route. There’s the cost of hiring, first and foremost (Officevibe.com claims that the average cost per new hire for a business has reached $4,000 per hire), plus salary, benefits, vacation, possible maternity leave, other employee expenses, payroll software and appliances, – the list goes on.
Then there are the financial risks that come along with not being experienced with managing payroll. Did you know that according to the IRS, 40% of small businesses can spend an average of $845 yearly in fines because of incorrect or late filings and payments? Unfortunately, it can happen to any business owner – especially those focused on establishing and growing their company. But many of these expenses associated with in-house payroll management can be avoided when a staffing firm owner outsources to professionals who are already equipped with the know-how and tangible tools.
You can focus on establishing and building your place in the market.
It’s very important to have an understanding of your particular niche or position in the staffing world. You’ll need to establish an area of focus in order to stay competitive. What do you excel best at? Having freedom from the responsibility of tending to time-consuming and stressful payroll tasks gives you the opportunity to zero in on your specific strengths and recruitment talents. You can successfully dedicate all of your time and efforts to providing and marketing your niche service to clients, which is an all-around better business strategy that will also help to increase your company’s visibility online. This leads us to our next point…
You’ll have more time to attract new and valuable clients to your agency.
In today’s digital world, online marketing and promotional efforts are more important than ever. If your staffing agency doesn’t have a healthy presence online, then your competitors who do will have a significant advantage over you. Online advertising methods, such as through Facebook and Google Ads will bring more traffic to your website, more attention to your services and will push your staffing firm higher up in search results. And because you’ll have a niche to market, your targeting will be that much more specific and effective – bringing to you the right clients for successful business.
You wouldn’t have your business if it weren’t for your clients – but you need to keep growing your client base in order to stay in business.
You’ll have more “you” time, so you can perform to the best of your abilities.
Managing payroll in-house can be stressful and is in no doubt time-consuming. Because of this additional stress in the workplace, there can be a considerable decline in productivity. In fact, Tower Watson reports that 57% of employees who claimed to be stressed at their place of work felt disengaged and less productive compared to 10% of workers reporting a low-stress work environment. With more of your time freed up to focus on what matters most, and more time spent doing what you do best, your staffing company has all the more opportunity to soar.