If your small business struggles with growth, you’re not alone. Many small business owners struggle to continually generate sales and boost profits when there are so many day-to-day tasks to complete – tasks such as managing employees and keeping up with payroll. Basically, no matter where you turn, it seems like there’s something you must do to keep your business running smoothly.
However there is a secret to small business success. It’s outsourcing your HR responsibilities to a Professional Employer Organization, or PEO. Yep, that’s right. Outsourcing your HR-related responsibilities such as payroll, claims management, employee benefits administration, workplace safety initiatives, regulatory compliance, and other administrative tasks can greatly help your thriving business.
In case you’re not convinced, here’s a great statistic; small businesses using a PEO actually grow 7-9% faster than those that don’t use a PEO.
In addition, according to the 2015 Small Business Owner Attitudinal Segmentation Report by Infusionsoft, 37% of business owners said they disliked activities related to human resources and another 35% said they disliked administrative tasks. If you’re part of that 37% or 35%, you may be relieved to know that a PEO can handle all those HR headaches.
Here are few things a PEO takes care of:
Payroll
Benefit packages
Workplace safety
Risk management
Human Resources
Administrative overload is very common for small businesses, and using a PEO can help you focus more on growing your business and less on HR tasks. The best part, when you have more time to focus on your business you can generate more business, which leads to boosting profits.
So now that you know what a PEO is and what it can do for your business, the next question is, “how do I find a PEO?” First of all, you may be surprised to know there are 700-900 PEOs operating in all 50 states.
As you can see, you have a plethora of PEOs to choose from, but they all may not be the right fit for your business. To find the right one for your company, you will need to ask some important questions such as:
How many administrative/HR tasks do I want to outsource?
How much can I afford to spend on this service?
How much am I currently spending to administer these functions in-house?
What types of credentials should I be looking for with a PEO partner?
These are just a few examples of questions to ask. There is so much more information on how a PEO can help business growth. That’s why we created this eight-page guide. It’s full of tips and valuable information on how using a PEO can help your business grow, and how to find the right PEO for you and your staff.
