About 15% of small businesses in the United States have chosen to partner with a professional employer organization to streamline their payroll, benefits, workers compensation, and more -- and they’re realizing significant savings as they expand their services.
Small businesses who choose to go the PEO route save time, too, but they can put the money to work right away with a few ideas for the new cash flow.
Grow Your Team
You know that person you’d love to have on your team, but whose salary you couldn’t quite justify? It’s time to re-think your hiring needs.
You can use the money you saved by working with a PEO to add that full- or part-time employee who you’ve wanted to hire for so long. Maybe it’s a marketer, maybe it’s support staff, maybe it’s a project leader.
And if the money’s still tight, consider a contractor who could meet your needs.
Reward Your Employees
Companies that use PEOs have higher employee retention rates, but it’s always nice to sweeten the deal and improve job satisfaction. Working with a PEO frees up funds to do that in several different ways.
You can do it the easy way by passing the savings on to employees in the form of raises or bonuses. Trust me, they won’t complain.
But consider activities or incentives that help develop your team’s commitment to the company and happiness in their role. From outings to material rewards, a little money spent here goes a long way.
Take a Risk
If you put on an old coat and find $20 in your pocket, you might just consider treating yourself to something you’d otherwise skip. You can do the same thing with your business.
Every company has an idea or two that could really pay off but that aren’t high-priority. If they carry more risk than you were comfortable with a few months ago, considering taking the plunge with the savings from your PEO relationship. Dip your toe into a new service area or develop a new product -- after all, now you can afford to try.
Explore More Training
Every business has opportunities for professional development. From courses to seminars, your employees can learn something new or get better at something old -- but it can be tough to find the money to make that happen when you’re focusing on the core of your business.
Training options are increasing by the day, and they’re becoming both cheaper and more accessible. Think about ways to match your team up with some new skills. It will benefit them and the company.
Invigorate Advertising, Marketing, and PR
If everything in your business is running perfectly right now -- unlikely, but possible! -- you might not need a new team member, a new project, or new skills. In that case, it’s time to do a better job telling the world how amazing you are.
Advertising, marketing, and PR budgets are often ignored when things are going well, but that’s precisely the time to pay a little more attention. Pay for some outreach to the community or work with a relevant non-profit. Start a new ad campaign or social media initiative. Get more eyeballs onto the great work that you’re doing.
Now that your business has a little more pocket change, you can afford it.