Smart ways to build the right workforce for your small business

One mistake that several small business owners make is handling everything on their own. If you, too, are making this error, hiring a workforce can help you. As your business grows, it can be necessary to build a team. This ensures better productivity, fewer gaffes, and more profits. However, given the limited funds in a small business, building a workforce can be an uphill task. But the following tips can help you do so anyway.

Hire people for the long run

Many businesses do not take hiring seriously. Many companies hire for the short term. Some businesses also lack the foresight to build a workforce with the right candidates. Moreover, due to the scarcity of funds, many companies may adopt the jack of all trades approach. This means that they hire a few people with no specific job description. These employees end up doing several tasks irrespective of their qualifications or niche. While this can help your business stay afloat in its initial stages, it may not deliver the same results over time. For a small business to grow, building a workforce that can cater to multiple needs of the company for the long term is crucial. So, if you need a social media expert and a public relations specialist for your business’s future growth, make sure that you hire separate people for it and not combine the duties under one role.

Hire only if you have adequate funds
 

Small business owners are often in a catch 22 situation to hire new people or use the money for inventory, equipment, marketing, etc. It would help if you chose what ultimately benefits your business. There is no right or wrong answer here, and only you can make the decision. But it is important to make a calculated move.

Moreover, it is crucial to be mindful of your cash flow. Human resource is indispensable, but it is also expensive. Building a workforce translates to salaries, bonuses, office space rent, utilities, and more. Again, these are all continuing expenses. If you do not have enough funds to pay an employee, you risk spoiling your company’s reputation in the market. Unsatisfied employees also lack productivity in most cases. So, such a hire would ultimately damage your company and not the other way around. If you are struggling with funds, it may help to keep a dedicated savings account to save for such overheads. The IDFC FIRST Bank Savings Account offers an interest rate of 5% per annum to help you save and grow your money with time.

Be clear about what you need

When you post a job, make sure that you give a clear job description. Be as specific as you can about the duties and responsibilities that the job entails. This will ensure that the candidates who apply for your job are well suited for the position. When you conduct an interview, try to gauge the candidate’s interests apart from their qualifications. Small business employees have to go above and beyond their duties many a time. Discuss your needs and expectations with the individual. Every employee matters in a small company. So, hire a person only if you think they will fit into your team.

Use your network
 

Networking not only helps to find prospective clients but also employees. Hiring a workforce through your network ensures that you get like-minded people on your team. This further ensures a positive working experience, reduces disagreements, and promotes personal and professional growth. As a small business owner, you can build a network on social media websites like LinkedIn. You can also host seminars in colleges or sponsor events to get the word out and build a community.

Build a positive working environment
 

When building a workforce, make sure that you offer your employees a productive space to work in. Rewarding employees when they perform outstandingly can be a great way to boost their confidence and efficiency. You can hold a reward and recognition programme every month to congratulate and recognise the employees who have delivered well. You can also encourage and mentor them for leadership roles as your business grows. Listening to their problems and suggestions can be another way to keep your employees happy. Remember that if your employees are satisfied and content with their role, they will be motivated to do better.

To sum It up
 

Building a workforce for a small business is a crucial task. Often, it can be neglected or pushed back to give way to product enhancement, marketing, advertising, etc. But as long as you have the required funds, hiring human resources can be one of the best things you can do for your business.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.