Challenges of Scaling a Small Business
Small businesses are an integral part of the economy, but being a small business owner can be just as challenging as it is rewarding. If you’re an entrepreneur or own a small business, you likely have a lot on your plate. Not only are you in charge of maintaining the vision and mission of your company, but you also have to ensure that the day-to-day operations run smoothly.
Scaling a small business can be difficult without the necessary support and resources that help your company grow. Let’s take a look at how PEOs support business growth and expansion as well as the key benefits of PEOs and what they offer.
How PEOs Support Business Growth and Expansion
Startup founders, entrepreneurs, and small business owners wear many hats inside their companies. It can feel impossible to do it all—especially while trying to grow your business. Professional employer organizations (PEOs) are known as co-employers. They step in to assist companies with the administrative tasks of their business—like human resources, payroll, and compliance support.
Much of what PEOs offer small businesses helps to streamline their processes, ultimately helping them save time and money in the long run. Let’s dive deeper into the key benefits of PEOs, what they offer, and how they can help.
Key Benefits of PEOs: HR, Payroll, and Compliance Support
PEOs specialize in business administration so that you can focus on strategy and growth.
1. Human Resources
When you partner with a PEO, you can count on getting the HR support you need as a business owner. PEOs utilize specialized software that allows both employers and employees to have their own dashboard to access info.
Employee dashboards help streamline the onboarding process for new employees, serving as a hub for videos and content that help get new hires up to speed. These portals or dashboards are also where new hires can submit documentation or update their personal information.
Employers can use their dashboard to access employee information and manage their workers from anywhere with ease. PEOs also typically have advisors readily available to speak on the phone or via live chat if you as a business owner need support.
2. Payroll
Conducting accurate and timely payroll is crucial for any business. It plays a major role in employee morale and productivity.
Depending on how many employees you currently have on your payroll, it may not be too incredibly overwhelming just yet. As your business grows, however, payroll can quickly feel like too much to handle. Ensuring each employee is paid correctly, that you remain compliant with state and federal tax laws, and that the entire process is completed by pay day can take a large chunk of your time.
If you’re a small business owner or startup founder, you probably have your hands full with other tasks. The specialized software that PEOs utilize offer automated payroll so that employees always know they’ll be paid correctly and on time, and business owners will be able to focus on development and growth.
3. Compliance Support
State and federal tax laws are always changing, and it can be difficult to keep up with as a small business owner. When a business falls out of compliance with these laws, they’re likely looking at penalties and fees that can make a huge dent in the pockets of a small business.
PEOs specialize in staying up to date with these ever-changing rules and regulations to help ensure you’ll never have to pay fines for making a mistake or accidentally overlooking a change. Partnering with a PEO means startup founders and small business owners can rest assured that they’re remaining compliant with laws no matter what.
Partnering with a PEO for Business Success
When it comes to scaling your small business, partnering with a PEO can be one of the best decisions you can make. PEOs are experts at supporting small business growth and expansion. They step in to handle administrative tasks like human resources, payroll, and support with compliance. If you’re ready to grow your business, consider partnering with a PEO for admin support so that you can continue to focus on the bigger picture of your organization.
Contact us today to get the coverage and support you need!
