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To Hire or Not to Hire?

As your SMB or startup company grows, you may find yourself wearing as many hats as the accessories department in Bloomingdale’s. As an entrepreneur, it is almost a cliché to say that wearing many hats can be a good thing—but how many hats is too many?

When the time is right, it may be smart to hang up some of those fedoras, caps, bonnets and boaters and give them to someone else. Hiring employees can be a complicated process, but building a strong and efficient team to help you run your business can also be extremely rewarding and worth it.

How do you know what time is the right time?

You find yourself wishing you could spend more time building your business, rather than just maintaining it. Hiring is key to business growth. If you are worried about the cost of hiring an employee, think about it in a different light—can you afford to NOT hire and possibly stunt your business’s growth?
You are knowingly missing opportunities. You are doing it all, and have your hands so full that an opportunity you would usually jump on accidentally slips away. All it takes is one opportunity to completely change your business. Don’t let these fall through the cracks because you’re balancing business development, sales, accounting, marketing, being a social media guru and being a janitor.
Common sense. Sometimes it can be hard to admit when you need help. Take a close look at yourself, your business, and your current employees (if you have any). Are you or your employees burning out? A frazzled employee or owner never makes for a happy or productive business. Happiness = productivity and efficiency.

Adding employees not only allows for you to expand your business and cast a wider net for your products or services, but also allows for improved efficiency and a more well-rounded business overall. The right team and the skills new employees bring to the table are key to supporting you in running a successful business.

Sometimes it’s time to hang up your hat and hand it off to someone else to wear.

Published: February 21, 2014
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Toffer Grant

Realizing that banks and card issuers were not serving the development of prepaid debit card services for small and mid-sized companies, Toffer Grant founded PEX Card to help SMBs maximize the efficiency of their financial operations. His career in the prepaid card industry began in 2000 at Clarity Payment Solutions, a leading venture-backed platform company servicing the budding prepaid industry. Toffer focused on customized check to card payment conversions for large brand corporate clients and grew a high value reseller network for the company. Over six years, he initiated 65 prepaid card programs in consumer, corporate and emerging verticals of the prepaid card industry. Toffer saw the company grow from a tech startup to life in a large public company after acquisition by TSYS in 2004. Follow Toffer on LinkedIn and PexCard on Twitter, Facebook, and LinkedIn.