If we are lucky in our business endeavors, there may come a stage where we consider expanding our existing team. Whether that means increasing from one member or adding to an already large group, the parameters are much the same. This can be an exciting moment of growth in your business, although it is of vital importance that the timing is correct. Ideally, once you decide to grow the team, this will signal future growth of the general business and isn’t something you really want to backtrack in the future.
So, how to know when it’s the correct moment to add to your workforce? Here are a few helpful indicators.
When you start to notice that the workload, be it for just yourself or your team members in general, is increasing to a point of high stress or levels where you cannot complete the assigned work to the deadline or quality you wish, then it may be time for expansion of the team.
It is much more beneficial to your company in the long-run to expand your operations and provide the premium level of quality expected by the consumers who have enabled your business to thrive up until that point rather than risk stagnation or regression.
Diversification of Business
Every company should be striving to set new challenges and goals. This is especially true in today’s business world. If you are not moving forwards then you are moving backwards. With opportunities such as the developments in blockchain and fintech opening up complete new business sectors, it is glorious times for risk taking business owners.
This does not mean jumping in blindly. You will need to be guided in new areas by experienced team members. Therefore, it is key that if you are considering venturing down a new business path, you also consider expanding your team to reflect this.
Some of the first signs of the need for expansion may come from your existing workforce. If they are unhappy due to overwork or stress. It is highly likely they and you would benefit from adding team members with the ability to reduce their burden. Nobody wants to be part of an unhappy and overworked team. The old adage of quality over quantity again rings true.
If you are spotting these signs of discontent or complaint among your team members, it may certainly be something to take under advisement.
Adding to the team in today’s modern age also doesn’t need to break the bank. You can even hire through the likes of Freelancer or by using recruitment sites such as Monster. These both provide you with flexibility and a reduced recruitment cost.