In any business growth, hiring or not hiring more people will directly affect the output of the company in terms of production and the expense in terms of salary or payment for services rendered. Both have something to do with time. Since time is considered gold, how good are you making use of that commodity to benefit your company which will ultimately benefit you and your family?
When you can no longer do it yourself
Most startup companies start with one person, especially in this generation when more home based companies now exist. As the demand for what your company sells or services, more of your time will be eaten up. You will have less and less of your time for something else while you continue to serve the demands of your clients. Since you only have 24 hours a day, you have to multiply yourself. That means getting someone else to do certain tasks that you can delegate while you focus on making the sales. In time, even the closing of sales can be delegated while you do the managing.
When the people you have hired are not enough
There are times when there are seasons that demands are a lot greater, depending on what you are selling. Since these sales are seasonal, the demand for more people to work for you is also seasonal. During these times, you can opt to hire people on a contractual basis or just-for-this-season basis. Sometimes ‘not enough’ is relative. From the employees’ perspective, if they are working more than 8 hours a day and the overtime is not making them happy, they know it’s time to add more people. From the employer’s perspective, the usual recourse is to let the employees work more without additional increase in salary. The rule of thumb is, if your employees are no longer happy because work is eating more of their time working for you instead of for themselves, it is time to add more people.
When paying the salary will bring in more income and more time for yourself
Hiring more employees will mean having to pay more people and add to the expenses of the company but if that additional hire will make the company more efficient in serving the clients, resulting to more sales, at the same time giving you more time to spend with your family, then it is worth hiring more people.
Hiring more people to work for your company depends on the need that your company is having. If you can no longer do the tasks yourself, you need people to help you and you pay them. It will cost you but the return of having more sales is the result.