It’s logistically impossible to grow a business without a great team behind you. Your team is the main reason your company is alive and kicking today, which is why countless business owners believe there’s no investment more sensible than their employees. They strive to make their team members as comfortable as possible, showing the value and trust they put in their skills. This strategy stems from the belief that even the best talent cannot perform if they aren’t 100% sure that this is where they belong for years to come.
Smaller businesses, however, might not have the funds to offer amazing salaries, bonuses, perks, etc. At United Capital Source, we understand that this dilemma does not indicate that the business is struggling or run by irresponsible people. Our innovative working capital programs have helped companies in dozens of industries attract the talent they deserve despite having most of their funding tied up for extenuating circumstances.
Widening The Pool
The interviewing process has become significantly more important as of late due to overwhelming evidence that candidates should not be selected solely by experience. Many business owners have actually found that more experienced candidates have a harder time becoming acclimated to new positions since they have to simultaneously “un-learn” everything that was taught to them at their previous jobs.
This is why some of the most successful business owners on the planet, including Sir Richard Branson, are now advising to make hiring decisions based on attitude or the will to learn. After all, it is much more difficult to teach someone to care about your business than it is to teach them the basic skills required for their day-to-day tasks.
But the candidates with the right attitude might not be the first to respond to your ad for an opening. You have to wade through at least a few weeks’ worth of candidates before you find the right one to invest in. Conducting interviews and reviewing resumes takes you away from your usual responsibilities and could cause operations to slow down but United Capital Source’s working capital loans and can cover business expenses while you are otherwise occupied. These business funding programs can supply enough capital to run your business smoothly for several months, ensuring that your hiring process isn’t given a time limit.
Let The Initiation Begin
Small business loans can also cover any initial expenses associated with your new employee(s). These could include equipment like computer monitors, swivel chairs, workplace ID cards, or new software. Your new hire might have a lengthy, expensive commute that costs hundreds of dollars per month. Maybe it’s a company tradition to take your team out to welcome new recruits. The business funding experts at United Capital Source can customize your financing so that you don’t have to begin making significant payments until the new hire starts to finance him or herself and contribute to your revenue stream.
Merchant cash advances, for example, are directly tied to sales volume. Your business essentially repays the financing by making sales via credit card, which means the aforementioned expenses would have little if any impact on cash flow as your team builds enough revenue to clearly surpass the money you have spent.
The next step in the hiring process is training, and this doesn’t just involve showing the new employee what to do every day. This is an opportunity for the business owner and the new hire’s superiors to give them a taste of company culture, which is a vital element for success in 2017. The unfamiliarity of a new company must be acknowledged with face-to-face interactions that describe what your company does, why your team gets along so well, and how to most effectively answer any questions that might arise. It’s crucial for other employees to not appear overtly stressed or robotic since this paints an unsettling picture of the future.
No, we are not telling you to coddle your new employees but any successful business owner will tell you that letting them get comfortable and slowly take in everything they need to know dramatically decreases the likelihood of errors or half-hearted efforts.
The ideal situation is that the entire team goes into “crunch time,” together, rather than your new hire feeling pressured to match the productivity of your existing employees. United Capital Source can give you this very scenario by distributing funding during the tail end of your industry’s slow season, when existing employees have the time to help their new team member prepare for the busy season. We are well-aware that every day counts for a small business, which must therefore make investments at certain periods to avoid cash flow imbalances. Your working capital loan, business line of credit or merchant cash advance could be arranged to enter your bank account when business is slow and be paid back when your sales pick up.
We Can Get You The Help You Need!
Just a few truly qualified new hires can completely alter your business’s future, which is why we ensure our clients never skimp on investments of this nature. You’ve got to have more resources in order to attract the best talent, and we believe these resources should be accessible to any business that has earned them. United Capital Source will show you how to make sure you never waste your money on employees that won’t stick around when the going gets tough!