Startling Statistics for Small Business Owners
Running out of gas, running your own business? The constant needs and new challenges that come with owning a small business make being the boss both exciting and exhausting.
1. Are approximately 50 percent less likely to fail/permanently go out of business when compared to similar companies not using PEOs.
Just some of the issues you might face within the first five minutes of your workday today: Are you ready to take microchip credit cards? Have you taken new online training for cyber security? Are you taking advantage of state incentive programs? What do you plan to do today to keep your finger on the pulse of your customers?
So many aspects of a small business require attention, and you have to make a choice on where you focus your energy the most.
According to an article published in the September 2015 Harvard Business Review, finding and keeping a competitive advantage is more important than managing the day-to-day operations and will provide you more success in the long run. Makes you ask the question: Are you spending too much time managing and not enough time researching and reaching out to your customers?
It’s an easy fix if your answer is yes. Time to consider outsourcing employee management to a Professional Employer Organization or PEO. The most recent data analyzed from the U.S. Bureau of Labor and Statics and the Intuit Small Business Employment Index show that businesses who use a PEO to take over employee management aspects:
2. Have higher growth rates than other small businesses. Since 2010, growth among PEO clients has been 9 percent higher than other small businesses.
3. Have lower employee turnover rates.
Several factors likely contribute to the above statistics.
“PEOs provide a combination of services that provide management, help attract key high-value employees and reduce costs so companies can produce more. CEOs can then focus more time on their core areas of expertise and business strategies, says Britt Landrum III, President of LandrumHR, one of the largest PEOs in the southeast.
Interested in learning more about how PEOs are helping small businesses across the country and what your chances are for increased growth? LandrumHR offers two free white papers that explore the impact of PEOs on small businesses with comparisons to businesses that are going it alone and how both are faring in today’s economy.