Founder and CEO of Global Squirrelsa complete SaaS platform for international remote hiring and payroll management.
A business plan is an explicit document that talks about company goals, budget, operations, strategies and execution. Small enterprises often fail due to the lack of a clear, well-defined business strategy. The same can be true for enterprises that found initial success but lose their momentum after one or two years because they don’t have an effective plan in place to navigate challenges. Thus, it is essential for every organization to plan ahead and have a detailed business plan for the future. Here’s how:
Think criticality, but stay positive
As a leader, it is your responsibility to keep your employees motivated and fill your team with positive energy. This can be hard to do when the media is continuously talking about an economic slowdown and a possible recession, but, in my experience, the best way to respond is with great vigor and a sense of urgency, leaving no space for negative discussions.
Organizations should focus on immediate priorities and can do so effectively by following these steps:
• Combine all your resources and utilize their collective strength (and momentum) to deliver critical projects.
• Achieve some quick wins to help spread positive vibes.
• Think more of solutions rather than focusing on obstacles.
• Invite new thoughts and encourage multi-team collaborations.
Align Your Budget With Your Strategy
When it comes to a recession, many people think of budget eliminations, but I encourage you to shift your mindset and instead think of it as a budget reallocation. It is impossible to predict the future, but it is possible to prepare ourselves for future outcomes by taking certain measures in terms of budget and cost allocations. Work to get a proactive budget plan in place.
Start by reviewing your previous budget plans, rearranging priorities and reassessing your business goals. Make sure that your budget aligns with your new business strategy and immediate goals. Stop spending money on undefined goals and maintain a clear objective for every penny you spend.
Over the last few years, more companies have moved toward zero-based budgeting, which requires managers to justify every penny they spend, helping to ensure that a company spends only on necessary things. It requires everyone to make decisions with much more precision. Zero-based budgeting can help you control your funds/expenses and plan your operations more efficiently.
Consider Getting Outside Help
Without a properly staffed company, business leaders often struggle to deliver critical projects on time. If you overload your existing employees with more work, you risk pushing your valuable assets to the edge, which could result in burnout and even higher turnover. But constraints can be good for innovation. When you cannot find people with relevant skills or within your pay grade in your region, look for ways to bring in more affordable outside help.
My company assists many corporations in hiring people from other countries using what’s called a Professional Employment Organization platform. PEO or employer of record platforms help you hire global remote talent and manage their benefits, payroll and compliance from a single dashboard. The benefits of hiring international employees include having a more diverse work culture, access to a larger talent pool and a competitive edge should you ever wish to entertain international expansion.
If you’re considering partnering with a PEO/EOR, ask these questions upfront:
• What aspects of international hiring do you cover? Many PEO/EOR platforms don’t provide sourcing/staffing services and ask employers to find people on their own. But true hiring starts with sourcing; onboarding, payroll and compliance come next.
• How much do you charge? International hiring is all about minimizing skill gaps by finding relevant talent at affordable prices. There is no point in going that route if it’s going to actually cost you more to manage payroll, benefits and compliance.
• Can you assist with hardware and office space? Being in the United States, it’s often not easy to send laptops and other hardware support to your employees living in other countries. The same goes for finding office space in foreign lands if you don’t want your employees working from home. If this is a priority for you, look for a provider that can help with both hardware and office space assistance.
• What level of customer service do you offer? As hiring and managing payroll is not a one-time job, you need continuous support from your provider.
In conclusion, it is possible to lead your employees toward a stable and highly profitable 2023—if you have the right plan in place. Work to help your employees understand the needs of the hour and ask them to keep their energy levels high. Reallocate your budget and rein in unnecessary spending. Consider alternative hiring methods and ways you can embrace a global workforce. Your business plan should act as a guiding torch. You have everything at your disposal, all you need is a strong business plan!
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