When your team is small, and your shop is growing, it seems there’s never enough time or people to do it all. As an owner, you may take on the lion’s share of admin tasks, managing everything from invoicing to payroll, HR and more. Maybe you want to cut costs or keep an eye on things. Or perhaps it’s just easier to do tasks yourself, rather than having to find, train and pay someone else to.
Whatever your reasoning, at some point, these non-revenue-generating tasks may take too much focus away from what you really need to be doing. Death by a thousand cuts (or vendors) can be slow and painful, not to mention risky and potentially costly if you make a big mistake.
How do you know when it’s time to start handing things off, and where do you turn for help?
What to Keep & What to Offload
Many owners struggle with the question, “How do I offload tasks to free up my time?” Whether you’re a two-person shop or a 15-plus-person shop, your decision on which tasks to keep in-house and which to hand off can change the growth trajectory of your company.
Some owners in the Bureau community utilize a simple three-question criteria to hone in on the best use of their time. For example,
- What takes the most time?
- What do I hate doing?
- What am I bad at?
- Does this need to be done?
- If so, do we need to do it internally (who can do it internally)?
- Can I outsource it?
When it comes to things like payroll, HR and benefits, many shops turn to a PEO (Professional Employer Organization) for help.
What is a Professional Employer Organization (PEO)?
PEOs offer payroll, benefits and HR services through a business-to-business relationship called “co-employment.” In co-employment, you manage and run your business while the PEO handles employee-related employer responsibilities.
Why Partner with a PEO?
According to The National Association of Professional Employer Organizations (NAPEO), small businesses that use PEOs grow seven to nine percent faster and have 10 to 14 percent lower employee turnover.
The co-employment piece sets PEOs apart from HR outsourcing companies or administrative services organizations. Through the co-employment model, PEOs “own” hundreds of thousands of employees across thousands of businesses, making it easier to drive down health insurance costs and standardize HR.
Thus, PEOs offer more perks than just HR admin management. By partnering with a PEO, your business can tap into benefits including:
- More buying power with benefit providers to offer comprehensive, high-quality benefits to your team
- Peace of mind that you're meeting state and federal employment requirements (This can be a huge and confusing job for remote U.S. teams as requirements vary from state to state.)
- Access to HR expertise without the headcount
Do you need a PEO for your business? Here are some ways to tell.
First-Hand Experiences & Insights
TriNet, Insperity and ADP are a few of the PEOs that shops within the Bureau community have used. As with any partner, you’ll want to research options that best fit your unique business, growth strategy and team. If you’re curious how similar shops are managing HR, join us at Owner Camp or Owner Summit. Connect with fellow owners and hear insights and growth strategies first-hand.
This article provides general information and shouldn’t be construed as advice.