5 Payroll-based Approaches for Rapid Small Business Growth

One of the most effective ways to ensure that your small business continues to thrive and grow profitably over time is to be able to quickly bring on new employees as the business needs it. Unfortunately, this can be a challenge if you’re not prepared for it – but there are several payroll-based approaches that can allow you to have exactly what you need when you need it, with little or no upfront costs or time investment required on your part. This guide will provide five such payroll-based approaches that any small business owner can use as they grow their company rapidly and profitably.

How Payroll and HR can drive business growth

While often overlooked, payroll is one of the most important factors when it comes to growing a business. For example, using payroll software can allow businesses to better track their work hours and automate time tracking. Time tracking has several advantages, including ensuring that your staff is being paid fairly for their hours worked. Regardless of industry or employee count, every company is looking for ways to boost revenue. The best way to do that is by increasing sales while maintaining quality control over costs. If you’re looking to grow your business quickly, here are some options you may want to consider

Integrating your HR and Payroll systems

When you’re small, you can probably do payroll and HR management in your head. But when you get bigger, many small business owners choose to outsource these processes or even use software such as QuickBooks or Zoho People to manage things like payroll and scheduling—until they decide they want to manage these systems themselves. If you need more time in your day but don’t want to hire an employee to take over tasks like scheduling and payment processing, take a look at how smart scheduling and artificial intelligence (AI) might help. You can then gain insights into how your employees work and which employees are working best together by using time tracking software such as RescueTime, Toggl or Slife.

Streamline your payroll process

Whether you have one employee or fifty, payroll is a big administrative cost. The solution? Get rid of it. If your business is truly small, consider running it without any formal, centralized payroll system. Employ your workers as independent contractors and collect their pay yourself. That way you only have to deal with paying out to each worker once a month, instead of once a week or more often—and that makes expenses much easier to manage.

Optimize your HR and payroll approach

Over 50% of small businesses are single proprietorships, but don’t limit yourself to one employee. By taking on an employee or two, you are doing more than growing your business—you are also investing in your own professional growth. You may have built your business from scratch, but that doesn’t mean you have all of the skills required to handle everything by yourself. Having employees is a great way to round out your skillset while relieving you of some daily tasks that will free up more time to handle essential responsibilities. And it can help you grow faster too! If you’re looking for rapid business growth, consider using one or all of these approaches

Choose a software according to your business needs

When it comes to payroll, you have plenty of options when it comes to choosing software. There are online payroll providers that are easy to set up, including features like direct deposit and tax filing support. You can also opt for in-house software that is loaded onto your computer, as well as specialized programs for managing specific kinds of small businesses—like those owned by people who work from home or operate franchises. In any case, be sure you choose a system that allows you to quickly and easily create paychecks, which can help boost productivity and keep your company’s books organized.

It is clear that switching to payroll software offers new small businesses an easy way to get financing, manage their tax liabilities, and grow rapidly. This is all achieved without forcing new business owners to part with large amounts of equity or control. If a business follows these steps then it can reach rapid growth levels without giving up its independence or control over operations!