When To Hire The First Employee For Your Small Business
Is it time to scale the business by adding a full-time employee? Are you afraid of the financial responsibility but excited to have someone dedicated to helping you scale the company? Hiring a new full-time employee can be scary IF you are not clear about the true financial health of the company.
In this video, I identify a simple but effective formula you can use to help determine if your company can remain profitable and cash flow positive as you begin to add new full-time employees.
As outlined in the video, if the bottom line number is positive by $5,000 plus you can begin the process of hiring a new employee. However, if the bottom line number is negative my recommendation is for your company to focus on revenue generation and not on-boarding a new employee.
About Octavia Conner
Octavia Conner is the CEO of Say Yes To Profits, a full-service virtual accounting firm. As a Virtual CFO, she helps consultants build million-dollar firms sooner than they think.
As an award-winning financial strategist and published author, she was selected as one of the Top 50 Cloud Accountants in North America. Octavia strategically combines over 13 years of accounting, business, and finance experience that has enabled her clients to grow between 30% and 350% within 12 months and save over 60% in taxes.
For more information, visit SayYesToProfits.com.
To speak with Octavia regarding accounting and virtual CEO services click here
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