Growth brings its own set of unique challenges.We’ve listed a few resources for you to use as you face them.
Hiring and Retaining Employees
Perhaps one of the first areas of growth will be payroll. It is vital that you stay up-to-date on the process of hiring, retaining and dismissing employees.
- Hiring and retaining employees: SBA.gov– The SBA provides an excellent guide for hring and retaining your first employee. Remember to follow both federal and state human resource guidelines and utilize ethical hiring practices.
- Payroll function in accounting: Intuit, Spara LLC– Intuit offers payroll and accounting services that can help you stay on top of the payroll functions. You can also rely on an expert like Spara LLC to perform the payroll functions for you. It is important to keep an accurate record of your employees’ payroll and withholdings, as well as file timely reports to the IRS and local reporting agencies.
- Equal Employment Opportunity Commission: This organization is responsible for enforcing the federal laws under Title VII, the American Disabilities Act, the Pregnancy Act, and the Age Discrimination in Employment Act. These laws make it illegal to discriminate against someone due to their race, color, national origin, sex (including pregnancy), age (above 40), religion, disability, or genetic information. Most employers with 15 or more employees must abide by these laws. This website teaches employers and employees about the laws, what counts as discrimination, and how an employer or employee can file a charge.
- South Carolina Department of Employment and Workforce: Provides resources for job opportunities and training, different employment benefits and unemployment claims, information for employers regarding employees (where to find them, different policies, wages, taxes, forms, insurance, etc…), workforce development, and labor market information.
Improve Your Banking Relationship
As your business grows, so will your need for capital. Improve your relationship with your bank, so you can establish lines of credit, borrow short and long-term loans, and get access to higher-yielding bank accounts.
Examine Your Capital Structure
Before you purchase or lease new equipment, you should analyze the capital structure of your business. Determine what is your cost of capital. Your cost of capital will be your aggregate cost of borrowing and utilizing funds to purchase new equipment. Analyze your cost of using retained earnings, lines of credit, long-term borrowing, stocks, and bonds. Investopedia.com explains how to calculate your cost of capital. Speak to your accountant or contact the Chamber for expert help.
Financing Your Business
There are a variety of funding sources available.
Franchising may be a viable avenue for growth for your business. Use this article from the SBA as a guide to franchising. Read this article about franchising to learn more.
Government entities often utilize the same products and services you offer. Some companies may benefit from doing business with government agencies. While the process of winning a government contract may not be easy, it is often worth the investment. The key to successfully doing business with the government is to start locally and grow into bigger contracts. Visit your local city or county website and search for procurement opportunities in your industry. Once you are comfortable with the process, apply to be a vendor with the state and federal governments.
- In South Carolina, visit SCBO
- For federal opportunities visit the GSA
- If you are a minority-owned business, there may be more opportunities with the government.
Minority Business Opportunities
- Hispanic Contractors of the Carolinas: This association provides education, consulting, networking events, and corporate and military services to Hispanic contractors. The website also has a tab called job opportunities that lists different construction projects. HCAC’s membership includes general contractors, subcontractors, construction workers, vendors and equipment suppliers, and corporations related to this industry.
- Carolinas AGC: If you join Carolinas AGC, you will gain access to project leads that are updated 24/7, safety help, workforce development (education and training in management or skills), networking, and labor relations. If you’re unsure whether these services will benefit you or not, you can sign up for a 2-week free trial.
- Minority Business Development Agency: This agency, part of the U.S. Department of Commerce, is committed to creating wealth in minority communities. The MBDA’s mission is to actively promote growth and competitiveness among all minority business enterprises through programs, promotions, opportunities, and research.