Team Members, Asset, Investment or Expense?

Team members. Asset or liability when it comes to your business finances? That is one of the leading questions that Kerry and Kim ponder in today’s episode. However, it goes deeper than a choice between two simple words because while team members are 100% an expense, they can be 100% an asset to our small business. Hear their different points of view when it comes to team members for entrepreneurs as they chat about:

  • How easy it can be to focus on what is going out of your bank account for team members such as superannuation, taxes, workers compensation, insurances and other additional costs.
  • Slowing down to train and investing some time and attention in the beginning in order to benefit from a huge return on investment with the right team members. Starting small to make sure your budget can sustain having team members.
  • Contractors vs employees. Levels of ownership, hourly rates and what each can bring to your small business. How your profit margin is a big contributing factor when deciding to involve contractors or employees.
  • Shifting our thinking. When we get to a place where we can no longer do all the things, which means we cannot build past a particular point and learning how to delegate effectively.

Learning curves are inevitable when it comes to business finances and expanding the team is an exciting step for any entrepreneur. Keeping it simple, stripping it back to basics and joining forces with others are only some of the topics covered in the Biz Bean$ Club. You can join Kerry and Kim at where coffee meets money, and you can get in control of your business finances today.

Until next time, happy Biz Bean$ to you and see you again soon in the Simply Biz Bean$ virtual café 🙏

Cheers ☕ Kerry & Kim

No beans were harmed during the production of this podcast. Information contained in this podcast should be taken as general advice only and your personal circumstances have not been taken into account. It is recommended that you seek financial advice from a professional who is licensed to do so. If you choose to act upon the general advice shared, you do so at your own risk.