Latest / Profit Isn’t an Accident | Contractor Profitability, Cash Flow Management, Job Costing , Business Growth, Small Business Finance
043. When Should You Hire Another Employee? The Numbers Contractors Need to Know
Being busy doesn’t automatically mean it’s time to hire another employee. For contractors, adding payroll based on workload alone can turn a profitable business into a cash flow problem fast. Before you hire, you need to know whether the numbers actually support another person. In this episode of Profit Isn’t an Accident, Shannon breaks down the numbers contractors should look at before adding another employee, including: • How to calculate the true cost of an employee beyond their hourly wage
• Why being booked out doesn’t necessarily mean you’re ready to hire
• How gross margin changes what…
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