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#17 - Can You Afford to Hire an Employee?
Manage episode 423010737 series 3479072
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Healthy businesses have an established business model in which most new incremental hires produce profit for the business. Payroll expense can be viewed as an investment that yields a profitable ROI. Usually a hiring decision boils down to a question of how much more revenue do you need to sell in order to afford a new hire. This episode helps answer the question of whether you can afford to hire an employee.
More specifically, this episode includes:
- Viewing Employees as Profit Centers
- Return on Investment vs Affording a Hire
- How Much Do You Need to Sell to Afford a Hire?
- How Much Does a Salesperson Need to Sell to Pay for Themself?
- How Much Must the Business Grow to Hire a Manager?
- Labor Value Multiple
- Forecasting; Fixed & Variable Costs
Download the employee Hiring ROI Workbook using this link
Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.
Thanks for listening!
Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/
Chapters
1. #17 - Can You Afford to Hire an Employee? (00:00:00)
2. Employees as Profit Centers (00:01:02)
3. Return on Investment vs Affording a Hire (00:03:44)
4. How Much Do You Need to Sell to Afford a Hire? (00:08:36)
5. How Much Does a Salesperson Need to Sell to Pay for Themself? (00:20:03)
6. How Much Must the Business Grow to Hire a Manager? (00:22:29)
7. Labor Value Multiple (00:25:33)
8. Forecasting; Fixed & Variable Costs (00:32:11)
20 episodes
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