• #17 - Can You Afford to Hire an Employee?

  • Jun 11 2024
  • Length: 42 mins
  • Podcast

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#17 - Can You Afford to Hire an Employee?

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  • Summary

  • 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/


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