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Entrepreneurs are busy. Whether bootstrapping or angel-funded, entrepreneurs play a lot of roles. Sometimes, being a one-person HR department is one of those roles. Entrepreneurs don't have to enjoy the HR aspects of their job; entrepreneurs just want to get it done - easily and affordably. This series will show entrepreneurs how.
Scaling your business is the same as growing your business, except faster, more efficiently, and without limit. In order to scale, entrepreneurs need to streamline processes and reduce potential barriers to growth, with the goal being rapid, expansive growth without negatively affecting marginal revenues.
Entrepreneurs looking to scale want two things from their employee benefits package:
In my last post about health insurance for sole-proprietors and partnerships I advised small business owners to seek individual coverage when securing health insurance. For entrepreneurs looking to scale and seamlessly add employees to its benefits package, avoid individual coverage and secure group coverage instead.
How to establish group health insurance (and what to avoid).
If scaling is a priority, establish and maintain a rich benefits package to attract and retain talent. Use a licensed insurance broker to advise and support your HR department. Consider low-cost options such as HSA's, and evaluate coverage options and contribution levels with the future in mind.
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