How to Understand the True Cost of an Employee
with Michelle Cooper
The Growing your Team Podcast: Episode 72
Before you hire an employee, you have to know if you can afford that team member.
But what does it mean to be able to afford a team member? Well, you have to know what they will cost your business and how they will impact your business.
It sounds complicated, but it doesn’t have to be!
In this episode, Michelle Cooper is sharing how to know if you can afford to hire and why employees might not be as expensive as you think.
In this Episode You’ll Hear:
- What you need to see in your business financials before you hire a team member.
- The difference between being able to pay a team member and being able to afford a team member.
- Why you should be able to afford to pay yourself before you hire.
- The top mistake people make when they add admin positions to their teams.
- How knowing your numbers can help you plan an effective AND profitable onboarding process.
- Why there are no emergencies in accounting and what went wrong if you encounter one.
- Why you need to stop letting the fear of paying taxes stop you from hiring the employees you need.
- Why some positions are essential to add even when it seems like you can’t afford them at first glance.
- In addition to a paycheck and taxes, what else you should add into the cost of hiring an employee.
- How it can cost you less to spend more on your employees.
About Michelle Cooper:
Michelle Cooper is the high priestess of profit, a spiritual gangsta, CEO of Alchemy Accounting & Bookkeeping, a Profit First Professional, and author of several books. Michelle took her small accounting firm in rural British Columbia to a thriving online business encompassing coaching and consulting, speaking, and writing while balancing the management and growth of a brick and mortar office. She has built a solid team of bookkeepers, accountants, tax professionals, and business coaches who support impact-driven entrepreneurs to have highly profitable, sustainable businesses while creating the peace of mind that comes from a solid financial foundation.
Today, Michelle supports the growth of her client’s business with real strategic planning while also addressing the mindset issues that arise with growth, in order to bust through and rise up to levels they never dreamed possible. The team at Alchemy Accounting & Bookkeeping support clients across North America, specializing in coaches and consultants. Michelle and her team have helped hundreds business owners climb out of entrepreneurial poverty into the land of PROFIT.
How to Connect with Michelle Cooper:
Take Michelle’s Financial Foundations Assessment that will help you know your numbers and clean up your financial house!
In just 4 minutes you’ll discover…
- Where you are on track with regard to your financial well-being.
- What areas need your attention to create the shifts you desire.
Take the assessment today: https://www.financialfoundationsquiz.ca/0
Ep07 – What’s the True Difference Between Employees & Independent Contractors?
Ep08 – How to Avoid the Risk of Employee Misclassification with April Goodwin
Ep32 – Are Your Financials Telling You it’s Time to Hire? With Danielle Hayden
Ep54 – How to Grow Your Business with the Right Financial Team With Andrea Jenson
Ep66 – What’s Better – a Network of Solopreneurs or a Team of Employees? With Eve Epstein
Ep70 – Why One Company Switched from Contractors to Employees with Margy Feldhuhn
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