As the Economy Continues to Reopen, How Can You Stay Positioned to be More Profitable?

As the Economy Continues to Reopen, How Can You Stay Positioned to be More Profitable? - Lyons HR
Did you know that businesses who work with a PEO grow 7-9% faster than their competitors who do not?

The Covid-19 pandemic has posed unique challenges for businesses around the world. As your company recovers, how might you need to pivot to stay profitable, competitive, and ready for the new normal?  As you revamp operations and possibly your business models, your focus will likely be on one or more of these areas: 

  • Employee and customer health and safety. 
  • Accommodation of an increasing number of remote workers. 
  • A greater investment in technology. 
  • Different client expectations and demands. 

While making these changes means long-term success and profit – if you do it right – the challenges are even greater for small to mid-sized organizations that typically operate at higher relative costs than their larger competitors. 

What’s the Solution? 

It’s enough to make you gulp – but by taking these steps, you can recover from Covid-19 and be ready in case of other crises in the future: 

  • Analyze what your company will look like post-Covid. 
  • Develop a time line for reopening. 
  • Formulate a business contingency plan, using what you’ve learned from this year’s pandemic to prepare for future emergencies. 

How Your PEO Can Help 

In the best of times and the worst of times, partnering with a professional employer organization (PEO) can often be the best solution for small to mid-sized businesses. Your PEO can: 

  • Negotiate lower costs for your company. Your PEO becomes your co-employment partner. As such, they are the employer of record for your staff, although you maintain full management control. PEO clients are pooled, which gives the PEO greater negotiation leverage when it comes to workers’ compensation, unemployment, FICA and other insurance, as well as healthcare and benefit package options. In essence, you can offer your employees benefits competitive with those at much larger firms, without breaking the bank. 
  • Provide specialized talent management expertise. Working with a PEO, you have a team of experts at your service, including certified risk managers and licensed professionals to help you minimize liabilities, effectively hire, fire and retain top performers, and formulate ongoing HR policies and procedures. You can turn all the work associated with these critical functions over to them, so you can stay focused on the big picture of running your business, regardless of whatever curve balls may be thrown your way. 

Looking For A Way To Save Both Time and Money?

Lyons HR is an ESAC-accredited and IRS-certified PEO, a hard-earned dual distinction held only by top industry leaders. To learn more about how we can help your company bounce back from Covid-19 and its aftereffects, read our related posts or contact us today.