Your business will encounter challenges and opportunities. Take advantage of the new year and maximize your organization’s potential. Canal HR’s dedicated team of experienced professionals is here to ensure that you start the new year off right. Read on to learn how your business can get a head start on the coming financial year with Canal HR.

Q1 Planning Tips: Start Early

Failure to plan is planning to fail. It’s no secret that starting a business can be risky. Getting a head start on your business’s Q1 planning is tantamount to setting your team up for success. Getting a head start on strategy and finances will save you valuable time. 

Begin creating a loose plan along with contingencies for the new financial year, and work on sticking to that plan as the year progresses. Creating these plans can be difficult for more volatile, smaller businesses. However, doing so can help that organization make educated decisions as challenges and opportunities appear throughout the year.

While planning, you should assume that you cannot predict all that will happen in the new year. For example, could businesses planning early for the 2020 fiscal year predict the economic shutdown and mass increase in remote work? No. If these organizations did do their financial and organizational planning ahead of time, however, they likely could deal with the challenges of the new year more efficiently than those that didn’t. Even if nothing goes according to plan, the time you spent planning ahead will give your organization an excellent jumping-off point for any unprecedented situations that may arise.

Consider Outsourcing to a PEO

Q1 planning is a tedious and challenging process. It takes time away from your day-to-day business activities, and for some of those that wear multiple hats within their business, it can be nearly impossible to carve out time to plan ahead. This is where Canal HR comes in. Canal HR is a Professional Employer Organization (PEO) that specializes in providing the following human resources services to clients looking to save time while supplying the best resources possible to their organization.

Canal HR can help your organization save time and money in many different ways. Administrative services that Canal HR provides include:

• Payroll Preparation: Preparing payroll can be deceptively time-consuming, particularly as your business grows and hires new employees. Offloading this process can grant you newfound time to spend working on your business’s future instead of working on behind-the-scenes paperwork. To learn more about our payroll preparation services, click here. 
• Workers’ Compensation: Workers’ compensation can present your business with myriad legal hoops to jump through, rules to follow, and guidelines to observe. Even if you want to provide your workers with the most extensive workers’ comp package available, doing so is easier said than done. Outsourcing this process to an experienced group of individuals can save time while ensuring that your employees receive the best coverage your business can provide. If you’re interested in learning more about workers’ compensation, visit our page on the subject.
• Risk Management: Managing risk is one of the most critical aspects of planning for your organization’s new financial year. While many of your team’s challenges cannot be predicted, your response to these situations can be planned for. Allowing Canal HR to assist your organization with risk management means preparing your business to leverage itself more effectively against the inherent risks that will come with the new financial year. 
• Supplying Benefits: Like workers’ comp, supplying your employees the benefits they need may take up a large portion of your business’s Q1 planning. Cut down on the amount this process eats up your schedule by allowing Canal HR to assist you in finding the best and most efficient benefits packages that work for your organization. 

Overall, partnering with a PEO like Canal HR can assist your business in many ways that may seem intangible at first. The extra time and peace of mind supplied by relying on an organization like Canal HR are invaluable. If you want to learn more about PEOs and what they can supply to your organization, consider reading our blog post titled “Pros and Cons of PEO.”

Is Canal HR Right for Your Business?

If you’ve read through this far, the answer is likely yes. The services that Canal HR provides can prove immensely useful to businesses at all levels and may be the secret to unlocking your team’s potential. Partnering with a PEO means unchaining yourself from several of the day-to-day HR processes that eat up your schedule. Canal HR works to allow you and your team the time to focus on growing the business itself. Do you have additional questions regarding Canal HR and how we can help you? Feel free to visit our website or contact us directly for more information.