What Is the Best PEO for Small Business? A Closer Look
What Is the Best PEO for Small Business? A Closer Look
What if your small business was missing out on the best way to expand?
Professional Employer Organisations have served as a major game-changer for businesses all around the world. In fact, millions of PEO workers have helped nearly 175,000 small to mid-sized businesses reach their full potential.
But not all PEO is created equal. If you really want your company to succeed, you need to find the best PEO for small businesses.
How can you find the best PEO, though? Keep reading to discover our complete guide!
Understand What PEO Really Is
Finding the best PEO for small businesses begins with simple steps. For example, you need to first understand the distinction between a professional employer organization and human resources.
Some businesses may decide to outsource their human resource needs. When you do this, your company is still responsible for everything the third party does.
With PEO, you gain all the benefits of co-employment. But if you don’t fully understand how PEO differs from outsourced HR, you will never be able to choose the PEO company that best suits your needs.
A Reputation You Can Trust
When you try to find the best PEO, you’ll find yourself asking “how will I know the best company?” And the real answer to that question is that you’ll know it when you see it!
In researching different PEO options, you should try to find examples of current and previous work the company has performed. And when you are negotiating with a PEO company, you should always ask to see samples of their work.
This helps you verify that they can help with your company’s very specific needs. Moreover, it helps verify that this company has a reputation that you can trust.
Ask About Recommendations
If you’re new to PEO, you might not realize everything that a professional employer organization can do for your business. So when you interview a PEO company before hiring, we recommend that you ask them what they’d recommend doing with your company.
Obviously, you are under no obligation to honour their recommendations. But asking the question gives you a good opportunity to learn what a creative PEO company can do for your company.
Asking this question also gives you a more three-dimensional view of the PEO company’s capabilities. When you know both what the company did for others and what they propose to do for you, it’s a great way to make sure your relationship together will be a good fit.
See What Others Are Saying
It’s always good to ask a prospective PEO company if they have any references they can offer you. This gives you a chance to speak to their previous customers and pose any questions that you would like to ask.
However, you should never settle for only looking at the references the PEO company provides. It’s also important to see what others are saying about this PEO company online.
By combining professional references with online reviews, you can rest assured that you will get the very best professional employer organization in the business!
The Budget “Sweet Spot”
PEO done right can save your business a lot of money. However, it still involves an upfront cost to get everything started. This is why it is important for you to find a professional employer organization willing to negotiate on price.
The best PEO companies provide many different services at many different price points. You should be able to negotiate with the company and come to an arrangement that suits both your budget and your needs.
This kind of negotiation is also a good way to evaluate companies you are thinking about hiring. If a PEO company seems like they just want to shake you down for money, go ahead and start looking for one that is focused on your particular needs.
Conduct A Self-Assessment
Part of negotiating a good price is understanding what you need a professional employer organization to help you with. That is why you need to conduct a self-assessment of your company’s different needs and how PEO can help meet these needs.
For example, many businesses struggle with the cost and complexity of payroll. Payroll only becomes more expensive and more complex when you start doing business globally, but PEO can help you handle everything in a quick and efficient manner.
In spirit, this self-assessment is like performing a SWOT analysis. After completing your audit, you should know what you need. The next step is finding a PEO company that can take care of it!
Experts in Compliance
In many ways, compliance is the biggest obstacle for smaller businesses. That is because the laws and regulations surrounding compliance are always changing. And if you try to expand your business into a worldwide operation, then compliance becomes more confusing than ever.
Because of this, you need to find a PEO company that has genuine expertise in compliance. And when you decide to start doing business in another part of the world, your chosen PEO company should be able to find local experts to help with your compliance needs.
Go With Your Gut
Our last bit of advice when it comes to selecting the right PEO company couldn’t be simpler. At the end of the day, it’s important for you to go with your gut!
Ultimately, nobody knows your business, your products, and your customers like you do. When you rely on PEO, you’re relying on someone else to help your business succeed. In turn, your employees are counting on you to help make the business run smoothly.
If the PEO company checks out on paper, make sure to schedule some time to speak with the company via phone or video call. If you get a good feeling about what they can do, then this is the PEO company you’ve been looking for.
Get the Best PEO For Small Business Today!
Now you know how to find the best PEO for small businesses. But what if you could find the best PEO with the click of a button?
Here at Bradford Jacobs, we specialize in helping small businesses expand their reach across the world with world-class PEO. To discover how we can help your company reach its full potential, simply contact us today!