If you are the owner of multiple small businesses, you do not need us to point out you have your hands full. Obviously, you are a person who enjoys “doing”–but that does not mean you enjoy or have the time to fulfill every role your businesses demand. The administrative duties for one company alone can leave you with little time to focus on your business product or services or anything else.
To reclaim your time, preserve your energy, and improve your businesses’ bottom lines, consider partnering with a Professional Employer Organization (PEO). Whether you have one company or several companies, the PEO can manage your administrative needs, and NetPEO will help you find the right partner–or partners.
How a PEO Works
When you partner with a PEO, the PEO becomes a co-employer of your employees. This does not mean you relinquish your authority or become less than “the boss.” You retain your status as the business owner and CEO but release certain responsibilities to the PEO, who, as a co-employer, can handle sensitive information about your shared employees and the business overall.
Through a co-employer agreement, you establish what tasks you want the PEO to take on. For example, you may turn over payroll management, administration of employee benefits, matters of compliance, and employee hiring, training, and termination. If you have multiple companies, a PEO can serve as a co-employer for them all.
Multiple-Company Benefits
PEOs work with multiple business clients. The more clients they partner with, the better their business. If you have more than one business, and the values and expertise of one PEO meet your business’s respective needs, it makes good sense to have that one PEO partner.
PEOs gain bargaining power for negotiating employee benefits packages when they have more employees to represent. The employees from your companies, and any others the PEO partners with, are all employees of the PEO. There is power in numbers when it comes to securing quality benefits at a lower cost per employee, and a PEO harnesses that power for the good of your business.
Employees with better benefits are more satisfied with their work situations and less likely to look for other opportunities. By lowering your turnover rate, you save the time and money spent on hiring and training and can cultivate a more cohesive business community.
Companies in Multiple States
If you have companies in more than one state, your PEO partner can save you hours and stress by managing each company’s compliance with state-specific small business laws. Labor laws, workers’ compensation requirements, payroll practices, environmental practices, and a host of other areas are addressed differently depending on a business’s location. Keeping up with these regulations and the frequent changes enacted by state legislatures is too much for one person to manage correctly.
Which PEO Is Right for You?
Finding the right PEO is essential for the success of your partnership and requires extensive research into what different PEOs offer, whether the PEO is accredited, and analysis of how the possibilities match with your business or businesses. If you are running multiple businesses, you probably cannot even imagine adding this research and analysis to your schedule, and fortunately, you do not have to.
NetPEO is a PEO brokerage firm with a vast network of trustworthy PEOs. We offer a free analysis of your business and review our network to find the best match for you. How your businesses overlap (or do not) will factor into our consideration.
You Have Options
Though you may offer different products or services in each business, you may just be looking for the best “full service” PEO. Your NetPEO broker will search our hundreds of options to find a suitable match, and your PEO partner can perform the same duties for each company.
In another scenario, you may need certain duties fulfilled for one company and different services for another. Your broker may find a single, versatile PEO who can easily accommodate each company’s needs.
If the needs of each business are especially distinct, it may work best to partner with a different PEO for each company. Whatever the case, your NetPEO broker will investigate cost-effective options to boost your company’s efficiency and productivity.
PEOs Partner with All Kinds of Companies
PEOs provide services to 173,000 small- and mid-sized businesses, according to the National Association of Professional Employer Organizations (NATPEO). Those 173,000 clients represent 15% of business owners employing between 10 and 99 workers. NATPEO reports businesses who partner with PEOs experience:
- 7-9% faster growth than companies without PEOs
- 10-14% less employee turnover than companies without PEOs
- A 27.3% return on investment (ROI)
The types of companies enjoying these benefits represent a spectrum of industries, including but not limited to:
- Finance: accounting firms and credit card and payment processing companies
- Retail: clothing boutiques and specialty stores
- Construction and Landscaping, especially those serving local areas
- Real Estate
- Legal especially small law firms
- Aviation: equipment brokerage firms and inspection or service companies
- Health Care: small medical practices or nutritionist or wellness providers
- Food: restaurants and catering companies
The PEO industry is growing, and whatever niche your business represents, NetPEO will find a PEO that works for and with you.
You Have Nothing to Lose–Except Stress
It is time to stop the marathon juggling act you have been performing across your businesses. That act is not sustainable and only hurts you and your company’s chances for success. Instead, reach out to NetPEO and make an appointment to meet with an experienced NetPEO broker.
Our brokers have over 200 years of combined experience and only recommend top-quality PEO partners. We listen to you, assess your needs, provide a solution, and maintain communication after you have created a co-employment relationship so we can help you navigate any potential problems. While we have a 95% partnership retention rate, if you decide your initial PEO partner just is not the right fit, we will help you find a better match.
By letting a PEO take over your administrative responsibilities, you will have more time to spend on growing your business and enjoying its success. Get in touch with NetPEO today. We look forward to working with you.
