Ask an expert

Q I want to expand my small business. Should I do it on my own or hire help?

A For many small-business owners, now is the right time to think about hiring and growing their business. And this optimism isn’t new — more than half of Fortune 500 companies started in a downturn. Here are five reasons why hiring now could be the right move:

Talent is more abundant. You can benefit from lower labour costs and a growing talent pool of people more open to working for a small company.

A growth spurt is coming. Don’t be caught napping when the economy rebounds. Hiring now, or having a plan in place, will help you scale up quickly to meet increased demands for your product or service.

There are unique opportunities. Every recession brings opportunities such as weakened competition or customers looking for inexpensive alternatives. Look to see if these opportunities require extra help or if you’re able to leverage them on your own.

Talent is more abundant. You can benefit from lower labour costs and a growing talent pool of people more open to working for a small company.

Focus on what matters. Sole proprietors often spend valuable time on tasks that don’t bring in any money. Instead,hire someone to do that and make better use of your time.

Your inner creativity is valuable. Today’s employees are often contractors, part-time workers or they may work from home. Think creatively about your business. You’re not just hiring someone to do a task, you’re building for the future.

Rhonda Abrams is a US-based small-business expert and author of Hire Your First Employee: the entrepreneur’s guide to finding, choosing and leading great people