As a professional PEO broker, I have learned many lessons over the years. I have learned to be open to new ideas, information, and opportunities. The world is rapidly changing, and you must keep on top of things if you want to succeed. It would be a mistake to put blinders on when faced with new discoveries and opportunities. When I started PEO Broker, I became successful primarily because I was alert to new ideas and hidden opportunities.
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I believe every business has surprises, hidden dangers beneath the surface and little-known opportunities that can lead to a huge success. One of those opportunities is making the right decision when choosing a PEO. When I learn, it makes me feel great, alive, and excited. It makes me want to learn more. I’d like to share what I’ve learned that can help you know how I evaluate a PEO as well as what it can mean for you.
The PEO industry, like any other service sector, is highly dynamic, highly differentiated and often very difficult for outsiders to decipher. PEOs can range and vary in size, services provided, expertise, experience, and even market knowledge. While in theory they all provide a defined product, the nuance of what each product may entail (and for whom it is targeted) often differs substantially. As a result, small to medium-sized businesses looking to procure PEO services must have the right PEO broker who can provide the right strategy.
One of the most direct and effective ways to identify the right PEO for your business is to obtain the services of a professional PEO broker, an organization that accurately matches client firms with the right PEO partners. This route essentially preempts the tedious work of interviewing promising PEOs and prevents costly problems and valuable time should you find that your PEO isn’t the right fit. With the right PEO broker, you get peace of mind. You can rely on their expertise, knowledge, and market experience. This alone can save the business owner or company thousands of dollars rather than relying on hope, or a do it yourself strategy in choosing a PEO.
Following are some factors a PEO broker evaluates to determine the fit of a PEO for your company.
Credibility
Like any potential business partnership, you’ll want to know a PEO’s background before you tie the legal knot. A PEO broker understands the PEO’s reputation in the industry, and always has the inside scoop. They can provide references and ensure the PEO is in good standing with organizations like The National Association of Professional Employer Organization (NAPEO), the Certification Institute and ESAC accreditation.
Specialties
No two PEOs are the same. Most PEOs specialize in a specific niche and often have varying degrees of requirements for a business. There are some PEOs who serve only those in the healthcare industry, or tech startups, small or medium size businesses. A PEO broker in this area alone can save a business owner or company hundreds of hours in evaluation. A good PEO broker will begin by taking the time to understand your unique needs and then provide you with a strategy to achieving the right PEO solution.
Reputation
There are many moving pieces to getting the right PEO. There is no cookie cutter solution. A good PEO broker will provide you with the right experience and knowledge to ensure you get the services of a PEO with a good reputation and history.
Value and Trust
A successful and prosperous partnership grows with value and trust. A PEO broker will evaluate a PEO’s ability to provide you with specific value that enables trust to grow, ensuring a profitable partnership.
As business owners, we must embrace change. Success does not come overnight. We must be open to new information and ideas and be willing to take on new challenges. I hope this information if helpful.
