Or, How to Turn Whatever is Thrown At You Into Opportunity
One of the first things you notice about people in the PEO business is how they handle challenges. The last few years have been rough on all businesses, especially small ones: a weak economy, high unemployment, severe layoffs, shrinking workforces, whole industries struggling, low consumer confidence, stalled hiring, suppression of wages, indecision in business, lending restrictions, a gridlocked government, and a frail recovery. Yet, PEO people still tend to say things like, “We’re all going to find a way to be successful,” “We’ve figured out a way to create our own niche and deliver value,” and “There is so much opportunity.”
The inherent paradox of the PEO business is that when small businesses—the PEO’s lifeblood—struggle, that’s when they need PEOs the most. This paradox has existed since the very inception of the PEO industry. Throughout the industry’s lifetime, PEOs have adapted and thrived through changing economies, market cycles, and business environments. On the surface, how they do this is somewhat of a mystery.