How hiring interns can benefit small businesses

For many firms who operate under tight financial restrictions, it is not always possible to hire in new staff to fill gaps and manage workloads more effectively.


Fortunately for these businesses, there is a way of increasing staff numbers without the significant expenditure that can result from employing in new full-time positions.


Offering internships has a number of benefits, not least that it can remove some of the pressures faced by existing staff.


It also enables young people to gain valuable experience and ensures companies and brands can continue to deliver the types of service they strive for.


A report from the Association of Chartered Certified Accountants, done in partnership with Intern Aware and YouGov, found that businesses with less than 50 staff were far less likely to offer internships than larger firms.


Indeed, 83% of small businesses had never offered one, despite the fact that many small business can offer just as much to potential interns as any other company.


Younger people can also being fresh ideas and ambition into a company, increasing the potential for new successful ideas and a change in direction.


With so many small businesses forming the UK economy, many could stand to benefit from considering internships.


They could, for instance, look into new trends and analysis that existing staff simply do not have the time to complete.


Or they could take some of the workload from existing staff, enabling them to focus on other things related to the business, thus boosting productivity as a result.


Market research is a key task but it can often get overlooked, and having an intern in place could promote opportunities for growth and success.


They could also help to manage a social media profile that helps increase awareness and brand messaging, which can potentially drive future sales and new business deals.


Another key factor is that an intern can offer many positive outcomes without requiring a business to pay high levels of wages that may otherwise be required.


This reduces the risk of a company facing financial hardship should any large unexpected expenditure be required.


Any firms finding themselves in such a situation should seek advice from insolvency practitioners as a number of solutions may be available.


Not only do interns benefit from experience but the companies stand to benefit too, both in a financial and business sense.


By Phil Smith


If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1144.

View all Business Insights