Five Funding Tips for Staffing Firms Seeking Greater Value

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Whatever stage your staffing company is at, you are obviously always looking to leverage your business to the next level. To rise to that future level, funding can be crucial. Here are five tips that will help your business gain value through funding.

Tip# 1: Have a Detailed Business Plan

It’s always good to know where you want to be down the road. Many people presume that business plans are a start-up, one-time-only process. While business plans are great for start-ups, a well-developed business plan can be great for more mature companies as well.

A business plan will help you with funding sources, as it demonstrates that you are serious about your business.

This is actually where a good funding company can help you craft your plan and lend a helping hand on your journey. For example, at Madison Resources we advise you and supply you with business intelligence tools that will help you chart your course.

Tip #2: Know Your Investors, and Choose One Who Will Scale With You

This is where a true funding partner can come in very handy. A true funding partner will get to know you, your business goals, and thus provide the right amount of funding to help you scale up your business when your cycle is high and be understanding and scale back when the industry dips down.

At Madison Resources, we have direct experience, having grown out of a staffing company. We have the expertise to guide you and set you apart from your competitors.

Tip #3: Make a Budget

This is a huge strategic tool for an entrepreneur looking to grow their business. It allows you to monitor your current expenses and also project variables on where your business market may go. It can help you plan for emergencies and other contingencies.

Again, the right funding companies can help you here. For example, at Madison Resources it’s like you’ve got a financial planning and analysis department at your fingertips.

You can get: trends on sales gross profit, gross margin, MU % and headcounts; and adjustable periods and comparisons with dropdowns for month; quarterly or annually.

Also, branches and regions can be swapped for multi-branch “what if” analysis, which is great for adjusting your budget.

Tip #4: Don’t be Afraid to Take the Next Step

Many entrepreneurs begin the businesses by choosing internal funding to get off the ground and to give themselves the advantages of control, flexibility, and low transaction costs. However, at a certain point, this may inhibit your company’s growth, and ending eventually in under-investment problems.

Tip #5: Look for a Full-service Partner…. and Don’t be Afraid to Switch

A good funding partner can back you up with full services and allow you to focus on what will bring your firm greater value: specifically sales and customer satisfaction. At Madison Resources we offer excellent back-office resources to help your firm run smoothly.

Many staffing firms feel they need to stay with a funding source they started with, which is partly out of loyalty but also part of a piecemeal approach, with different vendors for technology, marketing, accounting, and funding. This can cause trouble and lost opportunities.

So don’t be afraid to switch. Making the switch to Madison Resources is easy.

Think it’s tough to change payrolling and back office providers? Nothing could be further from the truth. At Madison Resources, our team can help you quickly and seamlessly transition from your funding, back office or technology partner. And with one simple solution to manage your whole office, you’ll wonder why you didn’t do it sooner.

How do you Benefit from  Switch?

Here’s why you should switch to Madison Resources:

  • Solutions that cater exclusively to the staffing industry
  • Better support for your back office
  • 100% funding to ensure positive cash flow
  • Sound advice from industry professionals

Contact us today to see how we can help you.