Three Ways You Can Drive Down Expenses in Your Business
As a staffing owner or manager, your focus is on driving revenue. That’s completely understandable. But reducing the cost of doing business is also critical to your bottom line. Here are three ways you can do this and achieve more profitability, and more professionalism.
Tip #1: Track Your Employees’ Productivity
Certainly, you know who your top salespeople and recruiters are. But can you put your hands on metrics, or see who may be slipping or moving up? Can you track time to fill and revenue per station? These metrics will let you get a clear view of your staff.
Establishing benchmarks, and making them clear to your staff, will be a great way to show transparency and boost morale. This isn’t about looking over their shoulder. In fact, it will also enable you to reward top achievers, and find additional training for those who need it. Clear communication in this area is great for building a team, and a team mentality. You’ll always have recruiters and salespeople who want to go it alone, but even they can benefit from clear parameters.
Tip #2: Streamline Your Processes.
Look for inefficiencies in your existing way of doing business. Is billing going out late, or coming in late? Are candidates getting delayed payments? (If so, they won’t stick around for long). Figure out what your needs are, and see how automation may help you here. At Madison, we offer a full range of integrated services, from front to back office, to funding, in either one solution or a la carte. These outsourced services not only add to your efficiencies, but provide a professional image: Billing always on time and correct; candidates paid on time and correctly. Matches are made more effectively as well.
Tip #3: Know Your Customer, and Know Your Candidate.
Nothing is as inefficient as shooting blindly, throwing candidates you don’t know against customers you don’t know as well. Getting to know your customers’ needs and drivers, and their industry, is one part of lowering expenses. The other part is making sure your candidates are tested, vetted, and matched appropriately. Think about developing a talent pool, and don’t get caught up in the cycle-to-cycle business conundrum. Easier said than done, but with a good staff and a good system in place you can do this.
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At Madison, we’ve helped staffing firms succeed for years. We offer a full range of services, and understand that while driving down business expenses may not get the headlines, it’s a crucial component to your business’ success or failure. Call us and see how we can help you today.