Core Skills Matter as Much as Any Outlying Skill Does
It’s easy to reach for the brass ring, but then to forget what you’re standing on. Such is the case with staffing firms that want to expand business but neglect what’s happening on their home front – that is, their core business skills.
Anyone in business management operations is fully familiar with “core competencies” as organizations adopted core principles and decided in turn which non-core functions could be safely outsourced. These latter jobs could be accomplished by staffing firms, in that they were essential, but ancillary. Most importantly, they were competencies that didn’t differentiate an organization in its market.
Harvard Business Review conducted a five-year study of corporate growth involving 1,850 companies. The Review tracked specific growth moves and linked them back to individual company performance. The research yielded major conclusions, but perhaps the biggest one was that most profitable growth comes when a company pushes out the boundaries of its core business into an adjacent space.
It’s a great goal, and it’s always great to look at what your clients and competitors are doing, but where does that leave you and your initial mission?
Fortunately, you can use methods to ensure that you don’t lose sight of what you do best.
Have a Core Mission Statement
A statement of your mission and values is a huge help when you are planning next moves. A good mission statement answers the question of why your business exists in the first place. It should define what your company does for its clients, for its employees, for its associates (in the case of staffing firms), and its owners.
Developing a statement, or revising an earlier existing one, is a great way to articulate your company’s goals and ethics. In busy times it serves to help you step back and refresh your memory about why you got into business in the first place.
Have a Business Plan
A business plan is something that you can also refer back to and reconcile it with future decisions and also as a roadmap that you can use to make sure you don’t lose your way.
This isn’t to say that your plan is carved in stone; if anything, staffing firms know that their businesses and cycle are constantly changing. But it’s a good reminder of where you’ve decided to go.
Expand into Businesses That Are a Good Fit
This is where it’s up to you to decide if a possible customer is worth pursuing or committing to. There are many reasons and motivations for getting new clients, whether it’s the money, or the prestige of the client, or the opportunity to grow with the client.
One factor to consider is if this new business is a natural fit. If not, you may be thinking about hiring a new recruiter or beginning a new service line. This isn’t a bad thing, it’s just a matter of how much time and energy and service you can commit to this new area. Does it fit your roadmap? Are they a good cultural fit? Are they a good “portfolio” fit? Do their needs match the skills that you do best?
Finally, do what your clients do … outsource non-core parts of your business. These are important but time-consuming aspects of your business, such as technology, or billing.
Are you looking for ways to help you stay on-mission?
At Madison Resources we’ve been helping clients achieve their roadmaps to success for many years. We can take over funding, technology, billing and much more to free you up to focus on your core skills, such as sales, recruiting, and providing excellent customer service. Contact us today to see how we can help you.