Planning is key to your staffing company’s success. Regularly reviewing your progress, determining where you’re at and where you want to go increases your odds of business longevity. Even though you will likely revise your plan many times, having a roadmap allows you to evaluate how far off your plan you are and decide if you want to adjust. In addition, sometimes business expansion requires capital, investors typically want to see a growth plan before considering investing in your firm. Here are five steps you need to take to create and fund your staffing company’s five-year growth plan.
Determine Your Direction
Decide which direction your staffing company should go in. Take into account consumer demand, your current offerings, competitors’ offerings, industry trends, and unmet client needs. Consider how your business can evolve in response to the market. Outline your goals and how you intend to achieve them. Remember that your methods may change along with the market, so you need to remain flexible in your approach.
Create targets for your growth plan. Make them specific, measurable, achievable, realistic, and timely. Staff must understand what they need to do and when to it by to successfully reach their targets. Employees also have to know where they fit within your organization and how their role helps meet business objectives. Use relevant performance indicators to monitor your team’s activities. Examples may include sales or profit figures over a set period, milestones in new product development, market share statistics, or productivity benchmarks for individual teammates.
Effectively plan how resources will be allocated to meet your objectives. Start by reviewing your staffing company’s progress and business position. Identify your future direction and strategy for growth. You may need additional staff, greater spending on marketing, or to purchase supplies or equipment. You could find funds through current cash flow, generating additional profit, or securing external funding. Create precise budgeting to determine the necessary level of resourcing for a specific unit or department. Prioritize your resources, so your areas of business that are key to reaching objectives are adequately funded.
Put Safeguards in Place
Implement safeguards to manage your growth plan. Because things will not always go smoothly or according to plan, you need to prepare for potential bumps in the road. Tasks may need to be repeated, and priorities reorganized along the way. Detail how you will handle the occasional error or failure and confidently move forward with your plan. Maintaining proper oversight ensures capital and other resources are responsibly handled to promote desired outcomes.
Secure funding for your growth plan. Show investors how your business goals align with their interests. A well-designed growth plan shows you’re serious, professional, and dedicated to making your staffing company thrive. Investors will be more open to providing the capital needed to expand your business when they see a strong potential for return on investment.
Secure Funding from Madison Resources
Secure funding for your 5-year growth plan through Madison Resources. We offer unlimited funding services, fully scalable technology, and back-office outsourcing services to help with your staffing company’s growth. Reach out to us today to get the funding you need now, and the back office solutions you need to stay profitable. Get in touch to learn more today.