Starting a staffing business is hard work. You have to build your client list, fill your candidate pipeline, expand your internal team, and more. All the “core” services you are an expert at. Trying to do everything on your own is almost impossible. However, you probably lack the resources to hire full-time staff for every role from the start. As a result, it’s in your best interest to partner with a company that can handle almost all of your back-office functions, provide not just funding but company advice, invoicing, collections cash application, financial analysis and offer other services to increase your odds of success. Partnering with Madison Resources lets you focus on sales and service so you can increase profitability. Here are four ways we help you get your staffing firm off the ground faster.
Looking to Launch Your Staffing Company? Here are 4 Best Practices We’ve Observed.
1. Affordable Payroll Funding
Keeping your staffing firm running requires an ongoing stream of cash. You need to purchase equipment, pay employees and more to maintain operations. Waiting 30-9days to have your invoices paid, or having a client not pay at all, causes significant challenges for your cashflow. Even if you qualify for a small business loan, it may take months to receive the money, have to pledge other assets, have to pay fees and need to go through reporting, examinations, etc… A better choice is to use a payroll funding company who can provide full corporate / backoffice services. A company such as Madison Resources can fund and provide all those non-core services while you focus on growing your business.
2. Progressive Staffing Technology
Using the most current staffing technology adds value to your firm. CRM / ATS saves time by integrating all aspects of the hiring process. Providers can also integrate with time keeping systems to further integrate the technology. Rather than purchasing expensive staffing technology and upgrading as needed, partner with Madison Resources and use ours.
3. Complete Back-Office Support
Starting a staffing firm means putting together the pieces needed to make it all work. You want to keep all critical core elements in-house while letting a third party handle the nonessential non-core tasks. For this reason, you should outsource your back office to an experienced provider such as Madison Resources. We can handle your payroll processing, billing, collections, credit, cash applications, and/or payroll tax filing and processing. You have more time to focus on differentiating your staffing firm from the competition, finding clients and candidates, and maintaining operations.
4. Professional Seasoned Advice for Firms of all sizes
When starting a staffing firm, learning from others’ successes and mistakes is invaluable. For instance, you need to show your company’s unique competitive advantage. Operating in one industry or niche provides a focused solution for a wide market. Being that seasoned professional in the field increases efficiency and provides credibility for clients and candidates to work with you. Madison Resources has the years of experience needed to help guide your business.
Partner with Madison Resources
Get your staffing firm off the ground faster by partnering with Madison Resources. With over 25 years’ experience helping staffing firms like yours, we offer the tools and resources you need to succeed. Get started with us today.