Growing your staffing agency results from innovative thinking. When you have funding and ideas, you gain strategic opportunities. At various times, your success will involve reinventing your staffing agency by changing your offerings. Proper planning can help your business prosper even through the uncertainty of an economic downturn. If you experience funding and back office service challenges, be sure to turn to a trusted partner like Madison Resources for help.
Learn what pivoting is and how to effectively use it to expand your staffing agency.
Although pivoting means shifting to a new strategy, it does not always involve drastically changing your entire business. If you have one important problem to address, then one aspect of your staffing agency may need to be addressed. In this case, pivoting may involve turning one feature of a service into the service itself, resulting in a more streamlined offering. Or, pivoting may include turning one service into a feature of a larger suite of features as part of another service. Perhaps your pivot will mean focusing on a different set of customers by positioning your staffing agency into a new market or vertical. If you need additional guidance, turn to Madison Resources.
Make a Plan
Before pivoting your staffing agency, have a proactive plan in place. You need to evaluate whether you can continue operations if you experience a decline in revenue. Your plan may include adding growth sectors in line with your current business mix and actively marketing your staffing agency. If you end up needing back office services and funding, Madison Resources can help.
Determine When to Pivot
You should pivot only after considerable planning and when absolutely necessary. For instance, your staffing agency may be progressing too slowly despite the work you are putting in. Maybe you received a lukewarm response to your first offering, or customers are unwilling to pay now what they paid then. Perhaps your goals, vision, and values have changed since you launched your staffing agency, and you want to pursue another course or niche. The experienced professionals at Madison Resources can provide valuable guidance on when your company should pivot.
Implement Your Plan
There are a number of factors to consider to reduce the risks associated with pivoting. Since you may have to change course a few times to get your staffing agency on the right track, do so as early as possible to avoid wasting time, effort, and money. If the path you are on does not feel right, step back to revalue your mission and find a new vision. Determine which aspects of your staffing agency can be salvaged, kept, and reused for your new direction. Implement customer feedback to ensure your new offering is priced right, has enough features, and fills relevant needs.
Gain Business Intelligence
Make your business more profitable with business intelligence from Madison Resources. We give you guidance, funding and back-office support to grow your staffing agency. Reach out to us today.