When you find a once-in-a-lifetime opportunity to expand your staffing firm, you have to act quickly. If you hesitate, odds are a competitor will take advantage of the opportunity and gain an even stronger hold in the marketplace. Since you do not have time to wait on a potential bank loan, you want to look… Read more »
Given the extreme cyclical nature of the staffing industry, staying afloat is challenging. Because your business goes down when your clients’ business goes down, your staffing firm needs to strategically diversify to survive during recessions. In order to expand into new areas, you need access to the right amount of process support and funding. You… Read more »
Maintaining payroll tax compliance involves withholding, filing, and paying taxes in a timely manner. Any delay in paying a tax obligation, especially when finances are tight, may produce costly penalties and interest. Even one late payment can result in significant financial losses for your staffing firm. By using your invoice assets to secure funding, you… Read more »
As a staffing firm, you’re always working on earning repeat business. Because maintaining current clients costs less time and money than obtaining new ones, you do everything in your power to cultivate your client base. Part of securing repeat business involves your value proposition. What you have to offer clients that no other staffing firm… Read more »
Part of growing your staffing firm involves modifying your sales strategy. Because what worked previously may not work now, your sales strategy needs to evolve as your client needs change. Follow these guidelines to a smarter sales strategy approach. Is Your Sales Strategy Smarter? 1. Provide Value Different From Other Staffing Firms Because they often… Read more »
Part of prepping your staffing firm’s sales team involves training them to produce repeatable, sustainable revenue growth without being overly dependent on one client or top performer. In order to create such a sales team, you need all sales reps trained the same way. They will display the same sales skills, behaviors, messaging, and activities… Read more »
Expanding your staffing firm is one key to business success. Targeting companies that will benefit you in the short- and long-term helps ensure increased revenue for continued growth. To promote business expansion, train your sales team to follow up with prospects, leverage your value proposition and close business. Build Up Your Profits in the Short-Term… Read more »
For staffing firms, It’s common to focus solely on strategies that drive revenue. Too often, margins are given much less attention. Keep in mind that tweaking your margins, just a bit, can have a larger ultimate impact on your bottom line than top-line focused activities. Where Can I Build More Into My Business Margins? 1…. Read more »
In our last post, we provided an overview of the metrics you need to watch as a staffing business owner. Now, in this post, we’re going to drill down on margins. Simply put, are you comfortable with your metrics and other understanding about margins? You can be a very savvy sales & recruiting executive and… Read more »
As we drill down through our profitability series, it’s very important to consider managing –or being aware of — your operating income. You may feel like you are swimming in metrics. After all, you can measure dozens of metrics. There are sales metrics. Recruiting metrics. And lots of different financial metrics. There are backward-looking metrics… Read more »