Whatever it is that forms the basis of your decision to expand and take your agency to the next stage, how to make it happen needs some careful thought and consideration.
Why and in what way do you want to grow your agency?
Is it because you are smashing targets ahead of schedule, having to turn down work that you can't currently facilitate it or maybe candidates and clients are approaching you more and more?
Do you want to adopt a new area of business, or simply do more of what you do as you enjoy it and are good at it?
Currently many workers are preferring temp roles or exploring the contractor side of the industry, so it could well be the right time to put the wheels in motion.
Here are our 5 key areas to reflect on thoroughly before making any decisions:
Do your research
Start by looking at new client opportunities and act quickly to test the water.
Being proactive can reap rewards - forecasting existing client needs can allow you to earmark potential candidates. Consider those firstly whose current contracts maybe nearing the end.
Or Is there a niche area you have gained expertise in, an area you particularly enjoy or would like to learn about? This could be a great way to expand, establish yourself as a specialist, increase your value and enable an increase in fees longer term - something that can often be tricky to warrant.
Considering using a mentor to help with the expansion process could be really beneficial. Being mentored is one of the most effective ways to gain new prospectives, develop strengths and improve on weaknesses, while building on knowledge and skills.
Create and maintain a quality resource pool
Maintaining a good relationship and regular communication with clients and candidates is vital. Candidates need to be kept up to date regularly on essentials. To help manage and professionalise this communication, offer a text messaging service. You can do this through software specifically designed for the temp recruitment industry.
Communication can make you stand out from the competition and is often a big bugbear for candidates.
Keeping clients informed through a company newsletter can work well also, highlight your agency’s news and successes.
With maybe many more people entering the temp market it is important to be on top of your game with regards to service, administration and compliance.
The right industry specific software package can help by simplifying your workload, allowing total agency management through one cloud-based system. Automation of key tasks, data handling, invoice consolidation and compliance ensured, are just some of the benefits.
Organisation is key
Maintaining an efficient and compliant database is essential, knowing when people are free to work, what qualifications they have and what they have already worked are just a few of the elements to juggle. With an expanding business this becomes more and more important.
Is it time to refresh your marketing, looking at what you communicate currently and the value promoted. Does this need to be reconsidered?
It could be a great time to gather candidate and client feedback, quotes and testimonials - ready to shout about any changes that can be publicised or just a reminder of what you do and how you make a difference.
Utilise social media tools to the max - most platforms have a free level to them, and make sure your agency brand is consistent and professional across them all.
LinkedIn is an invaluable tool, make sure you are utilising its potential. It offers the perfect opportunity to network and develop relationships with both new and existing candidates and clients, and also builds your brand's reputation.
LinkedIn can demonstrate clearly your credibility in the industry and highlights your agency credentials and recommendations. It is a great way in addition to monitor current market trends and developments.
Essential to being able to take your agency to the next level, is access to reliable finance and cash flow. A thorough cash flow forecast is crucial to keep you on track and for you to know where things are at.
A reliable funding provider will process your payroll, pay your candidates, raise your invoices, collect payments from your clients and pay you your profits. A specialist finance provider can help you reinvest in your business, plus reduce agency administration and the stress of chasing invoices, freeing up time to win new business.
To make sure you can expand effectively you will more than likely need to expand your team, and having the right people and skills behind you is indispensable. This is where planning really comes in; have you got the funds needed to cover your growing manpower?
ironic as it may be for a recruitment business, finding the right staff to join your team may not be the easiest, but a suitable recruitment budget and strategy should assist hugely.