If you have set up a recruitment agency in the last few years firstly, well done! You’ve succeeded against a backdrop of economic doom, restricted investment and growth, and wavering business confidence.
According to Recruitment and Employment Confederation (REC’s) latest Recruitment Industry Trends report, the recruitment industry turnover for 2016/17 was £32.2bn, with £28.2bn achieved through temporary/contract placement. That’s an awful lot of business – and commission - that your company could be winning!
So now is not the time to stand still. Here are Flo WorkFlo: Software’s top tips to keep your temporary recruitment agency on track for future success:
Spread the word – Relying on word of mouth and old-fashioned adverts is all well and good but embracing digital marketing is going to put you ahead. Most younger people and, increasingly, anyone looking for a temp job is likely to use online job boards and social media to find out about vacancies and will expect instant access to the jobs on your books. Your clients will expect that too. Which leads us on to…
Technology – New technology will continue to play a big part in the world of recruitment, both permanent and temporary, and if you’re using paper-based invoicing you are going to be wasting a lot more time and effort than your cloud-embracing competition. Online software cuts down on your back office costs and minimises the error-rate on timesheets and invoices. Cloud-based online systems offer enhanced security and access, and allow for greater…
Compliance – There is a large and ever-increasing amount of legislation that you are required to keep up-to-date with. Recruitment business owners must continually review the compliance demands placed upon them and the staff they place and keep aware of any imminent legal changes too.
Invest wisely – As most business owners know, a healthy economy is the time to invest in order to future-proof your business. Whether that means taking on new staff with specific specialisms or upgrading your computer system, it’s unlikely to be cash wasted.
Cash flow – Now, when you are hopefully not worrying about where the next client is coming from, is the time to review how your company’s finances are working for you. Step back and undertake a thorough review with your accountant to ensure that you’re operating in the most profitable way.