Growth is an important part of any business, but as a temp agency owner how do you know you are ready to take things to the next stage? Read on to determine if you have reached this stage of your business life...
You have met your initial, short-term goals and it's time to start to focus more time and effort on the bigger picture, longer term goals.
You enjoy what you do daily, are passionate about your business and excited for what maybe next. This focus can drive you to achieve great things.
You are assured, know your brand and your target market thoroughly. Necessary controls are in place and you have a solid customer base.
You are struggling with excess demand for your services - it is there for the taking and the industry is buoyant. Long-term projections are good and customers want more. You can be in a great place to grab these opportunities and run with them!
You have the right support in place to take things to the next level, you have staff in position you can rely on or alternatively you may consider outsourcing certain functions. Industry specific service providers can offer software, payroll, funding, back office amongst other areas - all managed by experts.
This can help your business be more flexible and agile, allowing you to adapt more easily to changing market conditions. At the same time you can also enjoy cost savings and improved service levels, with no need to employ internal staff dedicated to the more back office functions.
You have systems in place to ensure you are working as streamlined as possible, this can be achieved easily with the right temp recruitment software. This can improve hiring and onboarding - making it faster and easier. It can improve candidate and client impressions - making them more positive and it can improve compliance assurance - keeping you on the right side of the law.
You can afford to most importantly. Be sensible and ensure profits cover expenses, but also consider funding options to increase your options. An invoice financing provider can ensure you have funds exactly when you need them, with the whole process managed on your behalf. As well as offering your business favourable credit and funding limits, specialist recruitment finance providers
have an extensive knowledge of the recruitment industry and its needs.
You can then continue to concentrate on candidate and client relationships and have time back to grow your business. From paying temps promptly, invoicing clients, chasing payments, to keeping you compliant - you can ensure this is all in place with an industry specific funding provider. This reduces your risk and ensures your cash flow is in place and managed correctly.