Article published on: 23/01/23
Setting well-defined, specific goals can guide your decision making as a start up recruitment agency, so you waste less time on projects that won’t help your business success. At the end of the business year, quarter, month, goals are a great way to keep on track of your business’s progress.
Monitor the key KPIs and Metrics your goals require
You need a way to track your progress and results. Firstly, make sure your goals are measurable.
For example, if one month your objective is to increase the number of temporary bookings you place by 5% by the end of the following month, you need a way to measure this. A recruitment based back office software can assist in your tracking.
Software that provides you with monthly/annually reporting or a personalised dashboard is one way you can monitor this metric.
The types of goals you set will vary depending on what you want to improve on. As a team, by looking at your most recent performance (and again once you’ve been established for a while), you should be able to sort your progress into ‘what went/is going well’, ‘what we want/need to improve on’ and ‘what we struggled to get off the ground with’.
As any business, when starting up, your funding should cover the amount you need to get up and running as well as any overhead costs and wages. All businesses must keep books as a record of all their financial incomings and outgoings and evidence of their income, for tax purposes.
As part of your bookkeeping, provide financial forecasting, including sales targets and revenue. This evidence is crucial if you are seeking outside funding or seeking an increase down the line as you grow.
Cash flow can be unpredictable at the start of a new business. However, you ultimately must make sure your workers are paid on time, especially as a lot of temporary worker terms dictate that invoices can take up to 6 or so weeks before they are paid by clients. Invoice finance is a sure-fire way to ensure you have access to the funds you need, when you need it.
There will be times when you are unable to reach your goals, sometimes this will be out of your control and can be due to a variety of different elements in the recruitment space or even in your personal life, don’t get too discouraged.
If certain goals don’t get completed, work out why and attempt them again, there’s always room for learning.