When is the right time to expand your recruitment business…October 2, 2018Olivia Cheetham
Owning a recruitment agency that is doing well is no doubt exciting and incredibly rewarding. You may have big plans for the business, with a long list of goals and objectives you want to achieve. It can be very easy to jump into expansion without looking at the big picture and giving yourself the time to put the right plans in place. Before taking the next step to growing your business it is vital to do your research and create an action plan to ensure the time is right for growth.
1 – Know your customers
A good measure of being ready for expansion is to look at your current customers. If you have regular customers that are loyal to you and your brand this can be a good indication that you have a strong platform of regular business in place that will allow you to invest in business development activities and increase your customer base. Regular customers clearly reflect the demand for your services. Identify trends in your client’s recruitment patterns – remember that a sudden spike in instructions does not necessarily mean it is time to grow, it could simply be the time of the year (in retail, for example, Christmas always brings an increase in recruitment instructions). Always complete research on your customers and the potential market in your chosen sector. It can be risky to go for growth if you don’t have a regular income available on which to develop.
2 – Study the numbers
Probably the most obvious way of knowing whether it’s time to grow is to simply look at your profits! Are you at a stage where you can re-invest some profit back into the business to help with growth? It is important to understand the difference between short-term and long-term profits. Consistent long-term profits are vital to ensure your growth is successful We do recommend that you take advice from experts so if looking at the numbers is not something you feel you can do effectively yourself then speak to an accountant who could help in this area and give you advice on your options and what to do next.
3 – Review workload
If you are at a stage with your business where you are struggling to cope with the workload, this can also be a good indication that it is time to grow. Whether this means employing more staff or improving your technology, both can help you to ease the strain. Again this needs to be carefully managed so you do not do too much too soon. More staff or better technology can allow you to take on more clients or a higher workload which in turn should improve your efficiency and bring greater profits.
Are you ready to start thinking about and planning for the growth of your recruitment business? Whether it is marketing, IT or financial support you need there is a network of experts out there that can listen to your plans and provide the advice and support you need. We have a network of experts and can point you in the right direction.
The Easypay team have a proven track record of helping our clients grow their business, we are here to share our expertise and knowledge. We are able to provide you with 100% recruitment funding, ensuring your workers are paid every week without concern as to availability or concentration limits allowing you to focus on what you do best…recruiting! We can help you find the time to carry out your research and put your business growth plans in place.
Not only do we help established recruitment agencies but we provide specialist support to new start-up agencies that are reaching that first step on their business growth plan.
If you would like to know more about how we can help your recruitment agency grow please contact our Customer Care Manager, Shelagh Ward, on 01943 882103 or email firstname.lastname@example.org.