7 easy tips to for recruitment business growth – with the right mindset.
There’s no doubt the recruitment industry is changing (see this month’s APositive Insights Powered by RIBreport). And, the latest trends in funding, technology and contract types are just a few areas providing a great opportunity for growth.
However, there is still some uncertainty about how to grow – and what to think about changes in the recruitment sector. For example, gone are the days when setting up finance meant saving a business. Now, payroll funding and invoice finance is seen as a smart way to grow your recruitment agency.
To help you easily identify ways to grow your recruitment agency – even during down times of the year – we’ve compiled this list of tips.
Learn how to free up time
If you are feeling overwhelmed with administration, one way to free up more time to focus on growing your business is to outsource any payroll requirements. By introducing payroll solutions to automate and reduce your manual tasks, you will gain more time to seek new business. What’s more, automation of your back office can help reduce overheads.
Say No to Lock-In contracts and set up fees
There’s no doubt using payroll funding and invoice finance helps grow your business by smoothing out lumpy cash flow. Plus, setting up a tailored finance solution is easy and should not cost any additional fees or time. Remember, you do not need to enter into a lock-in contract arrangement or pay start-up fees to begin using payroll funding or invoice finance.
Customisation is Key
Every recruitment agency is different, that’s why you need to customise your finance and back office so that your operations are streamlined to suit your business. Get this right
Look for new opportunities
Recruiters should always be thinking about where there are areas for recruitment business growth, and that means taking on new opportunities. Perhaps you could explore growing your temp and contracts desk, or introducing equipment hire if you’re a labour hire business. Don’t stick with just one solution, adapting to the ever-changing market is the best way to grow your business in today’s competitive marketplace.
Don’t be Scared
We get it, there are important considerations to make when looking at areas of growth. For example, blue-collar recruiters might have doubts about labour hire. But, there are services available to help you manage the necessary awards and insurances while allowing you to still make a profitable margin. APositive, for example, can guide you through this process.
Embrace digital technologies
Technology has been a major catalyst for changing the way recruitment agency does business. The best part is, digit platforms allow for fast finance approval. Using technology – and collaborating with preferred partners – APositive can give you access to the funds you need, when you need it; validate and verify receivables quickly; access payroll and timesheet apps; put an approval process in place; credit check your customers on your behalf, and assist with the process of collection and follow up.
Understand new trends
Keeping up with industry trends as they emerge such as the growth in labour hire and contractors in the white-collar space, is paramount in helping you strategically plan your next move. Keep following this blog for more insights, or contact APositive to discuss how industry trends might affect the future of your recruitment agency.
P.S. If you found this recruitment business growth blog post useful, you might be interested in reading 5 common mistakes to avoid when growing your recruitment business.
Find out if APositive can plug any gaps in your existing business set up, or offer a complete overhaul to make your back office more efficient.