What You Need To Know to Grow As a New Recruitment Agency
So, you’ve taken the plunge and established your own independent recruitment agency. While this is a considerable success, it’s only just the start of a long but rewarding journey. Growing your recruitment business takes determination and commitment, as well as a strategic approach to identify and exploit lucrative opportunities.
Whether you’re a new-starter with grand ambitions or an established recruitment professional ready for the next stage in your business’s development, these tips will help you to get more from your enterprise:
Identify a Niche Audience
When clients pick up the phone seeking agency staff, they invariably want to deal with a recruitment business that understands their industry and their needs. Granted there are many agencies who provide broad-spectrum recruitment for commercial and industrial clients, but the more lucrative opportunities lie in choosing a niche – and sticking with it.
Focusing your efforts on a specialist sector, and training your staff in this area, will cement your reputation as an expert in the field. You’ll gain a better understanding of what your clients want from new recruits and be able to accurately match employees with job descriptions. With your reputation strengthened, you’ll be able to increase your prices without clients deserting you.
Outsource Your Accounts
Accounting is a highly specialist area of back-office administration but, due to compliance and regulations, it’s something you can’t afford to get wrong. Equally, managing your accounts in-house can drain your team of valuable resources, preventing them from focusing on their core responsibility: recruitment.
Outsourcing your business’s accounts offers many benefits, whether you opt for a permanent or contract-focused arrangement. Every element of accounting is taken care of, including:
- Credit control
- Timesheet management
- Contractor payments
- Supplier payment management
- Annual returns
Your recruitment business will benefit from lower overheads, improved cash flow, and greater profitability, as well as more time for your specialist staff to concentrate on what they do best.
Implement Tech Solutions
As your recruitment agency grows, you’ll need scalable IT solutions to support its success. From websites that integrate with your recruitment CRM to ATS screening software that quickly processes applicants, the tech revolution offers significant benefits to your business.
With the growth of automation, many laborious and time-consuming administrative tasks can be streamlined too, improving efficiency and reducing errors. A comprehensive technology solution will drive cost savings across your business and enable your staff to focus on building relationships with suppliers and employees.
Set Key Performance Indicators
Key Performance Indicators (KPIs) are invaluable for ambitious recruitment businesses seeking to achieve healthy growth. KPIs are specific targets for your staff to work towards, encompassing every area of your business. When reviewed regularly, KPIs help you to understand how your business is performing and whether certain areas need greater attention.
Effective KPIs demonstrate you’re in control of your business and understand how it will grow in future. Without KPIs, driving growth is like negotiating a complex road network without a map, with the future success of your business depending on them.
Need a Partner For Your Back-Office Administration? Call TBOS Today!
At TBOS, we passionately believe that, by taking care of your recruitment business’s back-office needs, you can focus on growing your brand and boosting your profits. To find out more about our must-have services, get in touch with TBOS today.
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