Glenn Hill faced a familiar problem when he decided to take the plunge and launch his own recruitment business – being able to access the right funding.
After a decade in the industry, Glenn set up Business Intelligence and Analytics Recruitment Specialists (BIAARS) last year, placing candidates across the world in leading IT service consultancies and software vendors.
But in common with countless other start-up recruiters, he immediately came up against the funding dilemma, allied to the feeling of being overwhelmed by paperwork.
The solution came in the form of TBOS’s short-term Fund My Contractor service, which was launched earlier this year. Fund My Contractor is aimed at recruitment agencies – many of them start-ups – who require funding to place contractors but who do not wish to sign up to a long-term finance arrangement.
“In today’s world data is recognised as an asset, and business intelligence is all about how organisations can utilise their data to provide accurate information and insight, which will in turn help them to make better informed decisions,” says Glenn, who is based in Richmond.
“It is a very niche sector and one in which we were already well established, but the hardest part in setting up BIAARS were all the other ‘non-core’ things, which is why it was such a breakthrough when I found TBOS online.
“Not only do they look after all of my back office functions, they are also very knowledgeable and well connected, so through them I was able to get help on everything from employment contracts to bank accounts and insurance.
“Now we are also signed up to Fund My Contactor, I can now offer contractors to clients without having to worry about securing finance. This has played a crucial role in helping me to get my business off the ground, and then to grow it through being able to offer more of a solution to clients.” Fund My Contractor’s unique and specialised approach to invoice factoring services is ideally suited to recruitment agencies.
Fund My Contractor is aimed at recruiters working with contractors in sectors including IT, healthcare, energy, engineering and telecoms and provides short term recruitment finance without long term contracts.
“In contract recruitment it is vital to have adequate funding in place in order to pay your contractors on time prior to receiving funds from your client,” says Stewart Roberts, operations manager at TBOS.
“Better still, we administer all the contracts, invoicing, contractor financing and credit control process, leaving the recruiter to get on with what he or she does best – sell. That said, Fund My Contractor is not a generic solution and BIAARS is certainly not a typical recruiter – we are helping Glenn to expand the business his way.”