Apart from the parties, the one thing that a new year brings to mind is the resolutions. Many people will resolve to eat healthily, exercise more, and save money – all very respectable. But what should a business do in the new year? January is the perfect time to take a look at your operations and motivate yourself and your team into making some improvements which will pay dividends in the long run.
- Start Your Own Agency – if you’re a recruiter, you’re probably used to seeing more than 50% of the value of each placement get sucked away by your agency. Take charge of the other 50% of your revenue by starting your own agency. Make sure you don’t make these ten common mistakes though.
- Expand Internationally – although the economy in the UK is recovering and the recruitment industry is doing very well, that doesn’t mean you should write-off international recruitment. These placements can pay out extremely well, and on top of that, expanding your offering opens your agency up to a whole new potential market.
- Start Placing Contractors – despite the economic recovery, permanent recruitment is no longer the force it once used to be. It’s sharing the limelight with contract placement and it doesn’t look likely to change. We’ve discussed the benefits of contract recruitment before, but the bottom line is the impact it has on your bottom line – contract recruitment is where the money is.
- Review Your Finances – think about where you could be saving money in potentially unusual ways – Dragon’s Den star Duncan Bannatyne saved his company over £1000 per year by saving paperclips and reusing the ones they got in the post. Particularly take a closer look at your invoice finance arrangement and investigate the possibility that you could be getting a better deal on your financing.
- Consider Outsourcing Your Back Office & Accounts – outsourcing these time consuming areas of admin can be a huge creator of efficiency for your business, saving not only time but money too, especially if you engage with separate pay-and-bill, payroll, accountancy, and other services. Consolidating these back office facilities into one will make your agency more streamlined.
- Prepare Your Exit Plan – if you take a good look through 2013’s figures it might turn out that 2014 is the perfect opportunity to sell your agency or initiate a management buyout, so make sure you have an up-to-date and robust exit strategy to ensure maximum profit.
Fund My Contractor & TBOS can help and assist with all of these ideas, and more besides, so get in touch to find out how we can help you make your company more streamlined, more efficient, and more profitable in 2014.