Starting a successful staffing agency takes commitment, time, and plenty of hard work. Once you’ve got the ball rolling by finding your niche, pricing your services, and establishing payroll financing, it’s time to push your business further and focus on growing.
In this post, we take a look at the ways to grow your staffing firm. Let’s begin.
Know Your Strengths
One way to grow your staffing agency is to know your strengths. Perhaps your staffing agency is extra strong in the sales and recruiting part of the business, but needs support when it comes to back office operations and payroll. Whatever your strengths and weaknesses may be, it’s important for a business to exercise a bit of self-reflection every now and then in order to understand what goals you can set and what improvements need to be made in order to grow your staffing firm.
Be honest with yourself and embrace introspection before your weaknesses become detractors from your business’ success. Knowing your staffing firm’s strengths bring us to the next point about growing your staffing agency…
Evaluations and Tracking
In the spirit of introspection and knowing your strengths and weaknesses, including evaluation and tracking as a part of your business model will help your business grow. Making a point to gather internal data about revenue, your client base, and more will allow your business the room to see what’s working and what isn’t.
By incorporating evaluations and tracking into your business model, you have quantifiable ways to track your success. What’s more, this type of self-evaluation in business also allows room for productive, casual employee evaluations (without the tedium of ineffective performance reviews) as well as employee feedback to make operations at your workplace as smooth as possible.
Growth-related metrics that you can make a part of growing your staffing agency include turnover ratio, average engagement length, placement ratio, the number of new customers per quarter, and the number of candidate interviews per filled job.
Grow Your Network of Business Alliances
Growing partnerships that yield mutually beneficial results is a strong pillar of any business’s success. Along with knowing your strengths and incorporating evaluations and training, growing your network of business alliances can help you every step of the way.
Partnering with a back office solutions provider, for example, can allow you to ensure you have funds to make payroll each week. Or, you can look to other staffing industries in the community to join forces for industry tips and tricks.
Companies that offer business solutions can also be strong alliances that can alleviate some of the pressures around the office while also offering expertise and industry knowledge to help you get a leg up on the competition. A back office solutions provider lets businesses focus on core operations while leaving more technical and administrative aspects like financing, payroll, compliance, and technology to the pros.
Avoid Making Common Mistakes
Growing your staffing agency relies heavily on doing the right thing and making smart business choices, but at the same time, success relies on steering clear of common mistakes. Spreading yourself too thin is a common mistake that can end up costing you your business, same goes for not applying for financing which, as we’ve discussed, can help you make payroll every pay period.
Other common mistakes to avoid include changing your focus and diluting your niche without the adequate resources to do so, not growing your candidate pool thereby lengthening the time it takes to make a placement, and neglecting current clients.