This article has bee submitted by the Recruit Venture Group.
It’s possible that you’re about to launch your own recruitment business with unlimited money and resources. If you are, you’re in the minority, and you probably don’t need to read on.
If however you are part of the real world the chances are that your finances are not limitless. Which is why it’s crucial that you focus your efforts and resources where they’ll have most effect.
You’ll need to be able to concentrate on what you do best, and what, almost certainly, you’ve promised most – service. You’ll want to use all your experience, contacts and motivation to get in front of prospective clients and, having won their business, put in place the kind of service that will make you stand out.
The problem is, that’s harder to do when you’re constantly thinking about creating your new website, sorting out the stationery and furniture and setting up the office. And that’s without juggling the cash flow because the next start up loan repayment is due. Managing those, with limited resources, the most precious of which is time, is not easy. It also doesn’t make for the clear mind your need, to be out there, winning business.
Your plan therefore should be to have all the essentials in place and ‘up and running’ so that you can concentrate on growing. It’s about focusing on the essentials.
Those essentials really fall into three categories.
Finance. You need the initial capital of course. Importantly you need it at favorable rates, and without the restraints of a franchise. Why would you be going it alone if it means working under another brand? Just as importantly you need the credit facility to accommodate 30-day invoicing periods and maintain a steady cash flow.
Systems. You will crash and burn very soon after take-off if you don’t have robust, tried and tested systems on which to run the business. The recruitment industry has procedures that are essential to administer the process, and without them all your efforts will flounder. Get the office back up in place before you make the first pitch.
Branding. In theory you can pick up the phone and start making appointments. ‘I’ll worry about the logo and branding later. Let’s get some business in first’. Wrong! This is a competitive market and a nameless outfit, no matter how good your reputation, just won’t cut it.
So, consider your resources and match them against the essential requirements. Focus on your finance, systems and brand. Get them sorted, as cost effectively as possible. Make sure they are firmly in place, and that you can rely on them.