When you start a recruitment business, the last thing you want is for it to remain static. You should look at ways you can grow your business, as in the future, you can be much more hands-off. The ultimate goal for anyone that owns a business is that you lay the foundations, with the end goal of leaving others to take care of it, while you enjoy retirement on a beach somewhere. That is the dream anyway!
Expanding any business can be difficult, but even more so in such a demanding and challenging industry like recruitment. These are some top tips for expanding your recruitment business.
The mistake many business owners make is trying to juggle every aspect of their business. It does pay to outsource some of your services, if you hire people that will be reliable. For instance, if you spend hours writing up job adverts but don’t need a full-time resource, you might consider outsourcing this work. Doing so will free your time up to focus on winning new clients and filling roles. This might apply to a range of other functions such as marketing, payroll, etc. Eventually, you might end up with your departments for these functions, but while you are growing your recruitment business, it makes more sense to outsource. It can often be difficult to let go of parts of your business, even if you need the help, but this is something you will quickly get used to.
Hire the Right People
Recruiters are experts in hiring the right people for their clients, and the same should apply to hiring people for your own business. Good recruiters are worth their weight in gold, they make your life much easier and help your business grow. Consider your requirements carefully and what you would benefit most from. For instance, another recruitment consultant or resourcer. Hiring the wrong person can be costly, so this is the last thing you want to do.
Invest in Recruitment Technology
As a recruitment company, the only way your business will grow is if you are continuing to increase your client base and your profit. It can be difficult to focus on these aspects if you are doing a lot of administration tasks. Depending on your type of Recruitment Business, a good way to reduce your admin is by investing in an ATS (Applicant Tracking System[RG1] ) or Recruitment CRM. An ATS or Recruitment CRM can help you to screen candidates more quickly, while also enhancing your candidate experience. If you want your business to grow, you need to invest in tech, and you can bet that your competitors are. Recruitment tech might seem like a costly investment, but with the time it will free up, you will get more for your money in the long run.
Managing your money well as a recruiter is vital for growing your business. Consider where you are spending your time, and how you can get the most out of your time. For instance, if you are spending hours a day on a vacancy that is proving to be extremely difficult to fill, is it really worth your while? It is important to weigh up where you are spending your time and money and try to make your time count. The same applies to the clients you are dealing with. If they are proving to be difficult, you are probably wasting more time on it than you need to. Considering your costs is an essential part of running and expanding your business.
Recruiters tend to stick to one niche, and this can reduce their ability to expand their business. There is no reason why you can’t become an expert in several niches. For example, if you are working in the engineering industry, you might look to expand into construction. As a recruiter, there should always be a focus on continuous learning. Even if you bring an expert into your business, it is always good to have a base knowledge of the subject. The most successful recruiters are those that are focused on their learning and development.
Consider Your Market
Nowadays, we are becoming more global than ever before, and there is no reason you need to stick to your locale, as it can be limiting for your business. Venture out a bit and explore other opportunities in different countries. You may even be able to get recruiters working for you remotely in other countries. Think global, don’t restrict yourself.
The main aspect of expanding your business is the ability to reduce the number of mundane tasks you have, so you can focus on building your business. An ATS or CRM are the best investments you will ever make for your recruitment business. Not sure where to start? You can use Rectec Compare to find the best options to suit your needs. Click here for more information.