hat are the three simple business rules that every business owner should follow for financial stability?
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I think it all starts with relationship (the real deal, not the "I'll have one with you because it will make me money" one) - whether with the candidate or the client, the better the relationship, the more they trust you as a resource, a strategic resource, the more power you have to close deals. People first, money second and the rest just flows.…
ook at the percentage of markup combined with payment terms. How long is your cash tied up waiting on a low return?
If you have a long pay cycle with a low margin client - and continue to build upon that - it's only a matter of time before you go out of business.
Staffing companies don't normally go out of business because they aren't "doing" business. The close the doors because of cash flow.
If your money is tied up with a low margin client then you have no cash flow to fund new employees paychecks regardless of the type of margin it may be.…
free online platform where they can showcase their past accomplishments and future potential. We also sell premium services designed to help candidates accelerate their job search.
We have a very active affiliate program designed by recruiters for recruiters. When you come across candidates that don't fit any of your current reqs, you can create a new revenue stream by referring those candidates over to GlobalPitch. You'll earn a $10 commission for every premium service that candidates purchase from GlobalPitch.
To find out more info on how you can monetize your candidate database and candidate flow message me back, or just sign up at http://www.globalpitch.com/affiliates/recruiters .…
Honesty and ethics ALWAYS.
Quality, quality, quality. Your customers can get resumes anywhere. Make sure they know that if a resume is from you, that the person is top notch.
Refuse to give up.
Not easy to do, but get rid of nonproducers in your office quickly. A young company can't afford to pay people that can't produce. Trust your 'gut instinct'. You actually know very quickly if someone can produce or not.
Keep expenses as low as possible. Pennies DO add up.
Contractors/temps are the way to make long term money in the business. Nickels on pay rates/bill rates absolutely DO matter to your bottom line. You make money a nickel at a time sometimes.
Find a good lawyer, accountant, banker, and insurance broker - you will absolutely need them over the years.
Focus on sales, recruiting, and retention - and at least initially in that order. Those are the 3 cornerstones of the business. When you are big enough, hire people to help you in whatever areas you are weakest in - but hire them slowly.
Keep track of your cash flow and money closely. Do not leave that to others.
Know your actual costs of doing business. Many people don't really understand what it costs to employ someone.
If you are not already, become an expert on how to employ someone in your state.
Get a good ATS and use it.…
ghtens the call. When telemarketers call and start scripting to me, I hang up (or end it very quickly). Even if I'm not interested, the ones I stick around for are the ones that sound different.
Also, congrat's on a successful 30 days! I got hooked early on and enjoy the flow of this business. It's ever-changing and any given day could throw a big hurdle at you. In the end, money, new friends and positive feedback from candidates and clients has kept me in the game. Enjoy the ride!
~ Eric Vecchiola…