Running a great recruitment business is difficult. The competition, the compliance, the cash flow issues and most of all, the people complexity creates an ideal environment to screw up.
Here are 10 of my biggest blunders, some of which I have made several times. I offer them up as a guide on what NOT to do when running a recruitment company.
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I would add that focussing on one major client that could bring in massive billing is a major mistake. More often than not you will get one very hard position to fill and no guarantee of ongoing work
Also spending too much time researching a client before picking up the phone to actually talk to them. Sure, spend a few minutes to make sure you know what you are talking about before calling but do not become a researcher. In this position you will feel comfortable but you will not make money.
Someone who has not billed after 3 months is on thin ice and at the 6 month point their billing should be reviewed and a decision made on their future within the company.
I like the brutal honesty.
I'd add ferreting out customers who end up being more wasted work than they’re worth. Hanging in there hoping to bring them around based on your performance can be nullified on so many levels. So, “Ready, Fire, Aim” is not the way to go no matter what the potential seems to be.
Great article Greg. I appreciate your willingness to share your experiences. For an industry that prides itself on being composed of savy networkers the amount of meaningful dialogue between agency managers/owners is really very low. I am in the process of building my second agency and although the scope and size are smaller than what you have accomplished a couple of your lessons really hit home. Another one I would add is the importance especially in the start-up phase of choosing partners/key managers who share similar values, goals and business practices.
Great Article Greg! Also agree with the points that David and Valentino made. Unfortunately, been there...done that :p
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