Recruitment is a rewarding but competitive industry.
As a busy business sector, it employs over 110,000 people in 30,000 companies and contributed nearly £36 billion in Gross Value Added (GVA) to the UK economy in 2020.
When growing a recruitment business, it’s crucial to have the knowledge, cash flow, and a strong team behind you. 💪
But to increase your ability to grow, it will first pay to know how to scale a recruitment business.
Scaling effectively and efficiently will give you that revenue to invest in further expansion. 💰
This concise piece of recruitment gold shares some key tips on how to grow your business, while offering a comprehensive recruitment business plan to finish.
3 Quick Tips for How to Scale a Recruitment Business
Scaling a recruitment business comes down to these three key characteristics:
1. Establish Long-Term and Short-Term Goals 🥅
No plan to scale a recruitment business was ever successful without accomplishing some goals on the way.
Reaching each goal should be the driving force behind the successful scaling of your business.
Rapidly increasing your revenue faster than your costs is essential to fund your eventual recruitment expansion.
Setting goals that enable the possibilities for that expectation are required without being unrealistic.
Use your short-term goals for scaling to build up to your long-term goals of overall growth.
These short-term goals should be based on rapid revenue increases.
Know your worth and raise your prices.
2. Manage Your Money 💸
As with most things in business, it all comes down to money.
So, you need to make sure you have the necessary cash flow to support your growth ambitions.
By all accounts, do not go into efforts of trying to scale your recruitment business without an undisputed knowledge of your numbers.
We’d recommend you arrange an appointment with your accountant.
3. Build a Strong Team 🧱
To lead a successful scaling as a recruitment business, you’re going to need a strong team around you.
It’s about your recruiters finding quality, not quantity.
Employers will return to the recruiter who finds exceptional candidates, not ordinary ones.
Firstly, make sure your team are well incentivised to find strong candidates for your clients.
Secondly, encourage them to achieve your business goals as a team and individuals.
Growing a Recruitment Business 👔
Now you know how to scale your recruitment business, you have the means to invest in your overall recruitment growth.
Here are a couple of tips for growing your recruitment business.
Find Your Niche 🌈
If you want to build authority, you must own your niche.
Specialising in a specific field will allow you to gain dominance and become the master of that industry.
Don’t think you can just take on every industry.
Try building your business around a loyal client.
While on the other hand, if you’re not in such a position of authority, remember we now live in an age of constant change.
It pays to do some research to see what sectors are on the rise.
This can be a shrewd way of finding what niche your recruitment agency could specialise in.
Did you know by 2025, 75% of the job market will be made up of millennials?
So, maybe you should try targeting this demographic.
Set Your KPIs 📏
There’s no way of knowing in detail how well you’re performing from one month to another without setting some solid KPIs.
17% of recruiters don’t know how to track their average cost per hire or don’t bother doing it.
We live in a data-driven society, so you should use all the information at your disposal to establish your recruitment business KPIs, collectively and individually.
Recruitment Business Plan ✍🏻
Finally, you have the knowledge, tips, and tricks to scale and grow your recruitment business.
So, now it’s time to put a strategy in place.
A proven method to get started with your business plans is to use the SWOT analysis.
This will help contribute to your research and give you a broad overview that’s required to write up a conclusive business plan for your recruitment brand.
S – Strengths
W – Weaknesses
O – Opportunities
T – Threats
Next, you can begin to write up your business plan.
Start and proceed with the following points.
- A detailed description of your recruitment business.
- A thorough analysis of the market and your competitors.
- Your plans for sales, marketing, and brand exposure.
- Management, organisation, and operations scheme.
Growing a Recruitment Business with the Best Technology 💻
As a recruitment business owner, you have a lot on your plate.
So, you could use a little help along the way.
We all know the fundamentals of good recruitment comes down to the brass tacks of the job ad.
Having job ads that fill more roles and make more money in less time is ideal when you’re trying to scale and grow your recruitment business.
AdBuilder is an automated job ad creator that requires minimal effort, creativity, and time from the recruiter.
AdBuilder’s job ads will attract the best talent on the market.
If you’re interested to see how this innovative platform can help your business grow, try it for free today.
