Growing a staffing agency in a challenging economy can make for stress-filled days and restless nights. However, there are ways to introduce new revenue streams, generate additional revenue and keep more of the income you do bring in to your growing staffing agency. Here are some tips.
Expand your placement offering. Permanent placement can be a significant investment in time, but can also result in nice commissions. Contract placements offer smaller but steadier monthly income, and might be a hotter ticket item when corporations are still hesitant to commit to expanding their permanent labor force. Consider offering both options to increase your client base, generate additional income and smooth out cash flow.
Offer training services to other agencies. Training recruits can be a labor- and capital-intensive undertaking, but perhaps you’ve found it to be critical to meeting the needs of your clients. If you’re already in the training business, consider seeking out other staffing agencies that don’t have the resources you have.
Develop branding and recruitment communications campaigns. Who knows better than you how to attract talent and communicate with internal audiences? Help your clients develop effective recruitment ad campaigns, training and onboarding materials for their own HR departments. Consider partnering with an advertising agency or offering marketing consulting services to your client base.
Get more out of your existing client base. As in any line of business, it’s easier and potentially more profitable to increase the amount of business you generate from existing clients than to constantly develop new relationships. Consider offering your best clients a volume discount for an agreed-upon number of new placements over a specified period of time.
TemPay can help staffing agencies get paid faster, minimizing stress and maximizing cash flow. As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses. Contact us for more information on how we can help.