You know you need to invest in your staffing agency. But where will you get the funds and where should the money be spent?
Getting the money you need could come from a dependable payroll financing source. Payroll financing, a specialized form of accounts receivable factoring, can smooth out cash flow kinks and reduce stress points in the process, freeing up funds for other investments. You submit time cards and invoices and the factoring company takes care of the rest.
Once you have the cash you need from your payroll financing partner, the next question is where to spend it. Here are three areas in which smart capital infusion provided by payroll financing could yield important short- or long-term results.
- Technology. As businesses continue to rebound from the Great Recession, they’re making investments in technology that were put off far too long. This can take many forms, but a lot of companies are exploring the opportunities available with cloud-based apps serving functions including recruitment and applicant tracking, accounting, timesheets and other HR and accounting responsibilities. Among the advantages of cloud-based services are better security and tech support functions and the ability to work from any electronic device, anywhere, at any time. Funds from payroll financing can be used to improve your technology and help your staffing firm make up ground from the years when you didn’t have the money available to invest.
- Workforce. The best investment a company can make is in its own people. As the economy continues to improve, now is an ideal time to re-examine expenditures you may have been postponing, such as wage increases, training and benefits. Smart investments in your most valuable resources through payroll financing can go a long way toward improving morale, sharpening skills and enhancing productivity.
- Marketing and promotion. How do you self-promote to attract new clients? As employment steadily increases and opportunities expand within your field, the competition is heating up, and it’s critical to make yourself stand out in a crowded marketplace. Payroll financing can free up funds to hire the services of an advertising/marketing communications agency, which can help you raise awareness of your staffing firm and attract clients and talent. Visit the websites of marketing communications firms and explore their portfolios for samples of the kind of creative energy that you’d like to see expressed on your behalf.
Using payroll financing can provide the cash you need to make investments in technology, your workforce and marketing. Making investments in these key areas in your staffing firm could result in huge payoffs going forward.
As a full-service payroll financing, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses. Please visit our Resources section to learn more about our capabilities, contact us to have a conversation on your agency needs, or apply for credit straight-away to get started on your road to staffing agency independence and success.