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5 Pieces of Advice for Staffing Agency Owners

Running a staffing company can sound like a daunting task, but owning your own business can be very rewarding. You not only get to be your own boss, but you’re able to make all of the important decisions for your staffing agency and manage your employees. To ensure your staffing agency continues as a successful business, we’d like to offer some advice. Advice for staffing agency owners: Don’t give up when facing adversity Multiple challenges will be presented to you as a business owner. It’s important that you don’t give up when facing adversity. You’ll be able to more easily overcome challenges if you have a solid business plan and a fast cash flow. To develop a business plan, think about your goals as a business owner and strategize on how to meet them. Keep a written record of your plan and refer back to it to make sure you’re taking the necessary steps to [...]

Tips for Jump-Starting Your Cash Flow

Does your small business struggle with cash flow stability? This may be due to a lack of working capital which makes it hard for small businesses to stay afloat. Business owners must make smart financial decisions in order to run a successful business. We’ve gathered some tips of advice for small business owners on how to jump-start your company’s cash flow. Tips for Boosting Your Small Businesses Cash Flow Gather the amount of cash you’ll need to stay in business, and then double it When starting a business, you’ll likely plan out how much cash you need for the first few months. After you’ve figured this out, double it. Many business owners underestimate the amount of cash flow they need to successfully run their businesses. It’s better to over-project in this situation then to not have enough in the long run. Don’t spend too much right from the start Small businesses need employees, supplies, office [...]

Reasons Temporary Staffing Agencies Should Use Social Media

In this day and age, everyone is on social media. Social media has become a part of people’s and business’s everyday lives all around the world. From keeping in touch with family members to looking for jobs, social media use is widespread. Facebook, Twitter and LinkedIn are the platforms that are most beneficial to staffing agencies for recruiting, awareness or any other purpose. So why should your staffing agency use social media regularly? Increase website traffic Social media increases the number of visitors to your website every day, as long as you are sharing interesting content. Staffing agencies should post recruiting videos and blog content to their social channels at least weekly. Without social media, your website traffic is limited to visitors who are already familiar with your agency. Once someone is interested in your content, they’re more likely to want more information and will visit your website. Alongside posting content frequently, focus on getting [...]

The Benefits of Invoice Factoring to Staffing Agencies

Invoice factoring is quickly becoming the preferred method of funding for staffing agencies around the world. If your clients pay on 15, 30 or even 60 day terms, factoring is the perfect solution. Staffing factoring allows business owners to sell their outstanding invoices for immediate cash. Once you choose a factoring company, they advance you up to 90 percent of the original invoice amount. The factoring company becomes responsible for collecting payment from your customers and once they pay, the remaining invoice amount is returned to you, minus a small factoring fee. Factoring is not a one-size-fits-all type of financing. When factoring, staffing agencies receive a plan tailored to their business’s needs. Whether your staffing agency has 10 or 10,000 employees, factoring companies will work with you to find the perfect cash flow solution. Some of the cash flow problems that staffing agencies solve with factoring include: The need for hiring new employees Increase marketing [...]

Tips for Running a Successful Staffing Agency

Building successful client relationships are the key to running an effective staffing agency. There are a few steps to take to ensure positive partnerships with your clients are built and maintained. Staffing agencies that practice these behaviors will be some of the most successful and profitable firms in the industry. Choose clients wisely Clients may be the most important aspect to maintain a successful business. With that in mind, you don’t want just any clients. A successful staffing agency needs trustworthy clients that will treat their employees well, both physically and mentally. As a staffing agency, if you’re sending your employees to bad clients over and over again it will affect your reputation. Additionally, if your employees get injured or harassed the legal fees can drive you out of business. Streamline your recruiting process A fast and easy recruiting process will bring you better clients. To stay organized, use a customer relationship management system [CRM] [...]

The Basics of Payroll Funding

What is Payroll Factoring? Payroll factoring, also known as payroll funding, is the reassurance that you’ll be paid immediately for your services. A payroll factoring company will purchase your unpaid invoices and immediately advance you up to 95 percent of the cash. Business owners can use the extra money to cover payroll, hire new employees, buy new supplies, or any other ways they can think of to help their businesses grow. Payroll factoring is especially beneficial to business owners who may not have exceptional credit. Fortunately, factoring companies look at the credit scores of your debtors, not you.  As long as your customers are in good credit standings, you should be approved for the factoring process. The approval process for payroll factoring is quick and easy. Once you fill out a short application, you will need to provide the factor with your Articles of Incorporation, aging reports, a current customer list and the invoices you [...]