January is the time of year when most people look at the year gone by and make resolutions for the new year ahead. These resolutions should also extend to a person’s working life and as such, make important decisions on their next steps in business whether as a new or existing recruitment agency owner.
START YOUR OWN RECRUITMENT AGENCY
If 2023 was a fantastic year for you as a recruiter, then deciding to start your own agency in 2024 may be the best plan. Putting a business plan together and speaking to industry suppliers should be made a priority to get the best chance of being successful by the end of 2024.
EXPLORE THE CONTRACT MARKET
If the recruitment agency is focused on permanent placements, then 2024 may be the year to consider whether contract or temporary placements could enhance the company offering. Speaking to clients to see if they would be open to receiving contractors and looking at how to integrate the back-office processes and funding into the company would be the best changes to implement.
REVIEW THE COMPANY PROJECTIONS
As the new year starts, it would be a good idea to review either the existing company projections or create new ones to see if they are still achievable or meet the business objectives. Reviewing existing supplier agreements, evaluating client and staff billings, and compiling achievable projections will give the business focus over the next 12 months.
RE-EXAMINE THE COMPANY FUNDING ARRANGEMENTS
If the agency is already making temporary or contract placements, then an invoice finance arrangement may already be in place to finance the payments to the candidates before the client makes payment. However, the current arrangement may be out of date with the current business trajectory and there may be a way to improve cash flow or reduce the cost of the funds in use. Speaking to the current provider and several competitors could lead to a better deal in 2024.
PLAN FOR THE COMPANY SALE
If the recruitment agency has had several years of success, then it may be the best time to consider an exit strategy. A company sale or MBO requires a significant amount of planning; starting that journey in January may be an ideal resolution for 2024.
MAYACHI LTD can help new start-up and existing recruitment agencies with their plans for 2024 to ensure that it is the best year possible. MAYACHI LTD can provide support on starting a new agency, improving an existing one or putting those exit plans in place.
