Video – Scaling Your Staffing Firm: Scalability makes a staffing firm valuable
Scaling up your staffing firm is how to make it most profitable. The systems thinking entrepreneurs need to do for it has 4 keys. They’re here. As a free bonus, get my 20-point LIFT Confidence Assessment here.
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Scaling your staffing firm is an essential ingredient to increasing its value and your earnings. Tom Kosnik of the Visus Group is a real thought leader in the Staffing Industry. He’s pointed out that one of the keys to creating a valuable staffing firm is operating multiple offices. But how do you make that happen?
4 keys to scaling your staffing firm
In this week’s video, I am going to give you 4 keys to scaling your staffing firm. And, at the end of the video, as a free bonus, I will tell you how to get my 20-point LIFT Confidence Assessment to help you decide where to focus first when scaling your firm.
I am Greg Gordillo. I have been a lawyer representing small business owners for more than 25 years. And before I was a lawyer, I worked as an executive recruiter. I am here to give you tips and insight into how to use the law to turn your dreams and visions for your staffing firm into actions and results. On this channel, we focus on how to build your staffing firm with a solid LIFT Foundation of great legal, insurance, financial, and tax systems. So if that interests you, consider subscribing.
But now, let’s take a look at how you can increase the value of your staffing firm by scaling it up.
Scaling your new staffing firm is about effectively planning and preparing for growth. So as your operation gets bigger, your costs and workload don’t increase to unsustainable levels. To properly scale your staffing firm, you should be increasing revenue at a rapid rate, while increasing costs at a much slower rate.
Growth is only sustainable if you have the systems and resources in place to support expansion. In other words, bigger is only better if your operations are scalable. Here are four strategies to consider, to ensure your staffing firm is properly scaled for sustainable growth.
The first key to scaling your staffing firm is business automation and standardization in your business.
Here’s the link to the report mentioned in this section: https://bit.ly/3gLVtxL
The second key to scaling your staffing firm is to protect your foundation to scale up on it.
Among the most dangerous aspects of rapid growth are the increased liabilities that come with expanding your operation. Even if you’ve developed streamlined processes and systems for delivering your core services, your business is still at risk if you don’t have solid legal, insurance, financial, and tax systems in place. These systems form the foundation of your operation.
The third key to scaling your staffing firm is to identify what sets you apart from your competitors.
In its Staffing Trends Report for 2020, Staffing Industry Analysts identified lack of differentiation and commoditization as two of the key weaknesses in the industry for 2020.Unless you clearly understand what drives candidates and clients to engage with you and your firm over your competitors, you risk taking the wrong path for growth.
The fourth key to scaling your staffing firm is to build strategic partnerships.
When it comes to increased growth, you can’t just focus on what goes on inside your organization. You also need to look outside your business to find partners who can support you as you expand it. The good news right now is that with record levels of unemployment, finding available labor has never been easier. Furthermore, if the last great recession in 2008 is any indicator, we can expect the staffing industry to see a sharp rebound as we emerge from the Coronavirus Quarantine effects on our economy. So, if you are looking to dramatically increase your sales and client base, you have to have vendors who can handle the increased volume.
The objective here is to scale your staffing firm for sustainable success
If you’re ready to take your staffing firm to the next level, begin by sitting down with us as your Family Business LawyerTM. We can help ensure your foundational legal, insurance, financial, and tax systems are robust enough to withstand all of growth’s potential challenges.
Now, as promised, if you would like help in identifying where to start on your LIFT systems — click on the link below for a free copy of my 20-Point LIFT Confidence Assessment. You will use it to score yourself and focus on what you need to get right first.