Essential factors for business expansion

Starting your own recruitment business is an exciting process, creating your own vision until it's reality and carving a niche in the marketplace. Setting up requires tenacity, patience and a drive to succeed but what happens when you want to grow the business to take it to the next level? 

The right growth certainly will enable you to take on more staff, move to bigger premises and move to multiple locations. The wrong growth can stifle you – too much too soon and your customer service and cashflow will suffer and you may find yourself taking a backwards step or threatening the existence of your business.

What do you need to consider when expanding?  

Firstly, a strong team of employees behind you, be that one of them or more.  Expansion means further delegation of tasks and management and you need to be able to trust your staff to make the right decisions, work hard and adhere to the plan. The plan needs to be clearly defined, achievable and believed in. Whether it’s a step into a new market, an expansion into new premises with extra staff or a push for increased revenue with existing business, if those following it don’t believe in it then chances are it will fail.

Do you have systems and processes in place for expansion?

With cloud technology it's easy to replicate your systems across multiple sites, or allow home working. Most recruitment CRMS are online and are very good for start up companies. Check the costs of extra licenses for new employees and don’t be afraid to make a change if your existing CRM is not fit for a bigger business. Most will export data via CSV to import into new systems and it's better to move when it's manageable rather than further down the line.

Quba Solutions online dashboard, DynamiQ, is a web-based tool to manage your back office, payroll and funding. It can grow with you, allowing different employees different levels of access to information. You can also block access to the platform outside of working hours if you want to allow your team time to focus on family and hobbies!

Cash flow

Whether it’s an increase in employee payroll costs, or you’re looking to move into the temporary recruitment market or merely have a plan to increase your temps working, all those will implicate your cash flow. Quba Solutions provides a recruitment funding solution that allows you to retain 100% of your profit on a weekly basis, paying the temps and invoicing the clients. Whether it's for 10 temps or 100 temps, cash flow is unaffected.

If you’re interested in starting up, looking to expand into the temp market or are after a funding solution that will grow with you give me a call on 07887 722055 or email rik@quba.solutions.