Scale Your Business: Partnering with a Recruiting Firm
Once you’ve made the decision to grow your business, so begins the journey of gathering resources and conducting research. But what does it mean to scale your business? Scaling a business involves setting the stage for the growth and supporting it in ways which enable it to grow. Joining forces with a recruiting firm can be advantageous as the process lends itself to clarity, efficiency and quality when it comes to determining exactly who and what will help you get there.
Taking your business to the next level requires planning and the right systems so you’ll first want to assess its scalability. Scalability is about capacity and capability. Scaling your business for growth means you must have the capacity to grow and the resources that allow that growth (capability).
Evaluating and planning for key areas is crucial. Ask yourself:
- Where does my business stand today?
- Is my business ready for growth?
- Do I have the people and systems to handle an increase in business?
These areas should be assessed in order to ensure your business has the capacity to grow:
- Finances – what more financially will it take to grow?
- Staff – do you have the team that’s able to accommodate the growth?
- Processes – establishing well thought out processes and solid training procedures ahead of your company’s expansion helps to avoid miscommunication and important information falling through the cracks
- Technology – thoroughly research the new or updated technology you feel most comfortable with that can assist with both initiating and managing your company’s growth most effectively
Scaling a business requires financial forecasting in order to have the budget to hire staff, deploy new technology, and add the equipment and necessary infrastructure to move forward. You’ll want to create two separate growth forecasts: (1) the revenue you want to generate based on the number of new clients and the cost of the products/services to gain them and (2) the forecasted costs of technology, staff, infrastructure and systems that will be needed to handle all the new business.
Planning for growth means taking a closer look at your personnel. Growth spurts without the right people in the right places can seriously impact your customer service, team’s morale, and bottom line. When the time comes to add to your team, partnering with a recruiting firm can be the difference maker in finding your ideal candidate. Recruiting firms spend more time analyzing candidates’ experience and determining their skill set in relation to their client’s needs. They also communicate more with candidates, getting to know them better and are therefore able to gauge whether a candidate aligns with your company culture.
If now is the right time to scale your business, congratulations! More closely assessing your company’s finances, staff, operations and infrastructure and having a plan in place means having the ability to grow without being hampered.