Choosing software that grows with your recruitment agency
Growth should mean more revenue, more profit, a higher calibre of clients and a brighter future for your business and employees. However, growing a business often causes more difficulty than it’s worth if not managed and planned properly.
In fact, 41 per cent of businesses fail because of inadequate cash flow, and 42 per cent fail because of poor strategic management, according to the Australian Securities and Investment Commission. These are both problems that often plague growing organisations.
To grow your business intelligently, without the risk of cash flow shortages and business failure, you need the right tools from day one.
Unfortunately it’s the norm to have several separate platforms to manage each function of your business from recruitment to payroll and billing. But as your company grows, using several platforms becomes less practical.
With more employees, clients and hires to manage, the time spent flicking back and forth to input data across several platforms increases markedly. Because data often has to be manually entered across each platform, errors are more common and can be more difficult to fix.
It’s also difficult to get a clear picture of your entire business through the data you gather as it’s stored in separate systems. For these reasons and more, an end-to-end platform is the only option for businesses that are planning for growth.
Managing your finances
To grow you may hire more recruitment agents, open another branch or make an effort to win higher paying clients. Whatever you’re doing it’s going to cost money, which makes your recruitment agency’s cash flow more important than ever.
To have cash on hand at all times you need to shorten the time between receiving a job order, filling the position, recording time, paying the employee and then billing the client. The best way to do this is with the help of a smart end-to-end recruitment platform that lets you manage all of these functions using one piece of software.
FastTrack360 allows workers to submit their timesheets online and automatically populate that data through to payroll and billing interfaces. That means less manual handling of data, less effort spent on payroll and billing, and more time carefully managing your business’s growth.
Reducing labour costs
When you win more clients and hire more recruitment agents as your business grows, labour costs will obviously increase. What’s more, administrational tasks become larger and more complex, which may mean you have to hire additional administrators if you don’t manage the change well.
This is one of the most compelling benefits of investing in better software. Thanks to automation, workflow streamlining and end-to-end functionality, fewer people can cover more administrational work. What’s more, your recruitment agents will spend less time on day-to-day organisation and planning, and more on high value activities like filling job orders and winning new clients.
To find out more about FastTrack360 and how it could help compliment your business’s growth get in touch today.