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The Untapped Secret To A Steady Flow of Client Leads For Your Recruitment Business
Posted by Nicky Coffin
Last week the economic growth rate for April in the UK was finally released, and it was negative. The drop was over 20%, one of the highest on record.
On the upside, May moved in a positive direction, and June so far looks similar –
- as we see shops and workplaces opening again,
- and the FT index moving up,
- the government is reviewing the two–meter distancing to drop this to a meter and;
- hospitality is set to reopen in a few short weeks.
So lots of positive things are on the horizon, which is good news because a high percentage of recruitment companies that we’ve spoken to have lost placements, clients and some of their best candidates since March.
Therefore it’s logical that business development has become a key focus for many recruitment and staffing companies over the last few weeks.
Here is the truth: Business Development now has to be your key focus.
Carrying out random BD ideas as you chase the next ‘shiny squirrel‘ is no longer going to deliver the numbers that you both want and need. It’s time to look at how you can create a steady flow of client and candidate leads into your organisation and without you having to do all the work too.
Time To X–Ray Your Business
When clients first come to us here at Centredexcellence, they generally have a goal to scale while they stop working 24/7.
So, the first thing we get them to work on is something called a business x-ray, where they identify who are their best clients.
Here is a task for you – look at your key buying clients; the critical thing about this is to look at the type of clients that you want to do business with and those you have enjoyed working with.
A question for you…
What was it that generated that client in the beginning, because each recruitment businesses will have slightly different and quirky ways of winning new business?
What is fascinating is once you start to do the analysis, and certainly what we found over the last 11 years working with our clients is, you’ll see that there are patterns.
There will be an approach that you take where you hadn’t even realised how it helped deliver the results you achieved.
Why? Because you had never analysed it in–depth.
Let me share a story with you.
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Success Leaves Clues – If You Look For Them
I was talking to an MD of an industrial recruitment firm with a temp side to the business that generates high revenue. When he analysed where his business had come from, he realised that his top three income-producing clients had come from new BD calls.
When I asked him to delve deeper, he said, “I don’t know Nicky; we just do our stuff, and it seems to work!”
However, he went back and carried out further investigation, and he realised that though his team wasn’t doing many new BD calls when they did, it produced results. Naturally, then he was able to identify this as a real profit lever for him and his business.
So the question is, what ‘profit levers‘ like this are you missing in your business that could produce placements as you now have a major focus on BD?
The 80/20 Rule and Too Many KPIs
Though there is a saying that “the devil is in the detail”, there is also something called “paralysis by analysis!”
Let me explain.
We all have a small amount of time available to us, so let’s use it wisely. When we speak to a lot of companies sometimes, they’re tracking, 20 or 30 KPIs each week!
And when we look closer, some aren’t truly relevant based on what works anyway! Imagine if you’re a consultant having to track all of that; what a frustrating waste of time.
Here is where the 80/20 rule kicks in.
So 80% of your results will come from 20% of your actions.
- 80% of your results come from 20% of what you do with your time.
- 80% of results come from 20% of your candidates.
- 80% of your placements will come from 20% of a specific type of candidate.
Therefore here is something logical to identify; what are your 80/20 numbers.
So once you know what they are, simply focusing on doing more of the 20% will potentially double or triple your results fast.
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This Crucial BD Hack Is Working Now
Though we are in one of the weirdest business landscapes, many of us have experienced this exact BD hack is working now, and it’s available to all of you.
A key action for you is to absolutely get clear on what is the business development activity that you have worked on in the past that’s given you the best results.
Because then, if you do more of that and get better at whatever it is you have been doing, you will get better results.
Why? It’s a universal law!
Here is how we have watched this happen in practice with our clients.
Look at your key buying clients; you could have clients who are generating upwards of anywhere between £50K to £300K, even half a million or more worth of business.
Logically then you only need to win one more client like that to potentially double or triple the profits in your business; and because it has happened once, it can happen again.
Take action on this strategy. While you are doing that, book a call to speak to one of us too? We have multiple strategies and ideas like this that can help you now.
Nicky and Katy