It is important for you to anticipate trends instead of reacting to them. Anticipating a trend allows you to proactively make informed decisions based on facts. The Staffing and Recruiting Profession is extremely time intensive. If you are a working owner, you have three full-time jobs: business owner, manager and producer.
As a business owner, it is vital to set time aside every week to do exactly that, work on your business. If your entire day is spent working your desk and managing and training your employees, there isn’t time to become aware of trends, market changes, or issues that could have a dramatic impact on your company. Your goal should be to become a proactive, informed entrepreneur vs. a reactive one.
Never forget, you are in business to generate profits, not provide jobs for your employees. Too often owners spend much too much time trying to save employees who are struggling rather than focus on the high achievers who should be training, mentoring, and nurturing throughout their career.
Today I want to share eleven specific strategies to increase your profits in 2024.
STRATEGY ONE: Manage by numbers vs. emotion.
Staffing and recruiting is a numbers game. Numbers don’t lie and take the emotion out of making difficult decisions.
· Track individual stats and ratios.
· Know which results individuals need daily to achieve or surpass goals set.
· Tie goals into the WIIFM (What’s In It For Me) of your team, people do things for their own reasons.
· Mandate ten goals with action items that are dated and posted by their phone.
STRATEGY TWO: Set minimum standards of performance.
· Provide minimum standards of performance during your hiring process.
· Review minimum standards at the beginning of each year.
· Include daily, weekly, monthly, and quarterly standards.
STRATEGY THREE: Have a precise exit plan.
If you do not have a specific exit plan, you are probably making mistakes today. You must know where you’re going to get there.
· Review your current realities.
· Write down your exit plan.
· Conduct a gap analysis to show you what needs to be done.
STRATEGY FOUR: Personally generate less than 30% of the revenue of your company.
· Replace yourself as your top producer, focus on growing your business.
· Teach others what you know.
STRATEGY FIVE: Know the 20% that provides you with 80% of your results and the results of your business.
· Determine your greatest strengths.
· Always ask, “Is this best use of my time?”
STRATEGY SIX: Conduct Revenue Modeling
· Determine your highest margin temp and contract business.
· Determine your highest profit direct business.
STRATEGY SEVEN: Add temp, contract, or direct to your business model.
· If your exit plan is to sell, you should strongly consider adding temp or contract to your direct business.
· Consider partnering with firms that can provide you with an instant back office.
STRATEGY EIGHT: Proper entity structuring will result in you paying fewer taxes.
· Review your entity structuring.
· Consider the benefits of multiple entities.
STRATEGY NINE: Invest in your own growth and education. Add a line item on your P & L for education | training.
· Knowledge and implementation are cutting edge.
· The best investment you can make is in yourself.
· Growth and implementing knowledge are synonymous.
STRATEGY TEN: Update your Training for Rookies and your Tenured Team
Recruiting and sales techniques that worked last year and not effective this year. As a result, your training is probably outdated. Training is not the best use of your time or that of one of your high achievers. If your entire team is Not consistently attaining or surpassing goals.
· Click this QR Code to set up a call so we can help you key in on solutions to your problems.
· Imagine the value of us helping you implement these eleven strategies while we help you increase the sales and profits of your current team.
STRATEGY ELEVEN: Remember entrepreneurs have no limits. If you want to enjoy the
quickest results possible, change the five people you hang around with most.
· Realize you are your own lottery.
· Think bigger and expect those goals to become reality.
· Never underestimate the Law of Attraction.
· If you want to improve your golf game, don’t golf with your friends. Find people who are better than you or have achieved what you are attempting to achieve.
Too many owners jeopardized their business by keeping employees too long and not making difficult decisions. Your people are not your greatest asset unless they are the right people in the right job. It can be lonely at the top, but it can be even lonelier at the bottom (not consistently increasing profits).
If you want to discuss your specific challenges, and how I can help you overcome them, use the QR Code to schedule a call.
