By Barb Bruno | Wednesday August 1, 2013
Never forget you are in business to make profits not to provide free advice or jobs for the people who work for you. If you are not profitable you are jeopardizing the future of your business. Listed below are steps you can take that will have a positive impact on your bottom line.
STEP 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 what results individuals need daily to achieve or surpass goals set
Tie goals into the WIIFM (What’s In It Form 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
Create contests where you need numbers to improve
STEP TWO: Set Minimum Standards of Performance
In a sales job, it is critically important to know acceptable levels of performance. Set minimum performance standards with consequences if not attained. You are in business to make profits, not provide jobs for your employees.
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
STEP THREE: Fine Tune Hiring, Expectations
It is important to create a hiring process. It should be difficult to be hired and not so difficult to be terminated for lack of performance.
Create a hiring process that includes three hours observing in your office
Have your prospect make calls to determine phone fear, red flags or ability
Learn how to terminate employees
Always be interviewing
Share expectations, what you expect from them and what they can expect from you during the hiring process
STEP FOUR: Determine your Highest Margin and Profit Business
Determine your highest margin temp and contract business
Determine your highest profit direct business
Review where placements are being made (title, salary, industry, Geographic’s, and specs)
Direct 85% of the marketing efforts of your sales team at this high margin, high profit business
STEP FIVE: Add Temp and/or 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 as it greatly increases the value of your firm
Higher margins are more valuable than the hours you bill
Consider partnering with firms that can provide you with an instant back office
STEP SIX: Own nothing but control everything
You should not have your name on anything
You owe it to yourself to review benefits of a irrevocable trust
STEP SEVEN: Focus on the 5% of your candidate flow that you actually place in jobs, temp assignments
Consider offering products and services to the 95% we don’t place
If you don’t have resources, you can set up a customized Career Portal for your business in less than 15 minutes by going to www.happycandidates.com. This Career Portal also generates passive income for your business.
STEP EIGHT: 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 businesses 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 making profits.) Write down the three changes you will make in the next three months to increase your profits.
Interact with Barb six times each month – Join her Premiere Coaching Club http://www.goodasgoldtraining.com/premiere-coaching-club