INCREASE YOUR PROFITS

  By Barb Bruno  |    Posted on Wednesday August 1, 2013 at 12:50:44 AM

Category: Columns, Expert Advice, Recruiting



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 


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