With nearly 6,000 new agencies launched in 2017, the UK recruitment industry is booming like never before.
With such a growth rate comes fierce competition, which in turn means that now is a good time for small businesses to focus on their growth strategies, tweak their business operations, and take advantage of any help available for strengthening their market positions – all to stay afloat in what has been called the recruitment industry’s Golden Age.
If growing your business is on your mind, here’s how you can strategise and increase your recruitment agency’s profits:
1. Recruit on a global level
The world is on the move, and it’s a good idea to think and recruit globally and consider that international markets may be churning out top talent at a faster rate than the UK. This doesn’t just mean helping domestic companies hire talent from abroad. Consider offering your services to foreign companies as well and sending home-grown talent their way.
The hassle of researching various, often complex, legal requirements often keeps companies from recruiting internationally. You’ll have definite appeal to your clients if you show you’ve immersed yourself in legal regulations and cultural practices of different countries. Maybe that medical specialist or highly-skilled software engineer your client dreams of is not in the country just yet, so expand your horizons and start a global search to mobilise the talent you need, once you’re clear on the legal implications.
2. Expand into lucrative sectors
Recruitment agencies tend to specialise in certain sectors, like the tech, the non-profit, or the media. However, this specialisation can mean you exhaust your opportunists for growth. It is useful to consider branching out into new sectors and exploring what is profitable. The benefit of working in emerging industries is that the competition is still scarce, so if you act fast enough you can make yourself a reputation before other market players join in. In 2018, Cyber Security and AI are promising areas within technology, while with the retirement of baby boomers, a vast range of engineering positions are opening up. There is a massive shortage of health professionals in the NHS as well.
3. Embrace technology
In a crowded and competitive market, using the right tech can provide the edge you need to stand out. What’s your next move? Knowing what the trends are and learning how to exploit them will allow you to respond quickly to rapid new technologies, which in 2018, determines whether entrepreneurs rise or fall. AI is no longer off limits just because you’re running a small business and apps are essential everyday items, so consider developing your own.
Specialist accountants for recruitment agencies
For agencies to be successful, tough questions need honest answers, and as specialist recruitment accountants, this is where Berley can help. By taking a fresh look at your accounting systems, we can help inform your business strategies and improve your market competitiveness, thereby opening up fresh revenue opportunities for you.