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Posts Tagged ‘staffing agency business strategy’
Creating a Business Plan for Your Staffing Agency
A business plan is the blueprint you follow to build your company. It outlines all of the major aspects of the business and keeps its architects — you and your business associates — focused and aligned. But a business plan is also a document you’ll use as you work with other critical stakeholders, including funders, vendors and…
Read MoreTemporary Staffing Employment Screening: How Often, When, Why and How?
Screening your temporary staffing employees is critical — you want to make sure the workforce you’re sending out is appropriate for the job and protect yourself against any potential liabilities. “We screen employees on a daily basis,” says the vice president of sales and operations at a large Cleveland-based staffing firm that specializes in the…
Read More5 Points to Cover in Your Staffing Agency Business Plan
Your staffing agency business plan is your blueprint for success, whether you are starting a staffing agency or planning for expansion. Not sure where to start? Here are the five key points to cover when creating your staffing agency business plan. Write your elevator speech. You should be able to describe your new company to your…
Read MoreHow to Reduce the Burden of Workers’ Comp Insurance
Having workers’ compensation coverage is necessary for staffing agencies, both to protect temporary employees in the event of an on-the-job injury or disability and to comply with regulatory requirements. Compliance in this area, however, comes with significant costs. In addition to penalties for failure to provide coverage, the cost of workers’ comp can be driven…
Read More3 Things to Do Before Opening an Office in a New Market
There may come a point in the life of your business that the prospects of growth, at least significant growth, in your home market are slim. When that happens, you may start exploring adding another office in a new market. By establishing a presence in a new geographic area, you can take advantage of previously…
Read MoreHow to Price Your Staffing Services
Setting the prices for your staffing firm’s services can be tricky. Some of the costs that you need to cover are obvious — the pay rate of the worker, employer taxes (FICA, Medicare, SUTA, and FUTA), workers compensation, any benefits that are paid, plus overhead. But determining the remainder of the markup is difficult, especially…
Read MoreHow to Choose the Right Business Structure for Your Staffing Agency
The business structure you choose for your staffing agency will have far-reaching consequences, so choose carefully. This decision will affect your personal legal liability, how the firm can raise the money it needs to operate, the paperwork you will be required to file and what you — and your firm — will pay in taxes.…
Read MoreHow Outsourcing Your Staffing Agency Back Office Functions Saves You Time and Money
There’s a lot to think about as you’re running your staffing firm. And with all those to-dos jostling for position, invoicing your clients can get lost in the shuffle. While your mind is likely working through ways to grow your business, critical yet tedious and time-consuming administrative duties can be left unaddressed. That could lead…
Read MoreSigns That It Might Be Time to Find a New Payroll Funding Company
Given the importance of a payroll funding company to the continuity of your staffing firm, it’s critical to take the time to review the relationship and look for warning signs that your provider might be underperforming. When reviewing your payroll funding partner, consider whether full-service or money-only best serves your business. In addition to advancing…
Read MoreHow Payroll Factoring Helps With Accounts Payable
In a perfect world, you would send an invoice to a client and the client would send you a check upon receipt. But in reality, it hardly ever works that way. Instead, you send an invoice, and it could be 30, 60 or even 90 days before you get paid, which can make it difficult…
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