Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Entrepreneurship

Entrepreneurship, The Business of Recruiting

Fear + Doubt + Worry = Your Personal Slave Drivers



stress

I received an email with this title from David Neagle, a wealth and mindset coach whose products and services I have invested in frequently. That title REALLY made me stop and read more.

David’s column was more on “manifesting” things in our lives and while I fully believe that when we focus on having things in our lives the way we want them we significantly increase the likelihood that we will get them, this is not what struck me about the article. What struck me big time was the title. Why?

Closing, Cold Calling, Entrepreneurship

Laser Focus Leads to Placements



laser Alejandro Serrano Durán

As demand for our search and placement services started to pick up late last summer, I decided to focus intently on one huge task; increasing the production on my desk.  I established new goals, blocked out all other peripheral responsibilities, and hunkered down to re-create a profitable business. Today I can report that my venture has been a huge success!

Those of you that run a solo practice know we all have the challenging day to day task of managing priorities. We have to determine if we truly have the right searches to fill, once we obtain them, and then must attack each placement opportunity with precision and efficiency. We must qualify diligently and seek immediate results without appearing impatient or testy. This process has required maximum focus, a willingness to learn from the challenges of 2009 and a dedication to what has, and always will, work in this awesome industry of ours.

The attention to detail on each search assignment is where it all starts, but often the other aspects of being a successful practitioner get overlooked. I am here today to say that if and when you put together a string of six months of approximately $50K in billings per as I just have, the resulting financial payoff makes it all okay.

Entrepreneurship, For Managers

Anatomy of a Failed Recruiter



failstamp

Other than writing pithy blog posts and tweeting, a big part of what I do to pay the rent is consult. Over the years I’ve become a lot better at it and have, through trial an error, gathered a few nuggets of wisdom that have helped me become not quite as awful at my job. The following is part of my Living in the 21st Century series, this time dedicated to shedding a little light on how consultants can fail. At one time or another I’ve done (or seen) most of these things, which is why it gives me such great joy to shine a spotlight on them.

A recruiting colleague recently suggested that many of the following items apply directly to recruiters as well as consultants, specifically in the area of business development, and that I should adapt this list as a cautionary note for recruiters, and particularly for the business owners who manage them.

Entrepreneurship, For Managers

Do You Really Want Entrepreneurial Employees?



ArmyOfEntrepreneurs-200x303

I’ll admit it: I’m biased.

You see, all of the entrepreneurs I grew up with were much better entrepreneurs than employees. My father is an entrepreneur and both of my grandfathers were entrepreneurs, too. I’ve also heard stories from their time working as an employee and not only were they not as productive as they could have been, they were less than happy being an employee. Being their own boss was a better fit for multiple reasons.

So when I was sent Army of Entrepreneurs by Jennifer Prosek, I was admittedly skeptical. In some ways, I still am but there seems to be a better argument out there for incorporating principles of entrepreneurship into a company. 

Entrepreneurship, For Managers

Why Can’t I Hire The Right Sales People?



leesalz

A disconnect exists between sales managers and recruiters that causes challenges for both. Together, they can resolve this issue by creating their company’s Sales Talent Screening Program.

Candidate screening is one of the most difficult tasks that recruiters and managers face. Most will tell you that screening sales talent is the toughest of all. Why? Sales people are trained in the art of persuasion. They know how to provide the desired responses to the questions. Even more daunting is when you are interviewing sales people that worked for a competitor. These sales people know the language and industry buzz words making it even more challenging to screen them. Fret not! It is possible to successfully screen sales talent, but there is work to be done before you even look at a résumé.

Business, Entrepreneurship

10 steps To Achieving Your Life Dreams



dream

We’re well into 2011 at this point. At this time, many people have started to fall off the bandwagon of the resolutions that were made not too long ago. If you are like most people, you may have had the best intentions, but once you take stock in where you are today versus where you were one year ago, your life probably did not change measurably in any direction. You might have a little more or a little less money, you may have gained a little or lost a little weight, but all in all, even with visions of grandeur, you stayed relatively stagnant. If you take the past year’s results and multiply them by 50, there is a good chance that is pretty much where you are going to end up.

Don’t feel bad. Most people are in the same boat. The reason? Most do not understand the true commitment and the process required to make life impacting changes and attaining goals. So how to do people really make massive changes in their lives to ensure they reach their desired state of business, living, and life? Let’s look at what the research says on how people attain goals.

Entrepreneurship

Working From Home: The Good, The Bad, and The Ugly



simpsons-homer-working-from-home

Working from home is becoming more popular according to a report from Skype. And as Mashable mentions in their post about the report:

As someone who regularly works from home, I find this trend hardly surprising. But it’s not just bloggers, start-up types and technophiles who are making pajamas the new “business casual.” Even seasoned executive types (like my own father, for example) are logging in remotely these days.

The proliferation of online collaboration tools is one indicator that “WFH” (that’s short for “working from home,” my dad tells me) culture is blossoming. In fact, Skype and tools like it have pretty much made the necessity of a 9-to-5 physical presence behind a cubicle-bound desk obsolete.

Everyone knows that working from home can be great but there are also some pitfalls to consider as you make the transition from an office to a home office. 

Business, Entrepreneurship, How-To

Taxes for Recruiters…What You Really Need to Know



taxes

image source: David Reber, Hammer Photography

As a CPA who has been preparing business taxes for over 30 years, I understand that dealing with taxes is probably one of the most difficult parts of owning your own  business.  However, once you realize the importance of taxes and really pay attention to them, you can turn that in to more money for you.

I have several clients who own recruiting firms. One of my new clients, who owns a recruiting business, was amazed when I showed him the tax money he could save.  For every $1,000 of deductions, he saved $460 in cash. This was because he was in the 46% tax bracket (between federal, state, social security, and medicare taxes). He said 46% was much higher than his profit from his recruiting clients and suddenly, spending time on his taxes made a lot more sense.

The following are things you should think about as you are preparing your documents to bring to your accountant or if you do your own taxes.

Business, Editor's Corner, Entrepreneurship

The NFL’s Plight: The Risk of Business Ownership



source: nflmedia.com

image source: nflmedia.com

I’m sure that many of you have been following the news of the NFLPA and the NFL team owners’ mediation talks from the last few weeks. Not only as fans nervous about the prospect of no 2011 season, but also as business owners observing a relative scenario of team owners (business owners) vs. players (employees) — this is an interesting situation to watch unfold.

Quite simply, this a high stakes money grab, on both sides. Owners and players can’t figure out a mutually agreeable way to split all those billions that come from TV contracts, ticket sales, merchandise, sponsorship deals, and so forth. And as business owners, it’s good to pay attention as things shake out.

Entrepreneurship, For Managers

Have You Earned the Right to Lead?



TeamLead

Ten Deeply Destructive Mistakes That Suggest the Answer Is No (and How to Stop Making Them)

Editor’s note: John Hamm explains in his new book, Unusually Excellent: The Necessary Nine Skills Required for the Practice of Great Leadership, why your employees may not see you as a leader — and what you can do to capture their hearts and minds. As recruiting business owners, the “business owner” part is the most important, because it’s the core ownership fundamentals that allow you to make decisions, often difficult ones, that make your recruiting efforts fruitful. Among these are good leadership skills. Management and leadership are often intermingled in people’s minds, and good managers SHOULD be good leaders.

I hope you will read about these mistakes that are excerpted here from Hamm’s book, and think about where your own strengths and weaknesses are. Leading a team or a company isn’t easy, often requires hard choices, and isn’t for the faint of heart. But as you well know — the risk is worth the reward of being your own boss and calling the shots.

There are people in every organization you know whose titles indicate they are leaders. Often, and unfortunately, their employees beg to differ. Oh, they don’t say it directly, not to the boss’s face, anyway. They say it with their ho-hum performance, their games of avoidance, their dearth of enthusiasm. Leaders — real leaders who have mastered their craft — don’t preside over such lackluster followers. If reading this makes you squirm with recognition, you may have a problem lurking.

You’re really just masquerading. You haven’t yet earned the right to lead.