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The Fordyce Letter

Straight Talk for the Recruiting Profession


Articles tagged 'business ownership'

Business

Don’t Miss Out On Your Marketing Deductions



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IRSBefore you file that tax return today take a second look at the deductions for marketing and promotion. Did you take all the deductions you’re entitled to?

Surprisingly, 43% of small business owners are entering zeros on that line of their business return or on their Schedule C. What’s more remarkable is that 27% of owners aren’t even aware that the IRS allows them to write off legitimate marketing expenses.

Not taking those expenses is like volunteering to pay more taxes than you have to, which makes about as much sense as ignoring a job order from a valued client. You wouldn’t do that, so why would you skip something as valuable as writing off what you spent on things like business cards, your website (and the hosting fees), holiday gift cards to clients, advertising, and those slick brochures you had printed.

Business, Viewpoint

It’s Not Easy Building the Perfect Recruitment Company, But Your Future Depends On It



Achievement cloud - free

Achievement cloud - freeA while ago, I wrote an article that was posted on ERE.net (“Why Recruiters Will Be at the Heart of Our Corporate Future”) trying to explain my concept of what of “good recruitment” was and why recruiters will therefore be at the very heart of our corporate future. I received a lot of great feedback on the post but also some negative comments about how employers and candidates felt after interacting with recruiters. There were also some strong feelings about the impending demise of our industry due to technology improvements and in house recruiting teams.

Consequently, I thought I could extend my opinion yet further to outline another opinion of the structure of “the perfect recruitment company” in today’s world and highlight how recruiters can learn and improve using technology, learn lessons from Silicon Valley and out-compete in house teams for high margin business.

There are five key common principals to the mind-set and success of Silicon Valley companies:

Business, For Managers

Success Is In the Numbers. But Which Ones?



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Dart board - freeWe all have heard and most believe, “Knowing your numbers is critical in this business.” Also known as metrics, what are the most important metrics to follow? Tough question since all are important and all build upon each other. Without the desk-builder metrics of job order and candidate presentations there would be no sendouts, and without sendouts there would be no placements.

As a double bred numbers guy (CPA and banker) I have lived my life believing and analyzing numbers. After eight years as owner of an executive search firm — $8,570,487 in collections, 300,982 attempted calls, 33,523 SMP connects, 1,640 first time sendouts, 313 placements, and more falloffs than I want to remember — I am now more than ever convinced the numbers in our business never lie.

Business Development, Webinars

Webinar: Secrets for Growing Your Business From Neil Lebovits



Neil Lebovits

trinet logoWith an always exciting and fresh perspective on the recruiting industry, well-known industry trainer and recruiting professional Neil Lebovits explores tactics and shares secrets to help you grow your business when he presents the first Fordyce Letter webinar of the year.

Spend one hour on April 22nd and you’ll discover how to calculate and maximize your gross margin dollars, learn the different ways to price contract positions, and what it takes to add temp to your perm business. The webinar is free and sponsored by TriNet.

Ask Barb

Add Temp to Improve Your ROI



Ask Barb

Dear Barb:

I place engineers only in permanent positions and everyone keeps telling me I should get into the temporary business. I’d love your input.

Pamela M.

San Juan, Puerto Rico

Industry News, Staffing, The Business of Recruiting

Bullhorn Survey Offers Insights On Revenue, Placement Success, Comp



stay in business

Revenue by recruiter bullhorn 2013Bullhorn is out today with a survey of staffing and recruiting firms that is so full of useful and enlightening information it’s hard to know where to begin.

Here’s just a sample of what the 20 page report covers:

  • 77% of the 1,337 firms met or exceeded their revenue goals in 2013;
  • Revenue per recruiter at the smallest firms averaged $266,000; at the largest firms it was almost twice that;
  • Owners, CEOs, and partners of retained firms earned, on average, $230,000 last year. Those heading contingent firms averaged $149,000. Recruiters at retained search firms averaged $84,000. At retained firms, they averaged $84,000;
The Business of Recruiting

5 Questions To Ask Before You Rent An Office



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corner officeChoosing the right space for your company is about more than just finding a place to hang your hat and do business.

Recruiting firms that are doing it right — whether large or small, national or local — not only lock in efficient space at economic terms that work for their business, but also create work environments that reflect their culture, ethos, and values. As a result, they can work more productively and retain workers more effectively.

While every case is different, here are five key questions to ask yourself before you commit to a move.

Celebrating Successes, The Business of Recruiting

10 Reasons Why Recruiting Is A Great Career



Tony Sorensen

I stumbled into Minnesota’s largest recruiting firm back in 1997 based on a friend’s suggestion. At the time, I didn’t even know what a recruiting firm was. Not knowing anything but the rental car business I came from, I sat down for an interview. I remember being skeptical when the recruiter told me I could make $100K if I was good.

After a number of interviews with other companies, I couldn’t shake what he’d said. $100K, really? I’d never made more than $50K, and at 27, that was a lot of money! It seemed like a good opportunity, and it had the sales aspect I was familiar with, so I accepted the recruiting position, placing salespeople in Minnesota.

How-To, Viewpoint

There Is Not a Meeting In the Ladies Room



Business women

Business womenWhen my friends at The Fordyce Letter suggested that I write an article about specific issues facing women business owners in the recruiting industry, my first thought was, “Okay — I’m a woman. Glad they noticed.” It’s also true that I have owned a successful recruiting firm for almost 20 years. Then I tried for a month to sit down and commit something to paper that fit the bill.

The difficulty for me is that I don’t think in those terms. I was raised in a fairly average middle-class family and we all worked. We were taught the value of establishing a good work ethic and that you could go as high as the next guy if you applied yourself, worked hard and worked smart. Understand, these values were not presented as some sugary “girls can do anything boys can do” philosophy. Gender was literally never factored in. All I ever heard was hard work equals success — period. So when first entering the workforce, it never really occurred to me that being a woman could somehow be a hindrance to achieving my goals.

Business

What To Do When Your Office Is In A Malaise



Bored businesswoman - freedigital

Bored businesswoman - freedigitalYou got into this business years ago. You listened and learned and you became successful. Over the years your billings grew. Some of you decided to add people to your operation and your operation grew, and was also successful.

And then it happened. It seemed to come out of nowhere. First one recruiter went into a slump and then another and then the whole office seemed to be in a funk. Even your production, your ‘money in the bank’ desk, started to suffer. What happened and how do you get out from under this wet blanket of recruitment misery?

In this article, I am going to give you a six-step remodeling plan. This plan will work for those of you who work alone and for those of you who have an office of recruiters. Here are the steps: