Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Articles tagged 'businessdevelopment'

Ask Barb

Go After the High Margin Business



Ask Barb

Dear Barb,

We are a light industrial staffing firm and have been in business for 10 years. Two years ago, I heard you suggest that we consider business that is high margin. I didn’t take your advice and now our margins are decreasing and I don’t even know what the Affordable Care Act  is going to do to us.

Can you define what you meant by high margin business? I don’t know that I will be in business next year at this time, if our margins continue going south. Some of the big guys in our business are the ones who are responsible for driving rates down.

Tom F.
Cleveland, OH
Business Development

How I Nearly Lost My Business When I Stopped Marketing



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hand marketing buttons-freeRecently, a colleague asked me, “What was the most rewarding mistake you ever made in business?”

It’s a great question, and I quickly had an answer for him because it was an incredibly painful mistake. However, it proved to be an invaluable lesson that has served me well in the years since. I’m sharing so perhaps you can learn it the easy way.

The lesson: Don’t ever stop marketing because you think you’ve reached the point where you don’t need to. And, secondarily, believe the old adage that warns, “Don’t put all your eggs into one basket.”

My Story

Years ago, my public relations company connected with a large publishing house that served many prestigious authors. The first few of its authors we

Business

Are Candidates’ Resumes Cutting into Your Profits?



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As you review the first six months of the year, what are you finding? Are you ahead of your revenue goal or falling short? If you are ahead, you want to build on that momentum and make this your best year ever. If you are falling short, there is no time to waste to boost your profits. Regardless of your situation, today I am offering you a quick and easy way to increase profit through job candidates’ résumés!

Are you spending too much time coaching candidates on résumés? We often meet a diamond-in-the-rough job candidate. If we could just tweak their résumé, they would be perfect for the client. The problem is that when you are using your time and resources to clean-up bad résumés, you are not focusing on new business or attending to your clients’ needs. In other words, you are cutting into your profit. Here are three ways to improve a candidate’s résumé, without wasting your resources:

For Managers, Motivation

Good Leaders Are Made, Not Born



Demanding Boss

TeamLeadWhy won’t my employees just do what I tell them?

Why am I struggling to motivate my team?

Why aren’t they giving me the performance I need?

If any of these questions sound familiar to you, you’re not alone.

You were probably promoted because you’re a competent technical professional. You know how to build a bridge, negotiate a deal, or justify a capital expenditure. But whether you’re a team leader or a branch manager, your technical skills usually won’t help you be a better leader.

Effective leadership has an undeniable business value. In one study, Jack Zenger and colleagues (“How Extraordinary Leaders Double Profits”) examined the best (top 10%) and worst (bottom 10%) leaders at a large commercial bank. On average, the worst leaders’ departments experienced net losses of $1.2 million, while the best leaders boasted profits of $4.5 million.

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

Staffing

Where to Find Contracting Job Orders



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One of the first questions recruiters have when they consider adding contract staffing to their business model is, “Which companies should I target?”

The first and easiest answer to this question is to target your existing client base. Gone are the days when contract staffing was limited mainly to the information technology sector (although that is still a hugely popular area for contract placements). Contractors are now utilized by nearly every industry for positions up to and including C-suite executives. Chances are at least some of your clients have utilized contractors or are considering using them.

Business Development, How-To, Social Media

Three Steps to Becoming an Industry Expert and Growing Your Business



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You may be the best recruiter or trainer in the world, but if nobody knows who you are does it matter? This isn’t an exercise in Zen thinking. It’s a real world concern if you’re not a name in your field and want new clients.

Like it or not, people congregate around popular businesses. If you want to grow your small business, you need to create that popularity. Becoming a recognized industry expert is easy if you follow these steps.

Dig Into Your Industry

What is important in your industry today? If you’ve had your nose to the grindstone

Ask Barb, Business Development

The Future (And Yours) Is In STEM



Ask Barb

Dear Barb:

I’ve been placing office support for over 20 years. My margins and fees are lower than they were five years ago and I’ve seen my niche reduce over the past five years. Law firms used to have one legal secretary for every two attorneys, and now they support five or six attorneys. I feel like I should open a new niche, but all my contacts, database and expertise is in office support. Can you suggest a niche that will grow over the next 10 years?

Marsha W.

New York, NY

Barb Responds

Dear Marsha:

I spoke at an employment conference that was attended by some of the top Fortune 500 companies from across the globe. Job growth was obviously a hot topic and most experts and economists were in agreement that 75% of job growth by the year 2015

Business Development, Staffing

Why Candidates Work on Contract



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One of the reasons recruiters shy away from contract job orders is they are afraid they won’t be able to find candidates. This fear is based on the outdated perception that candidates only take contract positions as a last resort when they can’t find a suitable full-time job.

But it is no longer unusual for candidates to choose contract assignments over traditional direct hire jobs. In fact, a recent survey found that 28 million Americans are considering independent/contract work, and 63% of those already working independently would continue to do so.

Contract staffing provides many benefits that make it an attractive alternative to traditional, full-time employment:

Ask Barb, Business Development

How Many Clients Do I Really Need?



Ask Barb

Dear Barb:

How many clients do you think a recruiter needs to become a big biller? I have three clients who keep me very busy and therefore I don’t do any client development. If I land another big client, I would not be able to fill the orders written.

Beatrice P.

El Paso, TX

Dear Beatrice:

The majority of recruiters have five clients or less who represent at least 75% of their sales; this is not recession proof. If one or two clients stop hiring and you only have a handful of clients, you would need to scramble to land additional clients.