Gibraltar Business Capital President Scott Winicour was a featured contributor on Business.com recently. In the article, he addresses a common question he hears from small and mid-market businesses including staffing companies: How can business owners successfully manage and finance growth, while steering their business and focusing on day-to-day operations.
Winicour shares four insights to help staffing companies thrive, including:
- Planning ahead: The business plan you used to launch your staffing company may not be right for you now. It’s important to revise your strategy to accommodate new circumstances.
- Leveraging new tools and technology: Efficiency is key for long-term growth. Increasingly, staffing companies are using tools and technology to streamline communications, improve productivity, and search for job candidates and clients; companies are also leveraging customer relationship management (CRM) systems.
- Managing cash flow and payroll: Finding the right financial partner is key for survival as well as growth. Winicour breaks down three options and includes the benefits of each, including: traditional commercial banks, community banks and credit unions, as well as alternative lending in the form of asset-based lending.
- Welcoming change: Contentment can be a threat to a high-growth business. Revisiting your business plan allows you to assess market conditions and identify any number of actions ranging from upgrading technology and renegotiating contracts to ramping up marketing efforts or expanding your team with trusted new hires.
Running a staffing company isn’t easy. But there are countless resources and tools at your fingertips. Business owners are advised to find a handful of trusted advisors, and when needed, find a financial partner who will work in your best interest to provide stability during periods of growth and transformation.