This is the first post in a seven-part series on anticipating and handling growth in the second half of 2011.
Is your staffing business ready to meet the needs of businesses experiencing growing demand? Being able to handle growth isn’t an accident; it’s the result of a step-by-step plan that puts your business in the best possible position to deal with any change in the economy.
Step 1: Start with the Basics
Make sure your business is on solid ground in every facet of its operations, and set up practices and systems to keep it there. Today, we’re looking at your financial and technological resources. Next week, we’ll look at your management basics: communication and employee engagement.
Finances
Begin with a check of your financial situation, including your balance sheet, income statement and cash flow statement. Don’t just look at the most recent year’s statements, either; look through the past several years to see if you notice any trends or anomalies.
Reviewing these statements may seem like a huge time commitment, but it’s time well invested in your business. Analyze this information with your accounting staff to find potential problems now, before the pressures of growth turn potential problems into real problems and existing problems into monsters. Keep an extra close eye on the SUTA and FUTA expenses as these are growing rapidly for most firms.
The Management Business Advisor built into COATS Staffing Software can give you even more insight into your business’s finances, and presents the data in visual format which can make it easy to spot patterns or disruptions.
Technology
Before growth hits, it’s a good idea to check your IT systems and make any needed improvements. Have you been getting by with a router or a hub that’s not really meeting your needs? Consider upgrading it. Don’t forget your printers, scanners and bandwidth capabilities.
Also make sure you’re using the most recent versions of your staffing software and you fully understand all the capabilities offered. COATS users can check our customer site to download the most recent version of the software and all documentation.
In the coming weeks, we’ll talk about your business’s foundation for growth, issues on the horizon that pertain to staffing and how to market your staffing firm without breaking the bank. If you have any thoughts or questions, please don’t hesitate to leave them in the comments!