Bouncing Back After a Business Slump

12 Jul 2021

Recruitment Advice

When you’re in a business slump it can be hard to get out. It might be the impact of the pandemic on your recruitment agency or an industry specific issue that is getting you down.

It could even be driven by something personal, perhaps you’re feeling completely burnt out after the events of the last few years.

Bouncing back can be hard after a tough time in your business, but also completely possible.

Take a look below at a few different approaches you could take:

Make a Plan

Making a clear plan is one of the best ways you can get yourself back in the right head space.

Consider where you are right now and exactly where you want to be. Setting small, medium and long term goals can help to keep you on track.

With each step in your plan assign key deliverables so you can judge whether it’s working or if you need to adjust your steps.

Be bold — though it might feel like you’re starting from scratch, you’ve actually got the chance to reinvent how you work in the future.

Set an Ultimate Goal

Maybe your goal is to overtake a key competitor? Maybe you have a turnover milestone in mind? Or perhaps you just want to get your business back to where it was.

Whatever your ultimate goal, setting one can be one way to inspire yourself and move in the right direction.

It might seem completely unachievable right now, but it helps you find your focus and will hopefully reignite your passion for your work.

Explore New Specialisms

Expanding into a new sector could be just the boost your business needs. Or you might choose to start recruiting temporary staff.

Take the time to do your research before taking the plunge, so you can identify any niches that could hold exciting potential opportunities.

You then need to think about how to take your proposition to market, how will you let candidates and clients know about your new venture?

Review Your Costs

A good way to bounce back is by looking closely at your overheads and seeing where money can be saved.

Keeping your costs low is a good practice, but can be challenging within the recruitment industry.

Look at every cost in detail to see whether it could be removed or replaced by something more affordable. 

If you’ve been operating for a little while, it’s time to get back to basics and keep costs low like a recruitment startup.

Outsource Your Business Processes

If you’re feeling burnt out during your business slump, consider what time outsourcing certain services could free up for you.

Wanting to do everything yourself is natural when you’re running your own recruitment agency, after all you want to keep your costs low.

However outsourcing processes can save time, money and improve the experience for both clients and candidates (plus improve your work/life balance).

Choosing which services to outsource can be tricky, however take a look at how New Millennia can take responsibility for your back office functions.

It means handling your candidates’ timesheets, processing payroll, issuing P45s and handling any day to day candidate queries. You can find out more here.

Reconsider Your Processes

Take a look at the journey that both your clients and candidates follow, are there ways it could be improved?

Becoming customer-centric, which means putting your customer needs at the heart of your recruitment agency, can be a successful route to take.

How can you adapt how you work to make it a richer and more positive experience for your clients and candidates?

Working in a new way can be great for those you work with, but you may also benefit from the change if you’re feeling in a rut.

Work On Your Brand

Investing in marketing might seem a low priority if you’re trying to get back on your feet, but it could really help take you to that next level.

Look at your brand and how you communicate with your market.

Do you need to introduce new channels to your marketing strategy or completely reinvent your brand?

Look at what your competitors are doing to get ideas of ways you can carve out a unique place for your brand.

Whatever approach you take it can help to give your business a boost and shows the market you’re here to stay.

Consider Recruitment Funding

Recruitment funding can be a great way to improve the cashflow within your recruitment agency.

If you work in temporary recruitment, or you’re deciding to branch out into the area, keeping cash balanced within your business can sometimes be challenging.

Work with New Millennia and you’ll discover a finance solution more effective for the recruitment industry than invoice factoring.

It can free up cash so you and your candidates can get paid long before you’re paid by your client.

Click here to find out more — it might be just the change your business needs.

Keep Going

The final word of advice is keep going!

It can easy to lose faith in yourself, the recruitment industry and your business that you’ve worked so hard to build.

Try and remember why you started your recruitment agency in the first place to help you stay motivated.

Bouncing back is hard but you never know, the recovery might just be the start of something new  and exciting for your business…

Man stressed on laptop

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