Planning for Success
Planning is an integral part of success in any level of staffing. Recently, Small Business Trends surveyed over 2,500 privately held businesses and discovered that companies that commit to planning outperformed those who did not at twice the pace. Another study of 11,000+ companies had similar results – planning helped companies grow 30% faster. Here are two business planning tools that will help your firm stay on track:
Business Plan
Your business plan should be your road map and your vision of where you want to be. A business plan can and should change over time, but starting with one lays the groundwork you need to be successful. Here are some key components:
Executive Summary – a short one-page summary of your entire plan. Company Description – describe your company and products as well as your overall aim and goals for the company. Market Analysis – look at your target market, market valuation, targeted share, market trends, competitive advantage, and more. In-House Staffing/Operations – outline the intended structure of the company in terms of management, number of in-house employees, and the physical operational requirements to provide your service.
If you need a starting point, we have a free Business Plan Template download available that is catered directly to staffing firms.
SWOT Analysis
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Strengths: Start with outlining your business advantages. What do you bring to the table in terms of your unique skills, your industry knowledge, and your market experience. Factor in your work habits, your availability, and your support network.
Weaknesses: Consider those areas where you are more challenged, and how you can mitigate those potential difficulties. What is your biggest perceived weakness? Where do you lack resources? Where are you least profitable?
Opportunities: Do the research it takes to truly understand the many opportunities available to you. What is the overall business climate for the industries you serve? Niches that competitors are missing? New needs of customers? Threats: Think about the biggest threats to your business, both internally and externally. What obstacles must be overcome? Is there a pricing/margin squeeze? Negative or uncertain economic conditions?
Download our free SWOT Analysis Template for staffing firms as a jumping off point.