When you learn about a service like ours, one that helps to streamline processes and make your work life easier, it’s always considered an investment. In exchange for a fee (or a few if you work with multiple third-party providers), your business is given a boost, and you can focus on running it.
Like many business investments, recruitment funding makes you money in the long run. In some cases, our clients have seen an immediate boost in revenue, as if a cork was pulled from a bottle.
We believe in transparency at Back Office Support Services. With us, there are no hidden fees, and we make it clear from the get-go what you should expect from us, and all the benefits that our service provides. So to make it clearer than ever that our service is the best investment for any temporary recruitment agency, let us explain how it makes you money.
What is Recruitment Funding?
Recruitment funding is a service that gives a recruitment agency access to the funds they need to pay their temporary workers, even if those funds aren’t in your account just yet.
Those workers need to be paid weekly, and always on time, but in most cases your clients will be paying their invoices monthly, and some even use 90-day payment plans. Either way, that’s a noticeable gap where money needs to go out, but it isn’t coming in yet. With staggered invoice payments from multiple clients, there will be income available, but it can easily put a dent in your funds if there is any delay or a longer gap than usual.
With recruitment funding in place, we’ll not only invoice clients on your behalf (which makes delays less likely) but also give you access to funds that you can use to cover the cost of paying workers until your invoices are paid. This gives you peace of mind, keeps workers happy, and ensures your operation will run smoothly.
In our case, we offer 100% recruitment funding. Unlike other providers, we don’t skim anything off the top. You have access to the full amount, whenever you need it, with only our single fee to keep in mind.
Although 100% recruitment funding is at the heart of what we do, it’s actually just one part of our all-in-one service.
How our Service Helps you Make Money
Our service is about more than just recruitment funding. For the single fee you pay, you’ll also get support with invoicing, payroll support, and credit control.
You’ll have two points of contact; a payroll account manager who will ensure your invoices are spot on, and send them on your behalf with only your branding attached, while also keeping in contact with clients and you, so that everyone is kept in the loop.
Then there’s also your dedicated credit controller, who will keep a close eye on your clients’ credit limits, ensuring that any financial issues they have will never affect you.
These two support superheroes will be all you need to streamline your agency. After a while, they’ll feel like a permanent member of your team, and we only employ professionals who value communication and the human touch, which both go a long way.
But how does this affect your bottom line? Well it’s simple, if your team is stuck dealing with admin for a large chunk of their workday, that’s a lot of time where their skills aren’t being put to use. You hired them to work with your CRMs, or add the CVs of talented people to your database, so they can then fill the vacancies of your clients. But instead they might be filling in invoices, chasing clients on email, or just organising the regular payments for temporary workers.
When you work with the experts, all of this admin is handled for you, so your team can do what they do best. This makes a noticeable difference, and you’ll see it immediately.
The quality of our support will be just as obvious. If you’re trusting someone who isn’t an expert in invoicing to send your invoices, mistakes will be more frequent. If there is an error with any invoice, even a minor one, it could be weeks or even a month longer before it is paid. With workers’ salaries to pay, you can’t afford to do this, and even with recruitment funding in place it is something to avoid if you want to keep your reputation intact.
Speaking of which…
How a Good Reputation makes your Agency Profitable
This may seem obvious to any experienced business owner, and plenty of the newbies too, but knowing and doing are different things. There are a few ways to improve your reputation as an agency; the simplest is to just do your job well. If you become the go-to provider of temporary workers for your particular niche, or are a known face in the industry as a whole, that will make your agency a success.
To gain a good foothold; reliability is everything. If your temporary workers or your clients are often frustrated by poor service or communication, those grumblings will spread like wildfire. If this is the case, you may struggle to find the best new talent for your database and new clients will be tricky to come by.
That’s why our service is so impactful. When the work is being done well, and communication is consistent and has the right tone, your reputation will be more solid than ever.
If you’ve seen dwindling profits despite all your hard work, it might be time to take a step back and think about what investments will help you take the next step forward. And if you’re still doing a lot of the admin yourself, that’s the first thing you should change.
To find out more about how recruitment funding can help you to succeed, feel free to get in touch. We look forward to hearing from you!
