One of the problems with lifestyle businesses is that they sometimes don’t allow much lifestyle.
Are you working long hours but not getting a decent wage from the business?
If you’re not creating time or money, what are you doing it for?
Operating a business so you can live a meaningful life (a definition of lifestyle businesses) is a valid strategy and has been for thousands of years. But solid business execution is still required to ensure success. No small business will just take care of itself.
The objectives of growth, sustainability (in all its forms), profitability, and compliance need to be met. And these need to be achieved in a robust manner. As Nigel Harse often says, you don’t get out of bed to be average.
In a recruitment agency, that begins with a business model that allows efficiency of revenue generation (eg exclusive or retained roles rather than contingency), ongoing revenue (eg temp and contract or similar services), and solid fees and margins.
However, recruitment is an intricate business. The industry is rapidly changing, client demands are complex, and compliance is growing in scope and complexity. Managing this requires inquisitiveness, attention to detail, and a willingness to consult widely. You need to at least keep up with the pack .
At Middle Office we have built a payroll service for recruitment agency contractor payroll that allows this complex task to be addressed professionally. To deliver productivity, remove complexity, and meet compliance within a simple cost structure that varies with your staff and contractor load.
What that gives you is more time to focus on winning business, you get professional help for what is otherwise a series of very complex tasks that you have to do in-house, and remove the fixed and expensive costs from your business.
Talk to Middle Office about how to improve your lifestyle recruitment agency.
Photo by Blake Cheek on Unsplash
* With thanks to Douglas Adam for the inspiration.
Rod is a 40-year veteran of Australian and international IT and corporate advisory organisations. His executive-level credentials traverse many segments of the staffing and recruitment industry and include corporate advisory assignments, mergers and acquisitions mandates, and advisory to multinational and other public and private organisations. Located in Perth, Rod provides local industry acumen and global knowledge to recruitment agencies internationally.