The Federal Reserve recently raised the benchmark interest rate by a quarter of a percentage point, the latest in a series of hikes. The benchmark rate range is now 4.75-5%. This move is intended to slow down inflation. What does that mean for staffing firms that fund with a bank? If you are currently funding…
The fees a factoring company charges on your invoice amounts. Factoring fees can include daily fees, incremental fees, and admin fees. You may be able to arrange your fee structure (daily vs. admin) to fit your business/billing structure. The factoring fees you might encounter include the daily dee, incremental fee, and admin fee (see below…
Starting a staffing company can be very profitable business if you take the right steps to ensure your success. However, we often see staffing startups making the same mistakes that can derail their business before it has a chance to grow. Here are some common pitfalls for startup staffing companies and recruiters. 1. Focusing on…
Temporary staffing is a challenging but rewarding industry with few barriers to entry. It is a great time to consider starting a temporary staffing agency. The industry recovers quickly from setbacks, and companies always need labor. When starting a firm, we think there are four key things you must consider: people, technology, insurance, and payroll…
As a staffing firm owner, you have a lot of incentive to close out the year with strong sales. This is your business we’re talking about, the one you spend countless hours on, your livelihood! The hope would be that your sales team is also motivated to meet monthly and yearly goals with time ticking…
When it comes to making more of a profit in staffing, “sell more” is not always the answer. First off, easier said than done! And secondly, it can actually hurt you in the long run if you under price yourself to win a high volume contract. That strategy almost never works out because if you’re…
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