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Why Analytical Thinking Will Always Proceed Your Recruitment Growth
Posted by Nicky Coffin
Last time we talked about deciding what you want and why you want it, when it comes to scaling the growth of your recruitment business.
Once these decisions are made it becomes about starting on a level playing field and deciding on your next move or gamechanger as Katy, and I call it, based on the data you have to hand.
All too often business owners miss this insightful and vital step.
I was talking to a client of ours and her billing manager a few months ago about a particular client group they worked with and a specific BD Strategy. The conversation went along the line of…
- ….. “hey, remember X they were a great client.”
- And….. “remember the conversion we got from that HR event?
I suspect similar things happen in your conversations too?
Success Leaves Clues
“ Success leaves Clues.”
Is a well-uttered quote by Tony Robbins and spot on don’t you think? Success does leave clues, and it’s our job to analyse the data to find them. It’s a step that many business owners forget to do. You might be surprised at the data it reveals.
In our programmes, we share a process that, quite literally, could turn your business results around.
We call it the Business X-Ray, and it does what it says on the tin.
Katy and I talk to lots of different business owners, and often when someone starts talking about scaling their recruitment business, what gets them tripped up is they get in a spin thinking about all the ‘things’ they have to do.
The truth is that it’s generally only a few key areas that need attention and the business X Ray is pivotal in helping you identify what they are.
Your Last 1-2 Years… What Happened?
Our x-ray recommendations start with looking at your results, warts and all,over the last couple of years.
Here are several questions we respectfully suggest you ask yourself and key people in the business.
- What went well?
- Why did we miss our target?
- ….. and hopefully, why did we hit it?
- Who were the best clients?
- Who were the best candidates?
- What is the difference that makes the difference; our game changers?
- Where are we spending time and what results is it producing…… or not?
- Where is the 80 /20 rule playing out?
- What are we spending our ‘money’ on and what ROI is it delivering?
- What are our average consultants billing?
- How much does our team cost related to what they deliver?
- What and who are the most profitable clients and placeable candidates?
Lots of questions I know and remember questions provide insight.
The Benefit Of 80/20 Thinking
The 80/20 principle brings many insights to your business. It’s based on the Pareto Principle.
Ever noticed that you wear 20% of the clothes in your wardrobe, and hang out with the same 20% of your friends?
Apply this to your business, and I bet 20% of your consultants deliver 80% of the placements.
Based on this then…..
Who were the 20% of your client base who delivered 80% of your revenues over the last 12 months?
And who are the top 20% of that 20%? In other words, the magical 4%, i.e., 20% of the 20% …still with us? Excellent, because in the words of Katy this is gold! ?
Katy and I help our clients discover their 4% VIP buyers and their most placeable candidate personas every week.
Replicate this strategy in your business, and you are going to get the best possible results.
This X-Ray process is where we start with all our clients in helping them shift and scale. We go into a lot of detail with them because it means that, for them, they no longer need to reinvent the wheel.
Focus on things that are already working in your business that you have just identified to make them better, it’s known as the marginal gains concept, and you will then be able to leverage your results fast.
Before you go, have you downloaded our new report to help your consultants convert more clients? You can download it here.
Nicky and Katy