Are Your Clients Ripping You Off And Stealing Your Recruitment Fees?

August 6, 2012


Diamond Jubilee, Fish ‘n’ Chips & Your Recruitment Business

June 7, 2012

Over the weekend the family and I went to London to celebrate the Queens Diamond Jubilee and we had a great time in the pomp and ceremony of the day despite the lousy weather.

After a long day we were wet, cold and hungry and we decided that as a treat we would visit the oldest fish ‘n’ chip shop in the UK – The world famous Rock & Sole Plaice in Covent Garden.  As you know, fish ‘n’ chips is a traditional English dish and it seemed only appropriate that on this special occasion that we stick with tradition.  Now I don’t know if you have ever had the pleasure of eating there, but it is considered to be the oldest chip shop in the UK, so you can imagine it was pretty busy. The service was OK, but I thought the meal was fabulous and it certainly hit the button as far as we concerned. We were able to take our time and really enjoy the meal after what had been a very long day. The bill came to just over £100 for 4 of us, which included deserts and coffees etc.

At the table next to us was another family of 4 who were clearly upset at what they considered to be a lot of money for a traditional dish of fish ‘n’ chips, and they were heard complaining that they normally only pay a fraction of that when they go to their local chip shop.  As you know, in Covent Garden in London there are many places to go and eat from fine dining to pizza and burger bars, not to mention a few venues where you would be best to wipe your feet on the way out!!!

The interesting thing was that we were quite happy with our meal and did not feel it was appropriate to compare the price we paid with what we would pay at our local shop. I also felt that as there was such a large choice of restaurants and bars in the area it was rather churlish to complain about the price as it was a choice to eat there.

It reminded me of the two types of clients you have to deal with as a recruitment business owner.

First there is what is called the transactional client and this type of client is always looking for the best deal and buys on price and price alone.  If another recruitment firm was to offer the service at 0.5% less this type of client would accept as they have no loyalty. These types of clients think short term and see themselves as the expert and have no desire for you as the supplier to make any profit.  Their biggest fear is could they get it cheaper somewhere else?

Interestingly, the transactional client also tends to make more demands on you, your company and your time as it is all about what they can get from you.   When you work with the transactional client it can be frustrating and certainly tiresome.

Then there is the relational client.  This type of client is looking for an expert recruitment firm.  They are looking for someone they can trust, someone who will meet all their needs and they value the relationship. This type of client also realises that if they shopped around they would almost certainly find a cheaper option, but that is not the most important factor for them.  Their biggest fear is making the wrong choice. The conversation they have with you is about your service with less focus on the price.

As a recruitment business owner you have a choice about who you work with.  If you only wish to work with clients who really appreciate what you do and want to work with you on a ‘win win basis then that is your choice.

You can choose to implement a marketing plan that generates warm leads for you easily and effortlessly, or you can choose to make endless cold calls, the consequences of which are that you become almost desperate when a potential client indicates some interest, even if that client has no loyalty to you or appreciation of what you do.

You can choose to click here  and get access to marketing tools or you can choose to do what you have always done and get the same results.

It really is your choice.

Please note: any adverts on this page are not connected with drewcoaching.


Discover the one change you must make to generate an additional £50K in 90 days!

April 4, 2011

The other day I was talking with a recruitment business owner who was frustrated with the income her business was generating. So I asked her, “What income would you like your business to generate?” She replied, “a lot more than it is now.” “But how much is a lot more” I asked, “Is it £100, £1,000 or £50,000 more?” “I’d love to generate an additional £50,000 in the next quarter, but I can’t,” she replied.

I said to my client “imagine if you were in the difficult position, where if you didn’t make an extra £50,000 in the next 90 days you’d die. Or even worse someone you care about would die. What would you do?” “I’d find the business,” she replied.

“But what’s changed? Did you suddenly become more resourceful, more intelligent or a better recruiter?” “The answer is no. You just had a strong enough ‘Why’ a reason for doing it. As a result you raised your standards, changed your attitude, because it became an absolute MUST for you to make those placements. All of a sudden you found yourself in a position where NOT making additional placements was NOT an option!”

I could see from the look on my client’s face that she was having what I called ‘a light bulb moment’ a realisation that she had been holding herself back from the kind of income she wanted to earn. “She replied, “I can do it. I can earn £50,000. Because then I would create greater security for my family and we would be able to go on those holidays that we’ve always dreamt about.”  You see having a strong enough reason “why” you want to achieve your goal will give you the motivation you need when clients and candidates let you down. It keeps your drive and determination going to achieve your goal regardless of the obstacles you may face.

Imagine sitting in your office 90 days from now, you are looking at your invoices for the last quarter. You have generated an additional £50,000. You discovered the secrets on how to generate leads every month effortlessly, you discovered how to overcome objections such as “we have a PSL (Preferred Supplier List).” You have a team that is billing more than at any other time in the history of the business. How do you feel right now? What are your friends and family saying about you?

The good news is you can increase your sales by £50,000 in 90 days.

On 14 April a webinar is taking place titled: Generate an additional £50K in recruitment fees in 90 days.

When you attend you will have access to:

  • The 4 key questions you must ask to block your competitors from making placements
  • How to generate leads via your website
  • How to have clients calling you and making an appointment to discuss their recruitment needs
  • How to generate leads easily and effortlessly via referrals
  • How to improve the number of placements you make by 20%-30%
  • And so much more…..

The first 7 recruitment business owners to register and attend the webinar will receive a copy of the book: Zen of Social Media Marketing, by Shama Kabani.  This book outlines how to use social media tools, including Facebook and LinkedIn, in a marketing plan for one’s business. It is a must read for any recruitment business owner wanting to make more placements and earn more money using social media.

As an added bonus all attendees will receive the eBook: “How to generate an additional £50,000 in recruitment fees in 90 days.”

Also the first 5 to register and attend will receive a one to one  consultation on how to implement the Recruiters Tactical Marketing Plan (RTMP) on how to generate 40 leads per month over three months. What would 120 warm leads be worth to you?

Places are limited, so to reserve your place on the webinar today, simply click on the link below and complete the registration form.

Register for webinar: Generate an additional £50K in recruitment fees in 90 days.

Wishing you continued success,

Terry Edwards

drewcoaching


I have fallen out of love with the recruitment business

February 28, 2011

 

 

 

 

 

 

 

 

Have you ever felt that you’ve had enough and want to sell your recruitment business?

Well you are not alone. The challenge is that selling your business is not that simple, because there are some essential steps that you must take first. Not understanding this could cost you thousands of pounds and in the case of one of my clients, it cost her just over £1.2m.

Click on the link below to discover the “7 essential steps you should take before you sell your recruitment business?”

http://tinyurl.com/6l75hby 

I recently received this email from a recruitment business owner:

Terry,

Can you please call me ASAP I need your help.

After setting up our IT recruitment business 7 years ago, we have quite honestly fallen out of love with the whole IT recruitment market and want to sell the business quickly. At first my business partner and I were so enthusiastic and had great plans. The very first goal was to get to a million pound turnover business, and this was achieved within two years.

In year three we were approached by a potential buyer and an offer was made to buy us out. After the potential buyer had carried out some due diligence on our business they came to the conclusion that the success of the business was heavily dependent on us as owners and directors, the consequence of which the offer made was dependent on us staying in the business for another two years before we could fully exit the business, so we declined the offer. In that time we have grown then contracted, survived two recessions and quite honestly we are both feeling battle weary and want out. Can you please give me a call at your earliest convenience, as I would like to sell this business before the summer?

It may come as a surprise to you but we get a lot of letters/emails and phone calls like that. They usually come: after the Christmas holiday; around September time; after a major birthday and when there has been a fall out or bereavement within the management team.

I am sure that you can appreciate as a business owner yourself that these decisions do not come easily. After making the massive decision to start a business and then give up everything, the decision to sell is never easy.

Did you know there are “7 essential steps you should take before you sell your recruitment business?” After receiving so many emails like the one I just mentioned, I thought I would get an expert in to share with you the secrets to successfully selling a recruitment business.

On Wednesday 9th March we are hosting a webinar where a financial guru, Guy Pain from Cottons Chartered Accountants, will share with you the “7 essential steps you should take before you sell your recruitment business?”

In this webinar you will discover:

  • How to quickly value your business
  • The 3 things you may be doing unwittingly that is literally STOPPING potential buyers from making an offer
  • The difference in value whether your business be perm, temp or combination of the two
  • Why systemisation and processing of your business is essential if you want to achieve the maximum value
  • The one thing you must never say to a potential buyer, if you did it could cost you thousands and some cases millions of pounds
  • The top tip that is guaranteed to keep your team motivated during the sale

This webinar is only for recruitment business owners who are members of the group: Business Growth Solutions for Recruitment Owners & Directors on LinkedIn. There is no charge for attending.

As a bonus when you attend you get a workbook by email a few days after the webinar so that you get involved in the exercises, take notes and turn the ideas into solid, result-getting ACTION that will get the maximum benefit for you and your business.  There are limited spaces available, once these places have gone that’s it.

Whether you are considering selling now or in the future or just want to increase the value of your business then it’s important for you to attend this webinar. Click on the link below to register for the webinar.

http://tinyurl.com/6l75hby

Wishing you continued success,

 Terry Edwards

drewcoaching


Do you have a business or a job?

February 3, 2011

More importantly do you know the difference?

At least twice a week every week I will get a phone call from a recruitment business owner wanting to discuss business coaching. One of the first things I will look to establish is, if they want to be a “job holder” or a “business owner.”

One of the differences between a job and a business was best explained to me by an accountant, she worked for one of the big four accountancy firms. She explained a job is where you work and you earn money, whereas a business will generate an income whether you work or not.

She also pointed out that when you have a business you have something that has real value to a potential buyer, when you have a job this is of little value to any potential buyers.

Let me explain, whatever your opinion of McDonald’s restaurants what you do know is that wherever in the world you go and order a McDonald’s, the quality, the size of meal and service are pretty consistent. What you also know is you don’t have to be a brain surgeon to work there. The point is that as a business, McDonald’s owner does not have to be there frying the fries or tossing the burger, because the owners have put in place the essential building blocks for creating a business.

The most important thing is your mindset as the business owner; this means when you create your business your vision should be of a business without you doing the prospecting, recruiting etc.

The second building block is the systems. As a recruitment business owner, your marketing should be such that you have a system for generating 10 leads per consultant per month. Did you know that some of the most successful recruitment businesses do just that? And that it takes about two months to put in place?  Also you need a process for following up on those leads i.e. from initial telephone call to offer and start date for the candidate.

Any business owner that wants a business must build a team to deliver. This surprisingly always seems to be the most challenging aspect of building a recruitment business. I always find it quite interesting that a recruiter would find it challenging to recruit a team to create a business. Once the owner puts in place systems and processes for the business, then there is no need to find the elusive “top performing biller” that many recruitment business owners are constantly seeking. That aside why would a “top performer” leave their present company and start all over again with you?

So you have got the right mindset, you have put your systems and processes in place, which has enabled you to recruit individuals with the intellect and potential to achieve the numbers you desire, what next. Well as I am sure you have heard many times “If you can’t measure it you can’t manage it.” In other words what have you put in place that will measure the processes and systems? Do you know what you need to measure? In other words what Key Performance Indicators will you be measuring.

Successful recruitment business owners have acknowledged if the business cannot positively function without them, then it is a job. Business professionals who are running strong recruitment companies have them constructed as organisations and organisations utilise multiple talents and resources to achieve the long term goal of the business.

If you would like to discover if you have a job or a business that maybe of value to a potential buyer then click on the link below and we will send you a questionnaire, to uncover the potential of your business. Simply complete the questionnaire and calculate your points for each answer. Your total score will reveal whether you have a job or a business.

Uncover the potential of your business – DOWNLOAD QUESTIONNAIRE

Wishing you continued success,

Terry Edwards

drewcoaching


Make 2011 The Best Year Yet!

December 21, 2010

Goal Setting

Its Christmas week and that means great things if you’re a recruitment business owner!  It’s a time to enjoy family and friends…to reap the rewards of your labour throughout the year…and most importantly, to prepare for what’s ahead.

So as you settle into the holidays, here are some top tips used by the most successful recruitment business leaders for making 2011 your best year yet.

1)  Take some time off – really!  Most business owners get trapped thinking that relentless, unceasing productivity is what will make you rich.  While hard work is an important component of success, truly successful business owners understand the importance of taking time out to recharge themselves.

So first things first…TAKE A BREAK SOMETIME BETWEEN NOW AND 4th January 2011.

I’m talking at least 5-7 days.  Set some boundaries to ensure you do it.  Go away on holiday. Visit loved ones.  But get away from it all.  This is very important in order for the next step to work well.

 2) Develop a list of the top 10 things you want to do this coming year…..Here’s how it works: 

Get in a quiet space turn the phone off.  Make a long list of the things you want to achieve or bring into your life for 2011.  Next, choose the top 10.  Now rank them in order of priority.  You’ll find that your personal achievement plan for 2011 already lives inside of you.  This exercise just clarifies it in a powerful way. 

Here’s an example of the kind of list you might come up with if you’re a recruitment business owner. (I’ve included just 7 items for the sake of simplicity, but I recommend your list includes at least 10.)

  • Maintain average monthly billing of £x with net profit.
  • Build a team of high performing consultants, and create a business rather than a job.
  • Spend 2 weeks in Barbados with family.
  • Attend my son’s soccer game every single weekend.
  • Invest £x per month in value stocks.
  • Invest in relationship and spend quality time with loved ones.   
  • Exercise four times per week for 40 minutes each time

And so on…

3)  Update your power point vision book with new pictures, quotes, etc. that allow you to visualise your new year goals as having been achieved and enjoyed.  As you’re taking time off in number 1 above, don’t be afraid to go to your computer and start developing this new vision for the New Year.  Just don’t start EXECUTING.  That’s for AFTER the holidays!  For now, it’s just visioning and planning.  No guilt allowed for doing these activities.

4)  Create your plan.  To achieve these goals, how much revenue does your business need to deliver?  How many clients and at what monthly billing rate?  For £x per monthly invoice, you might decide you need to acquire 10 new clients.  So how many Business Development meetings/Candidate interviews/prospect calls will you and your team have to do? How many leads will your website have to generate? How many leads will you generate via social media? Plan it all out in intricate detail.

5)  Find yourself a business coach, preferably a Recruitment Coach who understands your business and this planning process.  In the few days before the New Year, get together with your coach by phone or face-to-face and share your goal list and your updated vision book.  Your coach will be able to share with you some of the secrets to make it all happen. So set high, but realistic goals for yourself and make 2011 your best year yet!

 Kick off the New Year with passion!

If you would like some top tips for recruitment business owners, then join our group on LinkedIn: Recruitment business owners and directors Inner Circle. Over the next months we will be sharing with members some tools and techniques to grow their business.

If you want some assistance and top tips on how to create the life of your dreams, click on the link below:

 https://my.timedriver.com/29K9J 

 and book a 30 minute complimentary session with one of our coaches.

Wishing you a fantastic Christmas and a prosperous 2011.

Terry Edwards

drewcoaching


It’s not the customers, it’s you!

August 26, 2010

Can I share with you a recent email that I received from a disgruntled recruitment business owner?

 “I don’t know what’s wrong; I was one of the top performing recruiters in my last firm. Now that I’ve set up on my own I don’t seem to be able to make the kind of money I did before.”

This is without doubt, the myth that kills more people’s recruiting business dreams than any other… The myth being because you know how to do the job, you now know how to run a business.
   
Do you know someone who is a fantastic recruiter who really wants a recruiting business, but just can’t find clients?
 
Now ask yourself this….
 
Do you know someone who is not a particularly great recruiter who has lots of clients?
 
In my seminars, 95% of the audience typically answer both questions with a resounding YES!   So quite clearly then, it is not how good you are as a recruiter that determines the clients you get.  How good you are determines how many clients you KEEP, but you need to get them first!
 
Shall I tell you the secret to having a super successful recruiting business?
 
If you follow this one piece of advice, your recruiting business will prosper where the vast majority fail. You’ll never have a problem finding clients ever again.  You’ll have a joyous, fulfilling business beyond your wildest dreams and create a business rather than have a job. 
   
The secret to having a super successful recruiting business is…
 
Run it as a business!
 
Put a little more bluntly, most recruitment business owners have been taught how to be a recruiter, but have never been taught how to run a business. It doesn’t stop them setting up in business. They then wonder why it doesn’t quite go to plan.  To be successful as a recruiter you must do what most recruitment business owners refuse to do and master
the skill of sales and marketing.
 
If you know how to market yourself, you can find as many clients as you want, as quickly as you want. You can charge the going rate without having to discount to ridiculous levels. You won’t have to waste time with clients who say “email your terms and I will get back to you.” By the way they never will.

 You get frustrated when the one placement you have been relying on that month falls through, because the candidate has accepted the “counter offer.” 

You can choose the clients who value and respect you as a recruiter. And you can live the life you’ve always dreamed…

 Once you have mastered how to generate warm leads and have clients wanting to buy more than you want to sell. Then you have a recruitment business. Last Monday I had two quotes from double glazing companies as my windows needed replacing. I am curious what would your response be if I told you that I was going to do the job myself.  I suspect you would question my sanity and wonder why I didn’t just get an expert in to do the job.  Let me ask you a question “why don’t you get some help with your sales and marketing.”