Goal Setting for the Recruitment Business in 2019
A new year brings with it, a renewed hope and vigour. It’s the right time to channel these energies positively into your business by reviewing and setting goals for your business.
At the onset, do take a moment to appreciate all that good happened in your business- financial, social standing, success stories, new technology/ infrastructure, office expansion, working with clients who put a smile on your face.
Springboard from these moments and launch into what 2019 should look like for you?
Consider from various perspectives, what you want to review in March 2019- begin with the end in mind. Here are some points for you to get started:
- The first big one is your Financial Achievement: what would you like your profits and revenues to look like in 2019?
- What are the profit margins you want to see in your business, and what factors could contribute to it?
- Take a stock check on both costs in your business and the revenues earned-what are the factors which can be better controlled to deliver your intended profit margin?
- Take a thorough look at the Client Relationships you have- which needs to be nurtured, which needs to be pruned off?
- Clients who have shown mutual respect for the partnership, have been open and honest in communications, have listened to your advice and paid you on time- what can you do to strengthen such relationships in your business?
- Conversely, the set of clients who have not been kind to you, did not consult you and lost themselves a great candidate, those whose payments needs to be chased up on, identify them and prune them from your business?
- Who are the customers you want to work with, who are not clients yet? What initiatives will attract and encourage them to work with you?
- Stock check your Product Mix:
- Think back to last year, were there opportunities to offer a different product/service/solution, but you couldn’t for various reasons?
- Is the market looking for more diversified services? Do you spot a financial opportunity?
- Is your current product/service mix profitable? Do your salespeople know how to differentiate and sell these services?
- Consider the Marketing Initiatives, both online and offline which you want to initiate or strengthen this year?
- Basis the strategy you want to follow from points above, what marketing initiatives will complement your efforts?
- What marketing initiatives will form the core of your offline activities? How will you want to go about it?
- What online initiatives will resonate with your vision and mission and how do you want to be known in your market? What’s your niche? All marketing communication needs to diverge from this focal point? So, take a detailed view of this aspect of your business goal.
- What Technological Investments do you want to make this year for the business?
- Technology has pervaded almost all aspects of recruitment, it has helped in increasing productivity and process efficiency- what investments would you want to make this year regards this?
- What about the existing technology- is that enabler or disabler?
- Consider the People aspect of your business.
- This is the most critical success factor for your business- and must be considered from expansion, retention as well as letting of under-performance.
- Evaluate your business inside-out to find out both best practices and gaps when it comes to creating a performance driven culture.
- What are the current practices for hiring? Does it need change to reflect the performance-driven culture?
- What are the parameters on which individual performance is currently being evaluated? Is there a buy-in for it?
- Are expectations clearly communicated? Is everybody well trained to perform their jobs to the best of ability?
- What are the rewards, recognition and career advancement aspects of your business? Is everybody clear on how to achieve it?
- How is retrenchment on performance lag handled?
- Do keep an eye out on Macro Factors, usually outside the business control- these include major policy changes by Government, sectoral disruptions, upcoming general elections in the country.
- Though not in business control, what can you do to offset the possible disruptions- work out a contingency plan!
Being in any business is exciting, being in a recruitment business is even more so. So, get your thinking hats on and chart out the best year in your business.
Here’s to an inspirational, successful, rewarding, all things nice and bright 2019!!