Businesses that thrive in any economy do things differently.

In a recession, here are two moves your staffing firm should make to come out on top:

Winners play defense.

To win in a downturn:

  • Get prepared, before it happens.​ Don’t wait to act. Spend time planning, NOW.
  • Cut (non-essential) costs​. Negotiate contracts. Shop alternatives. And get rid of expenses your firm can do without, even temporarily.
  • Automate / streamline processes and procedures​. Look for ways technology and process improvement can drive efficiencies and cost savings.
  • Strengthen customer relationships​. Use Zoom, Skype or other technology to get much-needed facetime. Master digital customer service.
  • Sign long-term contracts. Give employers incentives for volume or long-term contracts.​
  • Focus on your core strengths. Become unbeatable / irreplaceable at what you do.
  • Build a cash cushion. Use every extra dollar to create a reserve.​
  • Don’t get comfortable. Challenge everything you do, looking for ways to do it faster, better and in a way that’s easier for clients and candidates.

Winners play offense, too.

Instead of merely reacting to the conditions around you, get aggressive:

  • Market. Market. Stay visible! Pursue strategic opportunities.
  • Invest to improve efficiency​. Look for tools that eliminate wasted time, money and resources.
  • Top grade talent​. Capitalize on talent availability by driving healthy churn both internally and with your temps on assignment.
  • Invest in R&D or digital transformation. Consider initiatives or technology that will generate cost, service quality and/or speed advantages.​
  • Invest to build around your core focus​. Whatever your area of competitive advantage, spend intelligently to widen the gap between you and the competition.
  • Pursue M&A. Buy companies now, when they cost less.

Need help creating more “wins” for your firm in this economy?

These free resources can help:

If there’s anything more we can do to help, we’re just a click or call away.

Now is the time to increase your visibility online!

Try Video Marketing

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.