Starting a new business venture can be an exciting time. You have made the decision to start your own recruitment agency and work towards your passion. But naturally, in addition to all that excitement, is the hard work involved in getting your new recruitment agency off the ground and, dare we say it, turning a profit. There are a lot of ways new business owners help to drive their agency into a profitable venture and there is a very common, very big misconception that taking on all the back office tasks involved in recruitment is the most effective and valuable method of saving money. However, wearing all the hats as a business owner is actually a sure way to open yourself up to more trouble and stress than not.
Most back office tasks within a recruitment agency can effectively cost you time, and therefore money, if you try to undertake them without the experience and expertise required. Alternatively, this means that every minute you spend wrestling with tasks outside of developing the business, which is likely the reason you started this whole venture, you lose as minutes you could otherwise spend generating revenue and building the business. Neither of these factors are conducive to a quickly increasing cash flow for the business.
In picking up these extra tasks without the knowledge of relevant legislation or compliance necessary, you open yourself and your business up to legal risk. Financial and legislative risks can be a significant barrier in carrying out business properly. It is widely agreed how vitally important it is for business owners to understand how to mitigate risks before they become a danger. However, it takes time, money and a certain existing level of expertise to get up to speed on these compliance matters.
The good news is there are readily available options for start-up recruiters to take advantage of in order to help give their business and workflow the boost it needs in those early days. The best of these are inexpensive and a great support in further growing a new business. You can outsource a variety of those back office functions to a service such as Oncore with experts in each field, freeing up your time in a much more efficient manner.
Some tasks that recruiters can outsource include:
- Contractor payroll and timesheets
- Accounts payable
- Expense processing
- Personal insurances and superannuation
- Risk mitigation.
For more information on the cost-effective contractor payroll and management solutions Oncore can offer you as a recruiter, contact us using the relevant details for your country below:
AU – firstname.lastname@example.org or call 1300 654 484.
UK – solutionsUK@oncoreservices.com or call 0870 900 2901.