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Staffing Information Articles
What Do the Recent Bank Collapses Mean for Entrepreneurs?
The recent collapse of Silicon Valley Bank and Signature Bank are the biggest bank failures our country has experienced since the 2008 global financial crisis. These events raise serious questions about the decision-making by leadership at many of the nation’s larger banks. We need more time before the fallout can be fully measured. There…
Read MoreWhat Is Invoice Factoring and How Does It Work?
As a staffing entrepreneur, you may wonder, “What is invoice factoring?” Craig Cohen answers this, plus insights on whether it’s right for you.
Read MoreRecourse vs. Nonrecourse Payroll Funding for Staffing Companies
You may already know that payroll funding is when a funding provider like Encore Funding advances cash against your outstanding invoices. However, it’s important to understand the two main structures, recourse vs. nonrecourse payroll funding, before deciding how to manage your staffing firm’s capital needs. Read on to learn the key differences between recourse and…
Read MoreGovernmental Requirements to Start Your Own Staffing Agency
When I talk with staffing entrepreneurs about how to start a staffing company, the first questions are usually about finding clients, choosing a niche, or picking software. Those are important, but the truth I share right away is that the biggest early wins come from getting your government and compliance foundations right. Common misconceptions I…
Read MoreHow to Write a Staffing Agency Business Plan: 5 Essential Sections
A business plan is a living document that can change as your company grows and should be updated as necessary. There’s no right or wrong way to write a business plan; however, there are several key elements that all staffing companies should have in place as a guide to keep the business focused. Here’s how…
Read MoreHow to Retain Staffing Employees
Some temporary employees enjoy the impermanent nature of temporary work, preferring to gain a wide range of experiences. Others take on temporary work in addition to a full-time job for extra money. No matter the employee’s intent, it’s important you know how to retain staffing employees and gain a reliable pool of talent to fulfill…
Read MoreHow to Recruit and Retain Your Staffing Sales Team
Selling in the staffing industry is different than conventional sales; instead of selling a tangible product, you’re selling a service. As a result, recruiting and retaining members of your temporary staffing sales team is a unique process. “Staffing sales is more about education rather than just selling,” says C. Adam Forbes, president of BaronHR. “You need…
Read MoreFull-Service vs. Money-only Payroll Factoring
Payroll factoring is one of the most popular types of business finance. Within that, there are two types of factoring: money only and full service. Money-only invoice factoring provides strictly payroll funding. You process your own paychecks, print your own invoices and file and pay your own taxes, while the factor delivers cash to cover…
Read MoreCreating a Business Plan for Your Staffing Agency
A business plan is the blueprint you follow to build your company. It outlines all of the major aspects of the business and keeps its architects — you and your business associates — focused and aligned. But a business plan is also a document you’ll use as you work with other critical stakeholders, including funders, vendors and…
Read MoreTemporary Staffing Employment Screening: How Often, When, Why and How?
Screening your temporary staffing employees is critical — you want to make sure the workforce you’re sending out is appropriate for the job and protect yourself against any potential liabilities. “We screen employees on a daily basis,” says the vice president of sales and operations at a large Cleveland-based staffing firm that specializes in the…
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