In the recent years, there’s been a surge in IT consulting and staffing industry across USA due to the rise in business firms. About a decade ago, economic downturn negatively impacted the entire staffing cosmos, but now in 2018 the market illustrates continued growth and adoption of staffing in the US. However, the competition among the business owners is nevertheless high.
Starting an IT Consulting or Staffing business is both, challenging and fruitful for an owner. However, in the pursuit of running an IT Staffing or Consulting firm, there are few things business owners should keep in mind to become successful. To stay on top of the game, it becomes imperative to get a control on business finances, manage operations & consolidate accounts without any hassle and get the pulse of their cash flow. In this blog, we’ll discuss 5 important things which helps IT Staffing or Consulting business owners to stay organized and accountable.
AP (Accounts Payable) / AR (Accounts Receivable)
If you are running an IT Staffing firm, it becomes crucial to stay alert on aging invoices, overdue transactions, payables and receivables. So never miss an eye on it! Optimize your cash flow by managing outstanding invoices, tracking payables & receivables, generating reports on time, and processing payments without fail.
Profitability Forecast for company good
Viewing the projected earnings and margins for upcoming projects based
on the available information is a healthy practice. This insightful profitability forecasting helps you in doing complete analysis on current and upcoming placements. You’ll know an approximate net margin on each consultant before the project starts.
Consultant Management – Do it Right!
Gone are the days of excel, it’s the trend of automation! Now, you have to manage all your consultants at one place on a single screen, which saves a lot of time & efforts. Help your manager to add a consultant, place him/her in a different job, know the consultant who is on bench with ease. Check your consultant’s hourly & month-wise profitability and process time sheets effortless, which altogether makes you proficient in Consultant Management.
Monitor your Sales Team Performance
Analyze your sales team performance, monitor the revenue generated by individual recruiter or manager or representative and pay their commissions accordingly. Get complete insight into your sales team performance and identify your top & under performers, comparing the revenue generated against their assigned targets should do it.
Stay alert on Consultants’ Visa Expiry
Get notified on your consultants’ H1 B Visa expiry, project end dates and Certificate of Insurance (COI) expiry details in real time, which alerts your before hand to make informed decisions. Missing out on such consultants’ crucial information will cost you fortune especially in staffing business, so stay well-informed and up-to-date.
To conclude with, an IT Staffing owner should move away from excel or spreadsheet dependency and switch to automation and embrace the modern technology. Empower your business to SUCCEED!!!