I’m doing some planning for 2019 and received sticker shock when I saw a quote for services I’m going to need next year. It’s forcing me to completely rethink the way I purchase and use this particular service, as the cost is about 50% more for next year. (And last year the price went up about that same percentage from the previous year.) As we’re nearing the end of the year and recruitment agency owners are beginning to work on their 2019 budgets, you might want to take a closer look at the prices you’re paying for recruitment tools and other business services. Here are some things you might spend money on in your business, in no particular order:
- ATS/CRM technology
- Phone Service
- Website hosting
- Business Services such as legal or accounting
This list of recruitment tools is by no means exhaustive, so feel free to add other items to the list above. Take a critical look at every expenditure and see if there are things you can do without, do with less of, or do differently to save money. Here are some things to consider:
- Are you paying for too many licenses/users for your ATS? Or for features you no longer need/use?
- Can you bundle any services to save money? For example, can you get Internet and phone service from the same provider?
- Can you consolidate marketing expenses among fewer providers? Are you paying a third-party for SEO services? With a small investment in time, and a good intern or support service, you can do a lot of this on your own. Bonus: You’ll likely gain a deeper understanding of your site’s performance, audience, and other details.
- Do you belong to any groups or organizations that offer discounted pricing? Many local Chambers of Commerce offer discounted insurance rates to members. Associations, groups, or business networking organizations (like NPAworldwide) may offer access to other discounted recruitment tools, payroll or accounting services.
- Can you reduce or eliminate some travel expenses by moving to a video conferencing platform like Zoom? The free version allows calls up to 40 minutes in length with a limited number of participants. Calls can be recorded and shared with others who did not attend the live session.
- Can you look at online service providers for expenses like business cards? We are often able to find great prices and fast turnaround from online sources or even our local big box office supply stores.
- Can you share expenses with another recruitment firm? Perhaps you can co-work to save money on rent, or share a bookkeeper or admin support.
- When is the last time you reviewed your insurance policy? I recently discovered I was overpaying on my homeowners insurance. I hadn’t looked at it closely for a while, and all of a sudden the renewal certificate seemed high.
- If you have employees, does a PEO make sense for your business?
With time, creativity, and an open mind you can probably find multiple ways to save money on the recruitment tools you’re using. You might even find you’ll save time or simplify some processes along the way. Do you have a favorite money-saving tip to share? Add a comment!