The Covid-19 pandemic has transformed the business landscape, with almost every industry affected in some way or another.
One market that has felt a significant impact is recruitment and depending what sectors you work with, you will have felt that differently. Certain industries such as healthcare, grocery and supply chain have seen a huge boost in recruitment activity, with more employees needed to meet demand in hospitals and care homes, supermarkets and warehouses.
Yet whichever way your recruitment agency has been impacted, the recovery process should be at the forefront of every recruitment leader’s mind. For many, this process is about reviewing the numbers and looking at internal processes such as for HR and finance to see what can be changed to help boost growth.
Leaders should be thinking about preparation, asking themselves what they can improve in order to aid recovery, guarantee business security in the long run and streamline processes moving forwards to improve the overall health of the business.
Focused on recovery
Finance directors and their teams play a fundamental role in driving the growth of any business. With the right technology in place, once inefficient and time-consuming processes like month end for example can be streamlined through accounting automation.
Continuing to use outdated software could hamper your finance team’s efforts to navigate through the ins and outs of your market, when, in reality, their attention could be better focused on supporting the business towards recovery.
Upgrading your system can enable your team to shift their focus to strategy, identifying key contracts and markets where your agency’s resources are best placed to increase revenue.
Right now, businesses need to be focused on recovery and finance teams need to be able to set a clear path to guide the business towards healthier numbers. And data plays an important role in this.
Incorrect, unorganised or even missing data, can all lead to the wrong financial strategy for the business. With the right insights, the finance team can provide key details to inform the businesses’ strategic direction; from cutting costs and billing, to driving up profits. Every piece of financial data helps.
The visibility of shared data, all on one single integrated system, has huge advantages not only for the financial team, but the business as a whole. With much of the business community still scattered across the country working remotely, transparency across the board will ensure there are no contradictions in reporting and much more collaborative working. An integrated financial management system can help you achieve that.
In this fast-paced industry, it is important to recognise the value of equipping your team with the right tools. After all, your finance and payroll teams sit on a treasure trove of useful data insights, so it’s vital they are leveraged in the best possible way.
With the state of the economy still uncertain, businesses will need to do what they can to fuel the recovery of the business – protecting assets, as well as its employees – for any other hurdle that may come your way.