Most recruiters nowadays still got the pain of going through contingency when they start a business or going through the business. They're working hard but not getting paid. If you’re having the same problem then this article might help you how to get 100% retained business.
Contingent is not a really cool place to be. What you really want is to have the retained side of the business while remembering these two things:
- You're going to get paid.
- You're a business owner.
Let’s say you're in a volume based business where you got low fees. This ain’t good enough if you're losing lots of searches. If you're in a business whereby you maybe get 4, 5 searches a year, it's very high placements and that's even worse. When you're losing them, it gives you so much stress and pressure. We don't want that to happen.
Get a 100% retained in your Recruitment/Search Business
There are two factors that will ensure you will get a 100% retained business:
- Inbound Deal Flow
If you wake up in the morning and you've got 5, 10, 15, 20 inbound emails saying, "Hey there, let's speak on Monday at 2:00.", "Hey there, yes we are looking for ABC." or "Hey there, I've heard about you from XYZ.". Just pause for a while, take a deep breath and release the pressure first.
A famous UK recruitment business owner speak to his client and says what the fee is, they don't balk. Why? Because it's an inbound deal flow. The clients come to you. If you don't want to work with a client, you don't work with them. If they say, "Someone else is charging 10% then why are you charging 22%?" I guess the conversation is over .
If you're in the position whereby you get one of these leads a week or one a day, you're struggling. You're going to accept a really crappy fee. When a business starts, sometimes you need to accept everything that comes. Why do you do that? Because you haven't got the inbound flow, so you accept crappy clients. You don't want to be doing that.
You must have an inbound, one that is important. When it's inbound, the dynamic changes. Clients come to you. When you chase a client you’ll become a commodity that fights on price. You will lost the game if you keep on fighting price. There's always someone that's going to undercut you. Never fight on price.
Authority plays a vital role in driving your retained business. One awesome client of mine from USA was Dione Bledsoe. She runs Find The Fit in New York and has about 20,000 LinkedIn followers. She have used the content strategy called The Content Cannon and became famous in New York.
How does she get that? She got that through positioning. Her business is now 100% retained. How can it be 100% retained? Because she's got the authority. When you combine two things: Inbound leads and Authority you'll get 100% retained business. If you want to move away from contingency, you need the above two things.
What prevents you from moving on?
One question you might have at the moment is how to double, triple, quadruple or 10x your business? And, the simplest answer I will give is Systems Automation. Same for your clients. Clients don't care about you. You must have the inbound deal flow and the authority marketing in place. When you get those two things in place, you will have 100% retained business.
If you want to discuss further how you can achieve 100% retained business, speak to me straight away. Register in Andy’s diary for a 15 minute Recruitment / Search Business Owner Ignition Call