Recruitment agency owners have a big and diverse job to undertake. Many come to their business with a core skill related to function they undertake.
But that is far from sufficient to be a successful business owner in today’s global, regulated, changing, and competitive industry.
It is unfortunate that many business owners become insular and stop exploring externally to challenge their perceptions and to seek new ideas. Maybe it is the daily grind that extinguishes the inquisitive flame of the owner.
The key insight is the need for owners and managers in the recruitment industry to undertake continuous learning. Focus on strategic business development rather than a sole focus on day-to-day operations. Here are some suggestions.
Don’t be insular
Most of the good questions and many of the answers you seek are not going to be found within your current knowledge base, within your current business, or even within your current network.
The Jim Rohn quote “You are the average of the five people you spend the most time with” applies here. I am not suggesting you drop your friends; you just need to keep adding to your peer network. Today’s recruitment business is complex and changing.
Think of your broader responsibilities
As a leader, your role extends beyond the fundamental tasks of selling and delivering recruitment services.
For example, in Australia being a company director comes with significant legal obligations. Surprisingly, my informal surveys indicate that fewer than 5% of company directors in the recruitment industry have received any training on their directorial responsibilities. It's crucial to note that inaccuracies in fulfilling these responsibilities can lead to serious legal consequences, including the possibility of imprisonment.
Read (and watch and listen)
Today we can curate a relevant, current, world class reading platform with little effort. There is no excuse to not follow a combination of global economic, business strategy, and industry trends.
We now have the convenience of receiving this information directly on our everyday mobile devices, a capability previously unavailable to business owners. Apart from email updates and platforms like LinkedIn, there are also numerous sources, which, once configured, turn the process of organising, filtering, and broadening our reading, watching and listening choices into an enjoyable experience.
Participating in conferences provides valuable advantages for business owners and managers. It involves stepping out of the office environment, facilitates networking with diverse individuals, exposure to fresh ideas, and envisioning potential transformations for your business.
When selecting conferences, it's advisable to include those not exclusively attended by your current peers to avoid groupthink and maximize the conference's benefits.
Travel is the best tonic for the development of broader business knowledge. Getting out of your comfort zone, experiencing different cultures, and understanding different rules, regulations and business strategies is enormously important to your development as a business leader. Australia is mostly fortunate to lag other countries in trends that impact our industry. It is especially beneficial to travel to the US and UK to gain exposure.
As Marshall Goldsmith said "What Got You Here Won't Get You There". And standing still is not an option.
HHMC Global operates within the staffing and recruitment industry on equity transactions, market valuations and business growth advisory. Contact us to discuss further.