Last week in Growth Club we caught up with the one and only Rod Hore.
Rod was raised on a sheep and wheat farm, married the love of his life…(early!) and is one of the wisest, humble and most generous people I know.
He’s been a wonderful mentor to many (myself included), and as an executive advisor has navigated many M&As and provided expert counsel to countless leading recruitment businesses.
Great at keeping things real, here’s a few tips he shared to help guide you to success.
The Founders $20M Job
In small agencies, the founder is responsible for bringing in the first $20M in sales.
You can’t delegate that too early; your vision, drive and energy needs to be at the front of the business for as long as possible.
Be Appropriately Corporate
The art of leadership is choosing which steps to take at what time. Don’t over invest in being “corporate” before you need to.
Being appropriately corporate for your size protects your cash and stops you from strangling your growth.
The 20% Profit Floor
If your perm business isn’t taking at least 20% of gross profit, it’s time to ask serious questions.
In strong runs, that number can hit 40-50%, but 20% is the minimum for taking the risks you do.
The “No Cookie Cutter” Rule
There is no cookie-cutter approach to growing your recruitment business.
If you end up doing things you don’t like and aren’t good at, you’ll hate your business, and it won’t be very profitable. Build it in your style, aligned with your values, not someone else’s template.
Work With The Right Size Clients
Smaller agencies often do better targeting companies that match their scale.
Or divisions within larger firms where they can build relationships, add value and avoid being lost in supplier lists.
Rod’s advice is simple and powerful.
Play to your strengths and grow in a way that feels right for you.
I hope there’s something that resonates with you here and see you next week.
Cheers
BK
PS. Interested in hearing more about Growth Club? check it out here.
