Last week the REC hosted their first webinar aimed at recruitment business owners to help them with issues that the current situation has brought up. In the webinar 76% of recruiters who participated in said cash flow was their primary concern.

In their webinar entitled ‘Managing the impact of COVID-19 on cash flow’  they went into how to ease these cashflow worries. You can click here to watch the webinar but these are the main takeaways.

• Prepare a 13-week cash flow plan to give you visibility over the next quarter and update this weekly. This will allow you to make predictions.
• At least 60% of participants said they furloughed staff to address cash flow difficulties. If furloughing, you must understand the process and determine what cash is coming in and going out.
• Have daily conversations with clients, identify which clients are at risk of going under and agree on payment plans (e.g. collect funds quickly for interim/temp assignments).
• Train and develop your staff so they are ready for the upturn.
• Use marketing activities to position yourself as a thought leader in your sector(s). Push your brand constantly but ensure the tone is right.
• Invest in your database and categorise clients and candidates more effectively. Use this to engage with them and make them feel valued. This can be done through cost-effective outputs including white papers.

The REC’s next webinair is on Thursday 9th APril at 10am and is titled ‘sustaining business performance during COVID-19: supporting new ways of working, good physical and mental wellbeing’. Click here to sign up.