Your Plan For Success In 2016 Needs These Ingredients

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As the great Benjamin Franklin once said, “If you fail to plan, you are planning to fail!”

Despite his many talents, I don’t believe this Founding Father ever worked for a staffing firm. However, this famous quote is very applicable to our industry. As we enter each new year, it’s critical to have the proper plans in place to be successful in our demanding and competitive business.

Here are four key annual planning components that I recommend every staffing executive should keep in mind as you chart your path to success in 2016:

ONE: Budgeting and Buy-In

It’s critical for each department to have an operational budget as you head into any new fiscal year. An operational budget provides guidelines and insight for each functional manager into what it takes to run the business. If your budgets are created and managed at the executive level, know that input and participation from mid-level managers can be very helpful for proper planning and outlook. Line managers can identify upcoming expenses or revenue opportunities that may have been missed, or can see ways to limit expenses or generate additional revenue that executive leadership is too far removed from to recognize. The team that’s running the day-to-day business will often have a better feel for expenses and revenues, and where each should be properly allocated.

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