10. The world didn't end in December 2012, so our lives and our businesses will likely continue on for year's to come. No more procrastinating with the hope that Doomsday would bail us out.
9. Even though the major part of the Affordable Care Act doesn't go into effect until 2014, the 12-month "look-back" period started on January 1st, 2013. If your business has not already started planning on how to use this "look-back" to minimize penalties for uninsured employees, you may want to figure this out before the middle of 2013.
8. Uncertainty in the government & economy will force many companies to consider adding to their contingent workforce. This uncertainty is creating opportunity for staffing firms to find clients that have never used a staffing agency before. These clients will need to be educated about the value of your service and may be willing to pay a mark-up that will provide a healthy profit margin.
7. Improving the value provided to your clients will solidify your place as their go-to staffing provider. With all of the changes during the next year and increasing costs of Workers Comp, Health Care, etc., there has never been a better time to provide a valuable service in order to keep clients at the right mark-up rate.
6. Workers Comp rate increases and coverage restrictions are not slowing down. This is the year to explore the long-term options that will allow you to maintain profit margins for the years to come. It will be important to find an insurance partner that is comfortable with the types of placements that you make and where they will draw the line and deny your ability to service a client. Have a plan in place to continue to service all of the business that you choose to service, rather than just letting the insurance company dictate your client base.
5. Change is difficult, but with impending changes to tax laws, health care reform, and the constantly changing environment in the staffing industry, you don't have a choice. 2013 is the year that you and your staff will probably spend more time researching and making changes to your business than actually getting out and finding new clients. Spend a little extra time and make the changes that will impact your bottom line for years to come.
4. Changes in technology make servicing a business easier 24/7 from anywhere. Researching the appropriate changes in technology will allow you to stay ahead of the competition and make your employees more productive. This is the year to explore software and hardware options that tailor to your business and will allow you to impress your clients. Use webinars, video chat, blogs, your website, and email to keep valuable communication lines open with clients and prospects.
3. The health care reform is going to be on the minds of many business owner's in the coming months. Sharing your knowledge with clients and potential clients will create a sturdy foundation for building a long-term client relationship. Be the market leader in your area and help your clients prepare. I would bet that when you help their business succeed, they will return the favor ten-fold.
2. Group captive insurance programs will be very competitive in 2013. During the past few year's guaranteed cost insurance was being offered to staffing firms at a deep discount by a dozen different companies. Now, the discounts are gone and so are half of the insurance companies. Group captives can prevent large fluctuations in premium and are able to put profits into your pocket, rather than the insurance company executives.
So get your staff together and talk about what changes will be made this year. Get everyone to pull together and make 2013 a year of exciting improvements that will increase the success of your business for years to come.
Visit www.trinitecorp.com today to learn how we are helping staffing firms make more money from the pitfalls of Workers Compensation, Health Care Law Reform, and More.