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Sonovate

10 Proven Ways to Maximise Your Recruitment Business Value

Running a business offers you many benefits, from controlling your own destiny to realising your financial ambitions.

Throughout your journey, it’s likely you’ll consider your exit plan, visualising what it looks like and when you want to exit.

A common approach* to valuing a business is to multiply the annual profits, known as EBITDA (earnings before interest, tax, depreciation and amortisation) by a fixed multiple in order to reach a price, often referred to as ‘enterprise value’.

In 2018,

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RC Fornax

Challenge: Get funding for scaling a defence-specialised consultancy without a trading history

Solution: Sonovate funded RC Fornax based on their invoices and clients

Results: RC Fornax grows very fast and opens a second office in Bristol

Defence is an industry on the up. Conflicts around the world reminds us that the armed forces are on the front line keeping us safe, and budgets are rising to reflect this.

The upsurge in interest in defence keeps RC Fornax quite busy. It is a consultancy t

Sonovate

CAPU Search

Challenge: Create a business based on paying and managing contractors without any liquidity.

Result: Successful business created with revenue set to double from year one.

Nathan and Duncan started CAPU Search in March 2021. The company is a specialist in permanent and contract recruitment in the medical technology and diagnostics industries.

The two friends knew they were launching a recruitment company in the midst of a pandemic and were a little hesitant to take on contract work.

“Some in

Sonovate

Core Consultants

Challenge: Create a consultancy business based on paying and managing contractors without any liquidity.

Result: Successful business created with revenue expected to double from year one.

By any measure, Core Consultants is a smash hit success. Founded in 2019 the company builds teams of consultants for blue chip clients in the data and business transformation fields. It employs 50, with a handfull of full-time staff, but most being contractors per project.

The firm has spawned a sister compa

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IRC

Why the Independent Resourcing Consultancy chose funding to unlock new markets

Challenge: Opening up a new vertical and ramping contract recruitment.

Solution: Cashflow and back office support at the ready

Lewis Greene is a natural entrepreneur. He set up his first recruitment practice aged 18, grew it, sold it, and is now expanding his second company called Independent Resourcing Consultancy, or IRC.

He’s already got staff on four continents.

“I’ve learned so much and made so many mistakes

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Contora

Statements of Work are a huge deal in the world of consultancies. They set out in detail precisely what is expected between two parties: what work will be done, by whom, and how delivery performance is measured for payment approval.

But managing Statements of Work is often a mess.

“Most companies rely on Excel or a PDF,” says Paul Rossiter, founder of Contora, a specialist platform for managing Statements of Work. “These are forgotten, or put at the bottom of a drawer, which leads to a lack of

Sonovate

Six questions recruitment agencies need to ask before renewing their finance facility

Once you’ve gone through the – at times – complicated process of finding and setting up a finance facility, it can be tempting to keep renewing your contract for a long time, even if you’re wary that it might not be best for your business.

Finding a better match can seem like a long-winded, confusing process and it can become hard to tell which provider is the perfect fit for you.

However, just because it works for you, it doesn’t mean it’s right for you. So, if your finance facility contract

Sonovate

13 Warning Signs That Your Business Needs a New Invoice Financier

When it comes to running a business, having access to working capital is paramount. Invoice finance is an ideal way to help your business succeed.

Many businesses turn to invoice finance providers to help keep their cash flow going. Choosing the wrong provider can be detrimental to your business, leading to higher costs, increased debt, and decreased working capital.

However, with all the jargon, terms and conditions and overwhelming sales pitches thrown at you, it can be hard to know whether

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How to Grow Your Consultancy With Invoice Finance

Scaling your consultancy business can be a challenging and rewarding experience. As the business grows, so do the expenses and the need for funding. Invoice finance can provide a flexible and effective way to access the capital required to scale your business.

Invoice finance, also known as accounts receivable financing, is a form of funding that allows businesses to receive an advance payment on their outstanding invoices. This means that instead of waiting for payment from clients, your consu

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5 Steps to Set Up Your Recruitment Agency

Making the decision to set up your recruitment agency is the beginning of an exciting journey.

To help you get up and running, we’ve outlined everything you need to do set to set up your recruitment agency in 5 easy steps. We can’t help you choose the perfect name; however, we can show you the fastest way to register your company and cut down the amount of research and planning you need to do.

Setting up your recruitment agency involves a series of processes starting from determining your nich

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Harness the Power of Social Media Recruiting: Quick Wins for Rapid Results

Social media is ubiquitous in our lives and dramatically impacts how we communicate, network, and work. The impact of social media is evident in the recruitment world too, as it is an indispensable tool for talent acquisition and a critical component of a comprehensive recruitment strategy.

Utilising social media channels to find, attract, and engage with potential candidates involves creating and managing social media accounts, building relationships with potential candidates, and leveraging t

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6 Tips to Help Scale Your Recruitment Agency

6 Tips to Help Scale Your Recruitment Agency

Scaling a start-up recruitment agency is a challenging but rewarding task. In order to successfully grow your business, you need to have a solid strategy in place, a strong team, and the right tools and technology. Here are some key steps you can follow to scale your start-up recruitment agency:

1. Develop a Growth Plan: The first step to scaling your recruitment agency is to have a clear and well-defined growth plan. This plan should include your t

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How can invoice finance support recruitment agencies looking to scale?

How can invoice finance support recruitment agencies looking to scale?

Invoice finance can be a game-changer for recruitment agencies looking to scale their operations. Here’s how it works and why it can be a beneficial solution for agencies looking to grow.

Invoice finance is a form of financing that allows a company to access the funds tied up in outstanding invoices. Instead of waiting for clients to pay invoices, the finance company provides a percentage of the invoice value upfront. This

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SonoTalks #1: Interview with Louise Triance on Recruitment in 2023, AI and RecTech adoption

In this blog series, we interview industry-leading professionals to share their experience and outlook for the market. Our first guest is Louise Triance, MD, at UK Recruiter, a leading news and networking platform for the UK recruitment space.

Louise is a Recruitment Industry Connector, Live Webcast Expert, Event Organiser & Advisor. She is also a trained psychometric assessor. Over the past 20 years, she has hosted hundreds of events for recruiters, blogged regularly for over a dozen years and

Sonovate

Why you should choose an industry expert to fund your invoices

Invoice funding is a critical tool in the recruitment industry. It enables smooth payments, can facilitate business growth and provides peace of mind when you know that your workers are all set to receive their payments safely and on time.

But if you choose the right partner, your invoice funder can add even more value. We asked our colleagues in the customer success team to share their wisdom, based on day to day work with our large accounts, helping them fund contractors and freelancers aroun

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How to maximise the growth of your education recruitment business with invoice funding

As an education recruitment consultant, you know that the industry is rapidly growing and becoming more competitive. Educational institutions need various staff to maintain their facilities, and your job is to help them find the right talent. One solution that can help you stay ahead and maximise your growth is invoice funding.

Invoice funding (also knows as invoice financing or invoice factoring) is a financing solution that allows you to receive cash upfront for outstanding invoices. This sol

Sonovate

How To Grow a Recruitment Agency

Despite economic pressures in the U.K, the job market has skyrocketed since the 2020 pandemic, with many businesses advertising available jobs and showing a large appetite for recruitment services. According to the Annual M&A Review for Recruitment 2023, nearly 1.2 million job openings were recorded at the end of 2022, putting vacancies at a historically high level and boosting the demand for hiring companies. With such a great opportunity for staffing agencies, you might be considering expandin

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What is invoice discounting?

Invoice discounting is an invoice finance facility that businesses use to leverage the value of their sales ledger and get an advance on outstanding invoices. An invoice discounting facility allows businesses to use their outstanding invoices as collateral – to get an advance on the partial or total invoice value. This form of invoice financing can boost your cash flow by enabling you to access up to 100% of your receivables. Invoice discounting is the most simple way of using invoice financing,

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The Essential Guide for Recruitment Agencies: Choosing the Right Recruitment CRM

CRM (Customer Relationship Management) solutions are a critical business tool, used across most industries and businesses to manage customer interactions, get analytics, and analyse sales data. They help to deliver effective customer management and personalise customer service.

In Recruitment, CRM – or Candidate Relationship Management- is a software platform that helps recruitment teams manage and organise their candidate database.

Such CRMs typically provide features like candidate sourcing,

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The Essential Guide for Recruitment Agencies: Choosing the Right Recruitment CRM

CRM (Customer Relationship Management) solutions are a critical business tool, used across most industries and businesses to manage customer interactions, get analytics, and analyse sales data. They help to deliver effective customer management and personalise customer service.

In Recruitment, CRM – or Candidate Relationship Management- is a software platform that helps recruitment teams manage and organise their candidate database.

Such CRMs typically provide features like candidate sourcing,

Sonovate

How to maximise the growth of your education recruitment business with invoice funding

As an education recruitment consultant, you know that the industry is rapidly growing and becoming more competitive. Educational institutions need various staff to maintain their facilities, and your job is to help them find the right talent. One solution that can help you stay ahead and maximise your growth is invoice funding.

Invoice funding (also knows as invoice financing or invoice factoring) is a financing solution that allows you to receive cash upfront for outstanding invoices. This sol

Sonovate

Hard Hitting Truths about Traditional Invoice Financiers

Financing your contractors could be costing your agency more than you realise and can potentially lead to a lack of cash flow for your recruitment business.

When looking for a new funder, you might feel the headline figure you quoted is a good deal, but the reality could say something entirely different.

When it comes to finding the right invoice financier for your contract placements, the actual price tag is not only attached to direct costs but also to the profits it allows you to make and h

Sonovate

Guide to Export Finance: Benefits for Recruitment Agencies

Export finance is a type of financing that supports businesses engaged in international trade. It enables exporters to secure the necessary working capital to fulfil orders, manage cash flow, and mitigate risks associated with international trade.

Export finance works by providing financing to exporters, which include a range of services such as: pre-shipment finance, post-shipment finance, invoice finance against collection of bills, discounting letter of credit and finances against allowances