To enable us to provide the best possible service and become the leading provider in our sector, we at JMK like to periodically carry out extensive research to ensure that we are delivering exactly what our clients need.
We recently carried out an exploration of funding intentions amongst our client base, to see how our businesses intend to use funding going forward, and how extra funding could impact and improve their business in 2021 and beyond. These insights might help guide your own funding intentions, and help you see how your strategies align with other businesses.
Of over 200 respondents, 83.3% of businesses felt that profit was more important to them than turnover, as it enabled them to have a higher salary (50%). A smaller 25% of respondents wanted to maximise the value of their business before selling it. And all respondents said that access to more funding would help them achieve their business goals more quickly.
Our research also found that most businesses would use additional funding to hire more consultants to win new clients (41.7%), increase their marketing in order to win new clients (33.3%), or fund payroll to supply new clients (16.7%).
This shows that respondents are looking to grow their businesses almost exclusively through new client acquisition, rather than increasing supply to existing clients.
With new client acquisition frequently costing up to 5 times more than client retention, it is easy to see why adding new clients to your books requires additional funding. But, with the coronavirus bringing about sweeping changes to the economy and labour market a whole, the number of new clients is constantly growing, potentially reducing the cost of new client acquisition.
Regardless of approach, the opportunities for business growth, both through new client acquisition and client retention, over the coming months and years will be vast. But both strategies will likely require additional marketing, consultants, or payroll funding; funding for which can be provided by specialists like JMK.
The final question of the survey related to funding costs, with 83.3% of respondents saying that they would switch to a different supplier if a better funding deal were available. This has reiterated the need for JMK as suppliers to ensure that we are consistently best in class in our sector.
We are continually looking for ways to improve our offering and ensure that we provide not only the best possible funding deal, but the best possible service across all our packages.
Our dedicated and experienced team are always on hand to answer any of your queries, and having been helping business grow for nearly 20 years, and chosen by over 900 recruitment agencies, JMK Group continue to lead the way in funding and business support.
Since 2002, JMK have been compliantly consolidating back-office, accountancy and payroll functions.
We have evolved to provide a range of expert services; such as Professional Employer Organisation (PEO), or Back Office Support (BOS) or Funding, becoming a leading provider to the contracting industry.
We know every agency is different in some shape or form, even if only by a little, but important bit. Combining our knowledge and experience of multiple sectors enables JMK to support you all from recruiters and payroll, through to finance, compliance and management.
With JMK as your trusted partner, even the smallest team can process the largest payroll, regardless of payroll type.