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Published byGervais Cummings Modified over 7 years ago
Temp Agency Bookkeeping Devin Cobia Becky Dayton Sam Waldron
Overview Methodology Temp Agency Company Description Market Analysis Industry Background Customer Analysis Marketing Strategy Competitive Analysis Best Practices Liabilities Forms Financial Plans Recommendations
Overview (cont’d) Bookkeeping Marketing Analysis Industry analysis Customer analysis Seasonality Marketing Liability Recommendations
Methodology Resources offered through BYU-Idaho Library Internet research Cold calling Interviews Financial analysis
Company Description Goal: build the economy of Salmon and surrounding parts of Lemhi Agency will play role in helping employers find the right employees, jobs will be created, and companies will receive the help they need. Located at the Salmon Valley Business & Innovation Center. SVBIC and LCEDA will support company for first part of operation
Industry Background Temp Agencies are a key indicator of economic conditions As the economy stabilizes temp agencies are needed more than before In 2008, unemployment rate in Idaho was 3.5%, by 2009 it was 8.8% 90% of US companies use temporary help services. - Frontline Source Group
Customer Analysis Unemployment rate in Salmon, Idaho is 15%, *5.9% higher then the national average* Potential employees could be students, home makers, home based business owners looking to make extra income Temp Agencies usually focus on companies that need short term labor Outsourcing, downsizing, consolidating
Marketing Strategy Social Network Used for updates, promotions, and other information Best form is through blogging and Facebook Website People like getting information about a new store before entering the store Store hours, phone number, address, directions What to expect upon arrival Website appearance indicative of actual store appearance
Competitive Analysis There aren’t any temp agencies in Salmon, so main competitor will be online search job search engines Simply Hired Job Monster Kelly Services Idaho Department of Labor Useful resource or competitor Provides free job services for long term employment
Competitive Analysis (cont’d)
Best Practices Create a strong brand Word of mouth is the main channel others will hear about the agency Have a strong vision and stick with it Create solid background checks and screening to ensure employees are perfect of clients. Create a culture of integrity and trust Create relationships with employees and employers Learn as much as possible about employees and employers and this will help achieve the best results Become invaluable to employers and employees through relationships
Forms Include examples? Just talk about where we received them from?
Financial Plan I don’t know how many exhibits we’ll want to include here. This may take quite a few slides.
Recommendations Department of Labor Establish a relationship with Dept of Labor and work together Customer client focus Start out broad, don’t have a particular business segment Financial plan Use of a loan or creation of equity Liability Obtain liability insurance Hiring Use provided forms to hire best possible temps
Recommendations - Marketing Word of mouth Free form of advertising Social media Creating company pages on Facebook and Twitter could prove to be helpful Website Online presence, provide vital information Newspaper Advertise in the Recorder Herald
Industry Analysis Bookkeeping relies on companies outsourcing More efficient, cost effective, and easier to avoid mistakes Usually small businesses Wide selection of services from financial analyzing to accounting Local service is known to be reliable Word of mouth, especially in a small community can destroy a bookkeeper’s reputation Online bookkeeping Bookkeepers can set up small offices even in their homes
Customer Analysis Salmon, ID is home to a variety of businesses Retail and recreational businesses Natural resource industry Due to the smaller size there are several small businesses Good for bookkeepers Focus on building the company leads to outsourcing
Seasonality Dependent on the bookkeepers focus Accountants will be busy during the first quarter of the year Financial statements will be prepared at the year end which is traditionally December 31 st for companies Stay consistently busy through: Training Consulting Tracking finances throughout the year
Pricing Book Keeping Price Anaylsis Book keeping monthly charge $ 100.00 Book keeping houry charge $30 Bi-weekly payrole charge (4 employees) $ 20.00 Monthly Profit Book Keeping Monthly Profit Payrole # of companys monthly charge monthly 1 $ 100.00 $ 20.00 2 $ 200.00 $ 40.00 3 $ 300.00 $ 60.00 4 $ 400.00 $ 80.00 5 $ 500.00 $ 100.00 Hours worked hourly charge 51 $ 150.00 2 $ 300.00 3 $ 450.00 4 $ 600.00 5 $ 750.00 Yearly Profit yearly monthly charge yearly 1 $ 1,200.00 $ 240.00 2 $ 2,400.00 $ 480.00 3 $ 3,600.00 $ 720.00 4 $ 4,800.00 $ 960.00 5 $ 6,000.00 $ 1,200.00 yearly hourly charge 1 $ 1,800.00 2 $ 3,600.00 3 $ 5,400.00 4 $ 7,200.00 5 $ 9,000.00 Work months in a year12
Marketing Online As online bookkeeping is more prevalent bookkeepers must have an online presence Have a basic website with information Social Media An easy way to spread the word about bookkeepers is through social media Social media is such a large part of today’s world if it isn’t used, the bookkeeper will get left behind.
Recommendations Marketing Online Post on local websites such as salmonidaho.com and cityofsalm.com. Create a basic webpage Social media Create a Facebook page and have your employees and employers like it or join the group Create a blog full of tips, articles, and overall finance advice Pricing Enter the market charging less than competitors
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