In June 2020 middle of pandemic,
As a leader I had to make a decision to survive.
1. Reduce fixed cost (Salaries)
2.Get more business or
3 Both
At that time brining more business appeared difficult, While every one in the world is cutting jobs, TopMindz is into
Consulting & staffing. So we opted 3rd option Both,
Reduce the cost and increase the business
We used lessons learned from Walmart Inc case https://lnkd.in/eg4YJeV.
Our Target is to cover fixed cost to survive,Get more business to be profitable & sustain
When everyone is charging clients 8% to 15% placement fee for full time role
We pitched our clients,We will invest in our relationship by offering our services at flat 6%,If they give us exclusivity for all open jobs.Most of them agreed and we became exclusive
This helped TopMindz to grow more than 400% second half of 2020.We created win-win to become prefered vendor for many startups
Proud to say,We helped many startups to recruit & Onboard new staff remotely in India,South Africa,Singapore & USA
Lessons: To survive,First find options to cover the fixed cost
Accept no loss/no gain business to survive
Treat it as investment for long term client's relationship
Formore Business tips follow Krishna Lakamsani