Temp Agency Bookkeeping

1. Temp AgencyBookkeeping Devin Cobia Becky Dayton Sam Waldron

2. Overview • Methodology • Temp Agency • Company Description • Market Analysis • Industry Background • Customer Analysis • Marketing Strategy • Competitive Analysis • Best Practices • Liabilities • Forms • Financial Plans • Recommendations

3. Overview (cont’d) • Bookkeeping • Marketing Analysis • Industry analysis • Customer analysis • Seasonality • Marketing • Liability • Recommendations

4. Methodology • Resources offered through BYU-Idaho Library • Internet research • Cold calling • Interviews • Financial analysis

5. Temp Agency

6. 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

7. 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

8. 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

9. 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

10. 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

11. Competitive Analysis (cont’d)

12. 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

13. Liabilities

14. Forms • Include examples? Just talk about where we received them from?

15. Financial Plan • I don’t know how many exhibits we’ll want to include here. This may take quite a few slides.

16. Cash Flow

17. 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

18. 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

19. Bookkeeping

20. 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

21. 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

22. 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 31st for companies • Stay consistently busy through: • Training • Consulting • Tracking finances throughout the year

23. Pricing

24. 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.

25. Liability

26. 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