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

Temp Agency

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

Liabilities

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.

Cash Flow

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

Bookkeeping

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 $ Book keeping houry charge $30 Bi-weekly payrole charge (4 employees) $ Monthly Profit Book Keeping Monthly Profit Payrole # of companys monthly charge monthly 1 $ $ $ $ $ $ $ $ $ $ Hours worked hourly charge 51 $ $ $ $ $ Yearly Profit yearly monthly charge yearly 1 $ 1, $ $ 2, $ $ 3, $ $ 4, $ $ 6, $ 1, yearly hourly charge 1 $ 1, $ 3, $ 5, $ 7, $ 9, 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.

Liability

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