Why Choose New Millennia Group
For a temporary recruitment agency few things are as important as their back office processes running smoothly. New Millennia is a company focused on providing a flexible, client-focused approach to finance and Back office Systems.
With that in mind New Millennia's client-focused approach was clear. Don is ably supported by two other senior members of staff, Operations Director John Grice and Finance Director Nik Hynes. With a background in sales and administration, John believes in the personal touch. "I know the owners and managers of the agencies on first name terms so if there is an operational issue they can contact me and we can deal with it there and then. I speak to them on a regular basis and I think it's important that a director/partner of his own recruitment company knows he's got an immediate direct line to a director at New Millennia."
With a strong background in finance, Nik is a chartered certified accountant and a fellow of the ACCA. Nik is involved in the strategy side of the business developing new finance products and helping agencies to understand which one of New Millennia's finance products is right for them. "What sets us apart from other providers is the flexibility of funding we offer," Nik explains. "We have built sophisticated financial models that illustrate how finance products available in the market today, such as retention and recourse products, work within their business. For instance there are major cash flow differences when an agency's business is split between paying temps on P.A.Y.E or as contractors. These differences are illustrated clearly by our finance models and allow the agencies to have a greater understanding. Again this is one of the ways we work closely with our agencies as business partners."
Don is frank that his company is not the cheapest finance provider in the market, but is confident that it is the best value for money. "If an agency makes its choice based solely on the cheapest finance provider on the market, will that provider look at their business in detail? No they won't. They won't provide the level of advice and attention to detail that we do. And then when there's a cash flow problem three to six months down the line, that agency is stuck with that finance and service product with no room to manoeuvre because they are contractually locked in to that one product."
"Other providers say they offer 100% funding but read the contract and you'll find that they hold on to your weekly VAT. That's a retention; It's also V.A.T that the agency is legally responsible for. How is that 100% funding? It isn't," says Don. For new start recruitment business his advice is clear. "Attention to detail is key," he says, "Don't make a decision based solely on the price. You may think a particular funding facility is cheaper but it will be counter-productive if it gives you a major cash flow headache and you can't pay your bills. Make sure you understand the differences between funding facilities (recourse and non-recourse and retention and non-retention). Do your research. For instance the last thing you want is a V.A.T bill that you can't pay because your V.A.T money is being retained."
For recruitment agencies focused on growing their business and servicing their client base, the back office and finance function can be a headache, which gets in the way of doing business. But the right finance facility/provider is essential for success. Don is clear about what potential entrepreneurs or agencies should do. "Shop around and look at the market. Make sure you understand the different finance and back office facilities on offer and which one suits your business model. Before you sign anything get a solicitor to check the contracts and get an accountant to check your cash flow model. Don't listen to slick sales people who have a weak product and spend all their time trying to hide that fact by slating other providers' products and services, stick to the facts! In any business your cash flow is as important as your sales and you need to get it right."
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