The Business Owner: Nick Boyle, RecruitMyBuddy
Aiming to help employers find the best possible candidates via referrals, this entrepreneur shares his experience of the recruitment world
Name: Nick Boyle
Founders: Nick Boyle and Marc Wareing
Proposition: Referral-based recruitment – a low-cost and high-quality move away from traditional recruitment
Size: 3 people
How is your business different from what’s already out there?
Statistically, the best candidates for a job vacancy come from referrals by existing staff. What RecruitMyBuddy does it take that and expand it, so our clients receive quality candidates referred to them by multiple professionals in their industry, not recruiters. Every professional already has a strong network of potential candidates and they are in a far better position to evaluate their candidacy, which is why employee referral schemes produce the best quality candidates.
In addition to this, we operate a low cost model, just £75 a month, to advertise unlimited vacancies and a £500 referral fee (paid directly to the referrer) only if you hire.
How did you finance your business?
RecruitMyBuddy has been funded organically; we’ve kept away from investors for our initial growth period.
What is the most important thing to keep track of in business and why?
Cashflow and proper financial planning is important if you want to grow. You need to know where your costs are going so you don’t end up in the red.
What is the biggest day-to-day challenge you face?
Breaking the mould in the industry remains difficult, as it’s been set in its way for so long. But all of our current clients wish they made the switch to referral-based recruitment a lot sooner!
What marketing techniques do you use to attract new customers?
Digital marketing has been a success so far, but as a relatively new brand we’ve had to rely on paid channels. Email marketing and word of mouth have been our most fruitful routes to market aside from PPC and SEO.
Do you think it’s important for small businesses to export, any tips?
It’s not essential, but post-Brexit UK companies will have to become a lot more cost effective to international clients, especially the USA.
What’s the business app you couldn’t do without?
Quite simply: email. We don’t complicate our processes with any apps, but we’re always a click away from our emails to ensure our clients have our full attention at all times.
Describe your company’s culture in three words:
Refer. Recruit. Retain. It’s how we work; we keep things simple and deliver strong results for our clients.
What would you like the government to do for small business?
The two main areas we’d like to see focus on are easier access to finance and tax reduction.
Who’s your biggest small and medium enterprise hero?
We don’t have a specific ‘hero’, but we do take inspiration from a number of businesses in the North West.
Where do you want the business to be in three years?
At least 25 staff on board, working in larger offices and helping far more clients in a wider range of industries.
What’s your top tip for keeping it lean and making profit?
Don’t get carried away. Building your brand at the right pace is vital to ensure you aren’t wasting costs on ‘quick-win’ methods of business growth. You reap what you sow, so take time and attention to get your business model right before trying to win over your market. That way, you won’t lose any money and you’ll have an efficient business set up for growth.