Business Planning

“A goal without a plan is just a wish” (Antoine de Saint-Exupéry)

It’s not uncommon for entrepreneurs to think that a business plan is not really of that much relevance or importance to them when starting up. They want to just get on and do it rather than spend hours thinking about it but this is a mistake made by many and not one to be taken lightly.

If you are setting up a business it’s very important to take the time in the initial stages to think about what your objectives and goals are for your business and to put a plan into place as to how these things will be achieved.

Individuals who might be looking at your business plan do include the bank and / or investors but the person who should be looking at your plan the most is you.  Your business plan needs to be a working document which you can constantly refer to for direction.  It is also an evolving document which you may have to re-write, amend or change many times as time goes on.

Key Topics you need to cover within your business plan include (but are not limited to):

• Executive Summary
• Knowledge and Skills
• Vision and Objectives
• Mission
• Products and Services 
• Competitor Analysis
• Market Analysis
• SWOT & PEST
• Sales & Marketing Strategy
• Branding
• Management Summary
• Finance & Budget
• Cost Considerations
• Profit & Loss Projections

Even though you may feel as though you know the plan for your business in your head it’s important to get things down on paper.  You also need to appreciate that others who may read your business plan may have no understanding or appreciation for the recruitment industry or of your chosen sector, so you need to be specific and spell it out to people in a manner in which they can understand.

Consider things such as how you will word your plan, what your company branding will look like, your impact on the market and relevance to your business.  You need to be able to sell your idea to others and utilise your business plan document as your platform to showcase your ideas.

There are some great business planning templates you can download for free to help you on your way and lots of advice available to those who need it.

Recruitment Business Solutions offer a free 1 hour phone consultation for start up recruitment businesses and also have free business planning tools available. Too find out more or to book an appointment contact us at;    info@recruitmentbusinesssolutions.co.uk

or phone us on:  07712 477342 and speak to Alison Kennedy FIRP DipRP

Other useful Resources:

Recruitment Business Solutions

Natwest Free Business Planning Tool

Barclays Business Planning Pages

Defining your Market and Business Opportunities

Defining your Market and Business Opportunities
 

 Written by Alison Kennedy FIRP DipRP, Director of Recruitment Business Solutions Ltd   www.recruitmentbusinesssolutions.co.uk

               

Market Intelligence is the gathering of relevant information for your business, which has been gathered and analysed for the purpose of targeting your marketing activity in the right way.  

From the research of your target market (both clients and candidates) you can successfully determine business opportunities, market penetration and make key decisions regarding how successful your business will be and from where the most revenue is likely to come.  It will also highlight very quickly, if the market you had planned to target is going to be a viable opportunity for your business.

Market intelligence can be incredibly useful when setting budgets, targets or even KPI’s.  It will assist in ascertaining where business potentially lies within your target area as well as providing you with many other useful facts regarding your market such as;

·         What are the average fees charged by competitor agencies

·         Which areas in your target locations are most heavily recruiting

·         Which business are using which agencies and why

·         Who your main competitors are

·         What categories of staff or skill sets are in demand in your target area

·         Annual peaks and troughs in recruitment patterns

·         What is the size of your potential market

·         Any patterns emerging with regards to particular sectors recruiting

In order for you to set up a successful recruitment business it is crucial that you have been able to (at the very least) identify the above facts, this way you can target your business marketing activities effectively.

So what’s in it for me?

·         Empower yourself with knowledge.  Know who your competitors are, what they are up to, what percentage of the market share they have and anyone else you may be up against

·         Ensure that there is a need for your business offering in the market

·         Identify new opportunities for your business that you perhaps may not have thought about previously

·         Save yourself time, money and disappointment. Without knowledge of the above, you have no platform on which to build your business.

What questions should I be asking?

R  How do you currently recruit for XYZ Personnel?

R  When did you last recruit for a XYZ?/ Permanent member of staff?/  Contract member of staff?

R  What methods of recruitment do you use and why?

R  How do these services work for you and why do you like them?

R  What are the standard fees that you are happy to pay for these services?

R  What do you like about recruitment agencies?

R  What do you dislike about recruitment agencies?

R  Do you use job boards and if so, which ones do you use?

R  I am considering setting up a recruitment business, focusing on XYZ. How likely would you be to use such an agency?

Opening Statement

Example:

“I am looking into starting up an XYZ business locally and before I do so, am looking to gain a little information to establish if there is a demand for our services.  Would you be willing to help me by answering few questions today?”

Where can I get my data from?

In terms of where to get your data from there are a range of on-line directories such as Applegate, Yell.com and Thomson Directories that can provide you with initial data to work with.    If you market is local, then driving round in your car and gathering intel of the local businesses can also be of huge benefit.  Jot the details down, look them up on line and then give them a call.

In addition to this there are a wealth of other resources you can utilise, such as local libraries, the internet etc to gain further information about businesses in your area.

Who should do this research?

Honestly, it should be you. This is such an important part of setting up in business that it’s important for you to be a part of the findings.  There are huge numbers of telemarketing businesses out there who will conduct this research for you at a cost but it’s easy enough a task to undertake if you know what you are doing and needn't cost the Earth if you make the calls yourself.

Make sure you record your results. Take a sample of say 50-100 companies and keep a tally of your findings.

Once your business is established make sure you conduct regular, on-going research to keep your business offering as current and relevant as possible.

For further start up support and advice, contact Recruitment Business Solutions on:

07712 477342

Top 20 Recruitment Start-up Checklist

Get your ducks in a row...

Top 20 checklist for the discerning recruitment entrepreneur;

Having now decided that starting up a recruitment is the right way forward for you, it’s now important that you have a good idea of all of the key areas you will need to address, in order to set up a professional and compliant recruitment business.

Each week, I shall be posting in depth tips covering each of these areas;

Business Planning

Putting together a business plan is crucial when setting up a new business. Whether it’s a small business plan for your personal use and referral or a more robust document for acquiring investment, it is imperative to get your ideas and research down on paper.

Market Intelligence

Before you set up you need to know that there is a viable market for your business to thrive in.  Therefore you will need to conduct your own market intelligence research to ensure the success of your business. 

Competitor Analysis

You need to know who your competitors are, where their clients are, what their rates are and their unique selling points, so you know what you will be up against.

Sales & Marketing Strategy

Crucial! Knowing how you are going to take yourself market is vital to the survival of your business in the initial stages. Get a robust marketing plan together, detailing specific weekly sales and marketing activities from week one of trading up to the end of your first quarter (with subsequent activities planned for later in the year).

Devise a pricing strategy

Work out from your analysis how you will structure your pricing for the business and decide what your policy will be regarding negotiation.

Financials – P&L’s Budgets and Forecasts

You may need some assistance with this if you are new to the industry or this is your first time establishing a new business.  It is important that you do not over estimate your revenue for your first year of trading and keep your expenditure in check.

Funding

It may be that you have some money tucked away to set up your business, however cash flow is king and for nay start up recruiters, the money can run out all too easily. Speak to someone in the know to establish how much you really will need to set up the business and realistically what you will be able to survive on during the first 12 months of trading. The banks can be really helpful and factoring and invoice discounting are also options at very competitive rates for start up businesses.

Company Formation, email accounts and Web Domain

There are businesses who will set up your business for you, as well as your web and email domains. Make sure you have researched this properly and don’t pick a name which is already in use or in direct competition.

Franchises v’s setting up alone

There are some exceptional franchise business models out there offering support and resources to those looking to set up on a shoestring but be wary of giving away too much equity. 

Website

In this day and age a website is one of the most effective ways of driving business to your agency and there are some really cost effective options available. A website is a great tool, however there is no better means of marketing your business than a good old fashioned telephone and a spot of networking, so don’t feel it has to be your first cost consideration

               

Accounts and Bookkeeping and Software

Make sure that you keep your accounts up to date from day one of setting up.  You will thank yourself for it later on.  There are some excellent spreadsheets around and many accountants will be able to offer you free software or online tools to help you with your accounts. If you are a limited company, getting an accountant in the early stages could prove to be a huge help.

HMRC, Income Tax, Corporation Tax & Capital Gains Tax

www.hmrc.gov.uk HMRC’s website is an excellent resource and can offer a wealth of information regarding all of the above.  Alternatively your accountant or assigned payroll professional should be able to offer you free advice on all of the above.  

Payroll, Purchase and Sales Ledger and Credit Control

Even if you are not going to be supplying temporary or contract workers initially, you may still have your own payroll and income tax to organise. It’s definitely worth speaking to a payroll provider or your accountant to find out what needs organising in the early stages.  Don’t get caught out.

Insurance

Ensure you are insured before you start trading. There are some fantastic insurers who specialise in insurance for recruitment businesses. Look into Professional Indemnity, Public Liability and Employers Liability cover as a starting point.

               

Recruitment Software

The value of your business in the future will be based on your client and candidate database as much as your sales pipeline and annual revenue.  Investing in a decent database during the early stages is a wise investment. Finding the right software for you can be a bit of a minefield but there are plenty to choose from with functionality and cost to match each businesses needs and budget.

               

             

Branding, Company Name etc

Establishing yourself as a brand, your core values and principals and get the message out there from the outset.  Speak to friends, family, colleagues and research and research. There are also some excellent marketing and branding professionals out there who can help you with this.  It’s so important to get this right – it can be the making or the breaking of you if you get it wrong.

Legislation (Contracts and legally compliant documentation)
Anyone can set up a recruitment business but setting up a professional, compliant business entity is another matter. Make sure that you have a good understanding of the legal practices you must adhere to once up and running.

Establish processes and procedures (contract / Temp and/ or Perm recruitment)
From day one, make sure you get some robust business processes and practices in place. There are correct and professional methods for providing recruitment services and if you want to keep ahead of the game you need to make sure yours are exceptional.

Communications : Telephones / Broadband / Network etc
There are some great deals to be had and a lot of advice out there. Worth speaking to one of the larger providers to see what deals they have available to incorporate all of your communications and take it from there. Get your best three quotes before committing.

Premises
Working from home can be a very cost effective solution in the initial stages (if you have the space) and serviced offices can make a great base for interviewing candidates (In addition many offer prestigious postal addresses and phone answering services).

Setting up doesn’t have to be expensive or complicated and there are other support services available to assist you.

To speak to a business mentor and coach from the recruitment industry call Recruitment Business Solutions and see how we can help. 07712 477342

Is starting up in Recruitment a good idea?

Recruitment.  Easy as ABC isn’t it?  

The Recruitment Industry is a fantastic sector of industry to work within.  
Yes it takes a lot of hard work and dedication and yes it requires stamina and a thick skin at times (and it’s a rollercoaster of highs and lows) but it really does offer the whole package in terms of job satisfaction, daily challenges and most importantly – financial rewards.

 
A very common (and inaccurate) myth in the start up community however is that starting up a recruitment business is an easy thing to do, with little planning necessary in the early stages and only telephone directory and a mobile phone required to get you going.  For those recruitment businesses thriving in the current market, I am sure they would all support me in saying that there is a lot more to it that that if you are going to be a real success.

 
As a specialist mentor within Recruitment Business Start up’s I deal with hundreds of enquiries from entrepreneurs looking to take the plunge. Their concerns (and mine) always seem to pivot around the same key business areas and over the next few months, I shall be working with UK Recruiter and their business partners to bring you weekly guides and support via this new and exciting web portal – developed for the Start up Community.
 

In this week’s edition, we shall take a quick look at a handful of the initial thought processes we would recommend considering in the early stages;

 
Do you have the skills and/or background to be a recruiter

Successful recruiters are people who can turn their hands to a number of key skill sets. They are incredibly self-motivated, hungry for success, excellent sales people (both over the phone and face to face), they are highly organised, competent administrators, have good short and long term memory skills and above all are excellent relationship builders and account managers.

 
In a larger recruitment businesses it could be forgiven that you are only a good sales person and the business that you work for can pick up the slack in some of your weaker areas but for a start up business it really is important that you can manage to become accomplished in all of these key areas in order to become a success.
 

Do you think that you have what it takes? Can you pick up the phone and quickly build a relationship with a total stranger in a matter of minutes?  If your answer to the above is “no” then unless you are going to employ someone to conduct all of your sales for you, then this is not the industry for you.     If you feel that you have a mentality to be a sales person but not the expertise, then industry specific sales coaching and training is available for those who wish to learn.
 

Have you defined your market?

Planning is key when starting up in recruitment. You need to ascertain which market will be the best for you to set up in. I am a strong believer in doing what you love, so if there is a market in which you are already familiar or have passion within, this is probably your safest option.

 

Alternatively, there may be key resources or information available to you, which have driven you towards an alternative sector or location in the UK or Globally.  Regardless of what these factors may be, you need to establish if there is a viable and sustainable market for you to tap into, via thorough and realistic research practices.
 

Have you the funding in place?

Probably the most frequently asked question I am presented with is “How much does it cost to set up a recruitment business?” and my response is usually  “How long is a piece of string?”.
 

I have worked with start up’s with £250,000 in the bank and those with £250 in the bank.  The amount that you spend is relative but does not have to impact on how successful your business will become in the long term.    £5,000 is a nice round sum. It can cover your initial set up costs, a half decent website, contracts, compliance and a small buffer to keep you afloat for the first placements to come in but if you can manage to acquire slightly more, it will certainly help.  

 
If you are looking into setting up a contracts or temps desk then you will face more immediate challenges in terms of cash flow and additional sources of funding will become necessary.  Cash flow is king and for many start up recruitment businesses is often their downfall in the early stages of trading. It is therefore vital that you include a full P&L projection as part of your business plan and get the correct levels of funding in place.

 

Have you checked out the competition?

You need to carry out your own, robust research before starting up. Even if you feel confident that you have the skills and the know-how it may be that the market is already saturated within your target area and market. If you want to improve your chances of success, you need to know who your competitors are, what they offer, who they offer it to and for how much!  A thorough competitor analysis is an essential part of your planning process.

 
Do you know USP’s and Differentiators?

How will you separate your selves from the competition?  First of all you need to know what you are up against but secondly you need to be able to articulate the unique selling points (USP’s) for your business and how they will differentiate you from the competition.  Simply saying that you are an ethical, caring recruiter isn’t always enough these days.  Think outside of the box and be innovative... What else can you offer?  Look at your niche, rates, rebates and value adding services.

 

How will you market and sell your services?

Recruitment is a fiercely competitive market and not only do you need to be able to sell your services but you also need a really robust and engaging marketing plan (and on-going campaigns) to engage with your target audience.  Working with a recruitment business mentor, marketing specialists and on-line SEO guru’s can help you to get the best out of the technology available to you and to maximise the traffic visiting your website.  You need to make yourself visible and accessible to your clients and candidates through as many different media channels as possible (following them all up with immediate sales activity).

 
Do you understand the legal implications of starting up?

The recruitment industry is heavily regulated (in some sectors more than others) and good advice from an experienced recruiter with a strong background within compliance and regulation within the early stages of starting up is highly advisable. Improper processes and procedures could land you in extremely hot water with the Department of Business Innovation and Skills (DBIS) and  leave you wide open to legal disputes in the future.  Make sure that you have the correct compliance in place (including a robust set of contracts to use with both your clients and candidates) and work towards compliance with the Conduct Regulations for Employment Businesses 2003 (amended 2005, 2007, 2008, 2010). Membership to a regulatory body such as the REC, The IOR or APSCo might also be of interest.
 

There are many things that you need to have in place or consider when starting up a recruitment business and we shall be covering these week by week to try and give you the best possible start.  Recruitment can be easy but assuming you can jump straight in with little thought would be unadvisable.
 

If you feel that you would like to speak to someone and gain some additional peace of mind about how best to proceed, please feel free to give me a call  - Alison Kennedy FIRP DipRP on 07712 744342.  Recruitment Business Solutions Ltd, offer comprehensive support and guidance for recruitment businesses and will be able to work with you step by step to ensure that you have the processes and procedures in place to operate not only effectively but compliantly too.

Guide to Candidate Control

Proactive candidates

Who are these?

Proactive candidates are people actively seeking employment – whether it be Temp, contract or perm, they are out there posting their CV on every job board they can find and possibly registering with agencies in the high street too.  They are very fickle and not loyal to anyone except the company that places them.  They have one goal in mind – securing their next role and will often aggressively seek out their next role with little though for the agencies they may potentially be dealing with. 

Pros:

• Open to suggestions
• Are often prepared for taking agency calls at work
• Know what they are looking for
• Have bought into the job-seeking process
• Happy to attend interviews and prepared to take time out from work (although not always)

Cons:

• Probably known to many agencies
• Lots of other people have access to their data on line
• May be on several interviews for different jobs at one time
• Likely to change their minds an d be fickle with their choices
• Often disloyal to agencies

Passive Candidates

Passive candidates are any permanent candidates sat on your database or a job board (no matter from how long ago) and contract and temp workers who are coming to the end of a contracts and happen to be on your database or job boards from ages ago – of pretty much anyone on linked in. 

Basically all people in permanent roles are potential candidates.  Who isn’t flattered to hear of a new job, paying more money and offering more responsibility than they currently have??  They may not be actively “looking” but it doesn’t mean that they won’t be interested in what you have to say.

Pros:

• No other agencies are working with them at that time
• They are probably not on interview elsewhere and are more likely to go for the job you have available
• Tend to be very loyal to their agent

Cons:

• Will need a lot of persuading to leave a comfortable role in their current company
• Will need better money, pay , location or any other number of things to what to leave their role
• May use the exercise as a means to gain a counter offer or to purely massage their ego
• Could be more likely to change their mind part way through the process unless carefully managed

WHY DO PEOPLE LOOK FOR A NEW JOB? – REASONS OF DISCONTENT

Personal;

1. Poor relationships at work
2. The role is not paying them enough money to cover their personal financial commitments
3. Job role is unfulfilling
4. Peers / supervisors are incompatible
5. Candidate has different goals than their employer              
6. Issues or differences in political values, religious background or other socio economic matters
7. The overall corporate structure isn’t right for them and is our of sync with the candidate’s ideal
8. The working environment and physical appearance of their place of work leaves a lot to be desired or is possible too “stuffy” for their requirements

Professional;

1. The candidate’s ability to achieve career goals or technical fulfilment is stifled

Situational;

1. Commuting distance
2. Air quality
3. Accessibility to local amenities (childcare / schools for example)
4. Spouse may have accepted a job in another location
5. May be looking to move out of their current location because of changes to things in their local proximity
6. May be looking to move house because of financial reasons

The point is that there are a million and one reasons why a candidate may want to leave their current role but it is important for you to know what their individual reasons are, what their motivation is for finding a new role and what their key drivers are when selecting a new place of work.

Surprisingly money is often NOT the most important thing to candidates when asked.   If it is the only or main deciding factor then this candidate may be conducting a “tyre kicking” exercise” to see how much they should be being paid or literally conducting job searches to provoke a counter offer from their current employers. Bear this in mind!

QU:  When does candidates control begin?

ANS:  From the moment you take the job from the client....

Your responsibilities as a consultant

If you don’t take a detailed job specifications and know and understand the facts that will enable you to answer candidate queries effectively from the outset then you could be losing commitment from your candidates hand over fist – and this is before you have even advertised the job role!

1. Know your clients
2. Know their offices and working environment
3. Know their USP’s and why they are a great company to work for
4. Know all about their premises, parking, office plan etc
5. Know about the team (size, culture, hiring manager etc)
6. Know the pros and the cons (remembering that different people have different pro’s on cons) – i.e You might like an office where you wear the same suit every day, where others want to be more relaxed and quirky in the way they dress.
7. Know about their location  and public transport links
8. Know WHAT THEIR COMPANY BENEFITS ARE
9. What salaries they pay
10. Anything you can think of that can help you to sell a job to a candidate.
11. Know any negative points that could put a candidate off (size, salary, statutory benefits / holidays, location, transport links, dress code etc)

”WHATS IN IT FOR ME?”

WHY SHOULD A SUCCESSFUL CANDIDATE ALLOW YOU TO CONTROL THEM?

Candidates need to understand that you are there to help them.  You need to be able to install confidence in them that you are the best person to help them in securing a new job role.

If they don’t have confident in you, then they will walk all over you, let you down and show you no loyalty.

Top tips for keeping control

1. Keep in touch throughout the entire recruitment process
2. Give feedback
3. Keep your promises
4. Ensure you know all of your clients inside out before putting a candidate across to them (and that includes the client recruitment processes as well as environment, people, interviewers, team fit etc)
5. Understanding the job role you are sending them over to – if you aren’t 100% then ask for help (speak to your manager about this but in most cases a quick call to the hiring manager will answer any awkward questions)
6. Don’t JUST know the responsibilities of the role, know about how that role fits into the organisation
7. Make sure you fully brief your candidates over the phone
8. Send a confirmation email with links to relevant areas for the candidate to research, a copy of the job spec / person spec and some interview tips on interviewing skills (telephone or face to face – whichever is appropriate)
9. Check in with your candidate on the day of their interview to ensure they are ready and prepped.  Asked some questions about what they know about the company and the role to make sure they have prepared.  Wish them luck and make sure they know to call you with feedback the minute they get out of their interview (or as soon as is convenient)
10. Gain feedback and pass on to your candidates as quickly as possible – keeping your clients informed of your candidate’s subsequent feedback and “manage” the process as effectively as you can
11. Treat your candidates with respect (if you don’t have an answer for them, call them and tell them that you don’t. They will respect you more for it.
12. Remember that every candidate that you deal with could become your next client and feedback is the only thing they want from you.  Obviously a new job would be nice but feedback is the key here and it’s the main reason that candidates don’t respect recruitment consultants – because they rarely get any.

How do you get candidates to sell themselves?

• Ensure that they have a thorough catalogue of relevant accomplishments to hand and have prepared for their interview (based on the information you have given them and their knowledge of the job role and what the client is looking for).

• They should be able to communicate their value to the organisation through those accomplishments.  Make sure they have examples to hand of problems they have solved, money they have saved or ways in which they have utilised their skills to an exceptionally high standard ( in the areas they need to promote to win the job of course)

• Candidates need to be able to show that they know about the company and the job role and give 3 solid reasons why they are the best person for the job

• They need to be able to sell themselves to the client and tell them how interested they are in the position.

• Candidates need to ask questions as well as answering them.  If they ask the right questions they can establish the clients’ agenda.  For example asking the interviewer what they believe the challenges of the open position are... If they can give answers to questions based on information they have managed to get from the interviewer then they are far more likely to form a relationship with them and have a positive outcome.

• Being confident and assertive on interview can be taken in two different ways but a bit of confidence isn’t usually a reason fro someone not getting a job.  Tell your candidates that if they want the job they need to let the interviewer know.  Get them to ask at the end of the interview how many other people they are seeing, how they have matched up to the competition and if a second interview is involved whether they would like to arrange a suitable time now. 

  

Deal makers and deal breakers

• Appearance
• Body Language
• Enthusiasm
• Preparation
• Timekeeping
• Their close

 At which point, you need to ask yourself: Who’s really in control?

Ever heard of the phrase “leading the witness”? It goes something like this: “You’re okay with that 2 hour commute right? You’re okay with a smaller company right? You’re okay with less money, right?” This is obviously not a 2 way dialogue or two way street. This is a one way dictation.

The next time you are calling a candidate, discussing an opportunity, inviting them in for a meeting, booking them in for an interview - expect them to be asking themselves “what’s in it for me” at every step of the process. 
First contact – “What’s in it for me to call this recruiter back”?
Office Invite – “What’s in it for me to meet with this person face to face”?
Job Presentation – “What’s in it for me to move forward with this job”?

Interview – What’s in it for me if I shell out £200 travel costs to get to this interview or miss a day’s pay to attend?
Job Offer – “What’s in it for me to take this job”?

Your job is to have answers at each step to help lead the candidate to a destination that benefits THEM. Once you have this mentality – selling becomes easier, business relationships become more productive, you will waste less time, have fewer turndowns and a heck of a lot less frustration!

When do you know enough is enough?

When do you know enough is enough and a consultant just isn't going to make it?

When do you know when enough is enough?

So often I get asked this question when discussing the abilities of consultants and when enough simply is enough..  “When should I decide that it just simply isn’t going to work out?” or “At what point can I summarise that the training just isn’t working?” or “how will I cope if I ask them to leave?”.

When you recruit a member of staff into your organisation, you will know in a relatively short space of time if they are going to cut the mustard. 

Obviously there were reasons why you recruited them in the first place; Perhaps they blew you away on interview or wowed you with their past achievements or possibly you just recognised some solid experience in the past such as sales experience or time spent as a recruiter elsewhere. 

Sometimes taking on a complete novice or “rookie” as they are more commonly known is quite enticing as you will have the opportunity to mould them into your own brand of consultant but there would still have been some personality traits that initially drew you to them.

But the real question here is when do you know that it just isn’t working out and where do you draw the line?

The answer is simple. Ask yourself these questions.... 

“Have they had training in recruitment sales, interviewing and client meeting skills required to do the job?”

“Have they been set targets and KPI’s, which have been regularly reviewed?”

and finally“Are they making you any money?” 

If the answers to the first two questions are “No” then you may need to look a little closer to home and the support you are providing to your team.  If the answers to the first two questions are “Yes” but they are not hitting their KPI’s and targets then you will need to take a much closer look at things.

Analyse their KPI’s and achievements since joining and make sure that there is nothing that can be rectified with additional training. If not then enough probably is enough and you should be thinking now about how best to manage them out of the business.