Great advice above on how to think about your business and who to sell to regarding your services as there are companies continuing to expand.
As someone who used to have to purchase these services some things that came to my mind:
1) Can you move farther up the value chain in candidate selection? I don’t know if your service is about straight pulls from databases, etc. but is there something creative you can do to help people screen and shortlist candidates rather than just do the background check? The unfortunate outcome of COVID is there will now be lots of candidates applying for roles….how can you help small business cull through the list faster?
2) Can you partner with recruitment agencies? That might be easier than going direct to some businesses.
3) Have you spoken to customers that are still hiring and how they make their decisions on purchasing these services? From my experience we tried to find firms that could either a) handle volume and/or b) turnaround time. In all cases we needed assurances on how to handle complicated/judgement cases and the ability to report out SLA’s as the worst thing was losing candidates because our background check provider was overwhelmed, etc. . Those things may be interesting to think about if #1 turns out to be true.
4) This was mentioned above by Russel by bears repeating…find out what you can add to the process that is different and sticky. Many times, in my experience, these contracts are often about price and speed because everyone pulls form the same database. Use talking to customers to figure something else out if you don’t have it already.