Business Tips: Create a Vendor Network

Business Tips: Create a Vendor Network

As you likely know, referrals are your best source for new business. If you’re like most security guard companies, you contract with clients that are also being provided a service by other companies that do not compete directly with you. For example, elevator companies landscape companies, painting contractors, building maintenance contractors to name just a few.

Like you, they all have clients that are very close with them. And in many cases they know them on a first name basis and can personally introduce you. Of course, you will have to reciprocate.

Using that advantage set up an invitation-only vendor network. The rules are simple.  All must agree to share and promote some of each others’ customers with the other network members. If any of the network members fail to provide potential customers, they are eliminated from the network and replaced.  Try to keep it small.  A network with five or six noncompeting companies works great. Too many companies makes it unmanageable.

You may only get one or two new clients, but that’s one or two more clients than you had before!

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Business Tips: Reduce Payroll and Increase Take Home Pay

Business Tips: Reduce Payroll and Increase Take Home Pay

As you know, the biggest financial burden for a security company is payroll.

Here’s a tip that you might want to consider to reduce your payroll and increase security officer take-home pay at the same time. How in a world is that done?  First impressions are lasting impressions. A security officer’s uniform is a major part of that first impression. If you’re like most security companies you supply your officers with uniforms.

There’s a better way to do it. Read on

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Business Tips: Service Upgrade Letter Provide Protection

Business Tips: Service Upgrade Letter Provide Protection

Service Upgrade Letters

Too often security companies get the short end of the stick when it comes to providing sufficient security in a lawsuit.

Here is one tactic that has worked well in the past. After you have been providing security to a client for three months, write a letter to them requesting that you meet with them to upgrade the security.

If they meet with you and you are able to get them to upgrade the security, GREAT! you have just increased your billing hours.

If they decline, be sure to document it, preferably with the client’s signature.

You now have a document that can be used as evidence in the event of a lawsuit where you are being sued. You tried to upgrade the security but the client refused.

Note: if the client does upgrade to security, wait 6 to 8 months and write another letter requesting an upgrade in their security. If they agree, you just increased your billing hours again. If they refuse you now have that liability buffer document you have been looking for.

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Business Tips: Tracking Costs by Month

Business Tips: Tracking Costs by Month

Knowing your monthly operating expenses is crucial to managing your cash flow and budget. Operating expenses, sometimes known as OPEX, are not related to service production.

Most successful security managers and business owners try to keep operating costs as low as possible, while not damaging the business.

The following are some suggested line items, listed by the month, that should be reviewed.

Note: January contains the most line items for obvious reasons.

Typical Security Company Monthly Cost Review

 

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