Security Company Business Tip: Are your costs inline?
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 COST REVIEW
JANUARY
Customer Review –expiration date / billing rates
Bank Loans
Term Loans
Bank Line of Credit
Credit Limit (% or Fixed)
Interest
Term
Overdrafts
Late Fees
Collateral (Accounts Receivable)
Liquidity
Salary & Benefits
Executive Salaries
Security Personnel Hourly Rates
Overtime
Group Insurance
I-9 procedures
Employment Application —
Signage
ID Cards/Guard Cards
Fingerprint procedures
Bonuses
Vehicles
New Purchases
Leases
Vehicle Condition
Mileage
Repairs and Maintenance
Depreciation
FEBRUARY
Customer Review–expiration date / billing rates
Recruiting / Advertisement
Training program
Furniture and Equipment
Plan Purchases
Depreciation
Telephone Equipment
Employee Probation System
Travel and Entertainment
Occupancy Permit/License
Repair and Maintenance Contracts
Procedure Manual Review
MARCH
Customer Review–expiration date / billing rates
Building Cost (except Utilities)
Repairs and Maintenance
Insurance
State Tax
Federal Tax
Policy Manual Review
On-The-Job Training
Testing Procedures
Lease or Amortization Costs
APRIL
Customer Review–expiration date / billing rates
Inventory
Storage
Uniforms & Equipment
Firearms Training
Pepper Spray Training
MAY
Customer Review–expiration date / billing rates
Office Supplies
Stationary and Envelopes
Printed Forms and Legal Documents
Routine Office Supplies
Data Processing Supplies
Employee Benefits
JUNE
Customer Review–expiration date / billing rates
Advertising and Marketing
Advertisements
Company Newsletters
Direct Mail
Fire Prevention Training —-
Self-Defense Training —-
Promotional Gifts
Software Leasing Programs
JULY
Customer Review–expiration date / billing rates
Vehicles
New Purchases/Leases
Vehicle Conditions/Mileage
Repair and Maintenance
Depreciation
Bonuses
AUGUST
Customer Review–expiration date / billing rates
Communications
Telephone / Cell Phones
Incident Report Procedures —
Daily Log Procedures
Radios
Dispatches
Postage Expense
Classroom Equipment
Annual Refresher Training Programs —
Inventory Procedures
In-House Business Forms —
Security Officer Pocket Manual —
Insurance
Workmen’s Compensation
Liability
Automobile
Health
Property
SEPTEMBER
Customer Review–expiration date / billing rates
Supervision —
Professional Fees
Legal
Auditing
Accounting
Consulting
Medical
Key Control Procedures
Court Procedures —
Customer Relations Training —
OCTOBER
Customer Review-expiration date / billing rates
Business Development Expenses
Publications
Subscriptions
Travel and Entertainment
Dues and Memberships
Conventions and Meetings
In-Step Pay Raise Procedure
90 Day Employment Probation Procedure
Attendance
Late / No-Show / Call Off, Monthly Percentages
Disciplinary Procedures
Bonuses
NOVEMBER
Customer Review–expiration date / billing rates
Annual Budget Preparation
Overall Cost Reduction Targets
Line Item Increases/Decreases
Approval and Implementation
Personnel Files
Discipline Procedures and Documentation
Security Contract Renewal Dates
Recycling Procedures
Interest Expenses/LOC
DECEMBER
Customer Review–expiration date / billing rates
Data Processing
Hardware and Software
Repairs and Maintenance
Internet Fees
Website
Webmaster
Domain Names
Shopping Cart/PayPal
Internet Fees
Human Resource Procedures
Employment Application —
State Regulation Compliance
Security Surveys for Customers —
Postage
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