Many investigators unintentionally compromise their financial future by accepting any business that comes their way, whether or not they have the required experience to do the work effectively. This practice is rooted in fear, and fear is a dangerous business motivator. A company that operates out of fear is vulnerable to making bad business decisions that can compromise its financial future.
Some of this fear stems from the current U.S. and global economy. It is true that the marketplace is shrinking because businesses and law firms are downsizing and going out of business. A corollary reduction in personal spendable income due to the loss of jobs and decreases in other avenues of income, such as 401K’s, stocks, and the equity left in homes, combine to create a climate of fear among business owners. Although what is happening in the economy is very real, this fear is not the primary reason investigators accept any business that comes their way.
The primary reason is that for many years, referrals and contract work comprised much of business for investigative firms. Work was given and received in this manner, which created work from other professionals in the field. Many investigative professionals learned to depend on the network for business instead of learning to generate business through effective sales and marketing.
Now and in the future, referrals and contract work will get less and less, which makes sales and marketing more important than ever before and a necessary, not an option. Yet, many investigative firms have not developed the sales and marketing skills and strategies to survive tough times. Faced with the fear of not knowing when more work will come in their door and lacking the skill to generate more business, investigative firms succumb to accepting any business that comes to the door.
The Greatest Dangers of this Poor Business Practice:
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Whenever a business attempts to provide a service that is not in its expertise, it is very costly to research how to do the job.
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If the job done for the client is not done correctly, it will likely decrease the company or firm’s credibility and reputation in the already hyper-competitive marketplace. At best, this is extremely costly to fix; at worst, it is unfixable.
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Once a company or firm loses its credibility and reputation, it is only a matter of time before the business closes its doors.
You can see there are no shortcuts in business. One bad business practice can snowball and compromise your business’s financial future.
If the business practice I described today applies to you, do not wait to make changes. If you are not proficient at generating business for your company, call us today at 678-583-0401 or email me at [email protected]. We have been helping investigative firms generate business for over 20 years.
