When entering new industries, identifying and planning to outbid your competition is perhaps one of the biggest challenges facing security firms outside of the top five. As the security industry moves onward post pandemic, trends have shown that top industry security teams have required a stronger need for contract security fulfillment. In doing so, we’re seeing a larger shift toward contract security supplementing, even replacing, in-house security teams. How can you keep up with the trend? How can you reach toward fulfilling contracts that would have otherwise been limited?
Identifying Your Costs Plus the Cost for Your Future Clients
Knowing the true cost of security for in-house teams is critical; not only are specific industry sectors like healthcare, manufacturing, or hospitality more adept to overall security measures, they require unique attention to their costs upfront. This means it’s critical that security firms approach new industry security teams with the understanding of security’s role within an in-house organization – and the understanding of its overall cost. This will aid in adjusting guard pay and bill rates and in understanding a future client’s financial boundaries, such as fixed and soft costs.
Two Key Factors to Consider When Expanding to New Industries: Fixed and Soft Costs
Overall, maintaining awareness of your own ROI in relation to your client’s financial boundaries is key. In supporting an in-house security initiative, where do you fit in? And how will you evaluate your own return on asset spend? Will this be a split cost or yours entirely?
HR, Training, and Onboarding “Fixed” Costs
As you already know, these hard costs can be burdensome. When it comes to contract negotiation and SLAs with new industries, planning ahead for potential increase to your duties will ensure you’re prepared to enter any industry. These costs can include:
- – Additional and/or specialized training (especially now in this new normal)
- – Onboarding and new hire costs
- – Uniform and asset costs
Administration, Scheduling, and Managerial “Soft” Costs
These soft costs can seem to come out of nowhere; yet, when these ongoing expenses add up, they can be challenging to quantify. Despite their challenge, there are tools out there made just for the security industry that will help improve cost efficiency and overall expenses. Here are a few costs to bear in mind:
- – Guard scheduling costs and time lost in filling open timesheets
- – Outlining reporting protocols and templates
- – Processing payroll and other HR tasks
- – Creating training modules to adhere to regulatory standards and laws
Improving Your Contract-Grabbing Ability with the Help of Tech
At the end of the day, there are plenty of tools out there aimed at helping security firms gain that extra contract. What’s most important to keep in mind, however, is their ability to push you ahead of the curve as a formidable competitor. Tools that help manage guard tours is great – what’s essential is finding a tool that can do that and more. Here are a few things to consider:
- – Look for reporting (Incident & DAR) capabilities that allow you to recreate any reporting requirement. Create an unlimited amount of prefilled officer report templates with a wide range of response types.
- – Compliance requirements vary from different municipalities and nationalities. A proper solution will allow for the creation of customizable training modules to help you ensure staff is up to date with safety and security procedures and requirements.
- – Avoiding costly scheduling errors is what a smart scheduling solution can offer. Reduce costly overtime and eliminate scheduling gaps and coverage issues with security guard and other hourly employees.
- – The ultimate goal of every organization is to grow and scale up. Your workforce management system must adapt and be able to handle a large number of staff and be flexible to adapt to increased demands.
Download our checklist for more insights on what to look for when finding the best security workforce management solution.
About the Author
Christina Ortega is the Content Marketing Specialist for Trackforce Valiant. She aims to deliver valuable content that addresses key issues facing the security industry – and offers insights into the latest solutions being taken to confront them.