Are you interested in starting a security company? If YES, here is a complete guide to starting a private security company with little money and no experience.
Okay, so we have provided you an in-depth sample private security business plan template. We also took it further by analyzing and drafting a sample private security company marketing plan backed up by actionable guerrilla marketing ideas for private security companies. In this article, we will be considering all the requirements for starting a private security company. So put on your entrepreneurial hat and let’s proceed.
The security industry is an integral part of our world especially in a period such as now-when crime and terrorism has been taken to an all – time high. As a matter of fact, The United States and of course all the countries of the world spends fortunes annually on security; the budget for security is always on the increase every new economic Year and this is because of the fact that people who perpetuate crimes and terror are becoming sophisticated as the year goes by.
What is a Private Security Company?
From a general perspective, a private security company is any company that provides both armed and unarmed security related services and expertise to both private clients and public clients at an agreed fee. According to the United States of Bureau of Labor Statistics, a private security company could be said to be a company that engages in services like providing security guards (bodyguard, guard dog, parking security and security guard services) and patrol services et al.
As a matter of fact, the average private security outfit can go as far as providing advanced special operations services for special clients when they make demand of it. For instance; it is the duty of private security companies to provide security related services such as the prevention of unauthorized activity or entry in a specified perimeter, traffic regulation, access control, and fire and theft prevention and detection et al. These services can be largely described as the protection of personnel and/or assets. Private security outfits can also offer security related services such as roving patrol, bodyguard, and guard dog services et al.
Although security is the responsibility of every one, but there are professionals who are major stake – holders in the security industry. Government security agencies such as The Military, the Police, CIA, FBI, Homeland Security, KGB, Interpol and loads of other government own security outfits have their jobs crafted so also private security agencies have their own jobs crafted out as well.
Why Start a Private Security Company?
No doubt the security industry is a very large industry which accommodates experts who are specialized in different fields in the industry, and the industry is still opening up to innovations. So if you are looking towards starting a business in the security industry, there are several money spinning business opportunities that are available.
If you considering starting your own private security outfit from the scratch, then your determination and diligence are some of the factors that can determine if you can succeed in your pursuit. The fact is that, there are many huddles you must scale through before you can setup a private security company in the United States of America and of course in most parts of the world.
Starting a Private Security Company – A Complete Guide
- Security Industry Overview
It is obvious that the private security industry is indeed a fast growing industry. At the present, there are about 2 million full-time security workers in the United States of America and this number is expected to grow by an estimate of 21 percent by 2020.
- Interesting Statistics About the Private Security Industry
The worldwide private security services industry was approximately 96 billion U.S. dollars in size way back 2013 and statistics has it that the largest share of this market was held by Europe at almost 30 percent, then followed by Asia (with the exception of Japan) and North America. The income of the private security services industry was set to reach an estimate of about 25 billion U.S. dollars in the United States in 2014. Security alarm services alone in the United States of America generated whooping sum of 17 billion U.S. dollars per year between 2008 and 2014.
It is on record that in 2013, the money generated by the global security technology and related services market rose just over 67 billion U.S. dollars and was projected to reach an estimate of about 86 billion by the year 2016. Statistics also has it that the global spending on ICT related security services was set to reach approximately 50 billion U.S. dollars in 2015.
Indeed the private security industry is indeed a large industry, which is why some of the leading private security companies worldwide such as UK-based G4S, Sweden-based Securitas AB and U.S.-based ADT Corporation – in 2013 could boast of generating 12.08 billion, 10.12 billion and 3.31 billion U.S. dollars respectively in just a calendar year. Whereas in the United States of America, the fastest-growing private security company in 2013 was Innovative Surveillance Solutions with a three-year combined revenue growth of about 5,605 percent.
It is on record that of the 15 fastest-growing private security companies, Datto (A Connecticut-based company specializes in hardware-based backup, disaster recovery and business continuity services) generated the most revenue that year with 48.9 million U.S. dollars. Statistics also has it that in 2010, the revenue of security services in the United States of America is estimated to be at about 25.2 billion U.S. dollars.
It is no wonder that the private security industry is one industry that is growing despite the fact that the government of various countries are not relenting when it comes to providing security for her citizens. One thing is certain, the private security industry is an evolving one and new technology and approaches are being employed when it comes to delivering standard and safer security services.
The industry can’t be said to be oversaturated simply because there are different areas (niches) a private security company can specialize in and if you are good with what you do, then you won’t struggle much to continue to attract clients both nationally and internationally.
The factors and incentives that encourage entrepreneurs to venture into the private security industry are the ability to get good returns on your investment with minimal risks. For example; when you secure a contract to provide security for an event or an organization, the norm is that you will be financially mobilized before executing the contract.
People also get encouraged to go into starting their own private security companies because on the average it is cost effective to manage the business / workforce. It is the practice for private security outfits to recruit and trained security guards, body guards and security dogs, et al, when only they have a security contract to execute which is why they don’t usually maintain a large workforce.
Starting a Private Security Company – Market Research
- Demographics and Psychographics
The demographic and psychographic composition of those who need the services of private security companies cuts across the public sector, the organized private sector, households, communities and people of different class and from all walks of life.
Below is a list of the people and organizations that need the services of private security companies;
- The public sector (public facilities et al)
- Organized private sector (Corporate organizations)
- Businessmen and Businesswomen
- University Campuses and Schools
- Event Planners
- Estates and Communities
- Religious Centers
- Sport Organizations
List of Niche ideas Within the Private Security Industry That You Can Specialize in
When it comes to starting a private security companies, there are a couple of niches idea within the industry that an entrepreneur can choose from. Aside from the existing niches in the private security industry, an entrepreneur who is creative can carve a niche for himself / herself.
Here are some niches / areas that a private security company can be specialized in;
- Supply of Security Guards to organizations and households
- Supply and sales of security dogs
- Supply of Bodyguards, Escorts and Bouncers including security patrols et al
- Security Contractor (Supply of security gadgets and accessories et al)
- Security, Training, Consultancy and Advisory Services
- Security camera installation services
The Level of Competition in the Private Security Industry
Surviving in the business world as a private security company requires more than, your expertise, knowing how to deliver standard security contracts but also how to network with key people that matters; decision makers that can decide who a security contract is giving to and all that.
Without a shadow of doubt, there are loads of big time investors such as Halliburton, that have a stake in the private security industry; but one thing is certain, there is room big enough to accommodate both the big private security companies and the small private security companies. What smaller private security companies need to do to survive in the industry is to concentrate on providing security services to households, event planners, estates, communities, schools, hospitals and hotels et al before bidding for big security contracts from corporations and government agencies.
List of Well – Known Brands in the Private Security Industry
You can hardly talk about leading private security companies without mentioning companies such as UK-based G4S, Sweden-based Securitas AB and U.S.-based ADT Corporation. These are the leading private security companies in the world. Here are some of the leading private security companies in the United States of America;
- AirScan – Titusville, FL
- Academi – McLean, VA
- Custer Battles – McLean, VA
- DynCorp – Falls Church, VA
- G4S Risk Management – Palm Beach Gardens, FL
- GK Sierra – Washington, D.C.
- Jorge Scientific Corporation – Arlington, VA
- KBR – Houston, TX (Formerly a Division of Halliburton)
- MPRI, Inc. – Alexandria, VA
- MVM, Inc. – Vienna, VA
- Northrop Grumman – Los Angeles, CA
- Raytheon – Waltham, MA
- Titan Corporation – San Diego, CA
- Triple Canopy, Inc. – Herndon, VA
Starting a private security company is not like starting a mom and pop business in a street corner in down town Chicago, IL; it is indeed a serious business hence critical economic analysis must be conducted to ensure that the risks and other threats associated with starting a business from the scratch or investing in a business idea are mitigated.
If you are considering starting a private security company in the United States, your concern should not be restricted to just acquiring an office facility and equipping the facility or hiring the best hands in the industry, you should also be concerned on how to attract clients and secure mouthwatering security contracts.
On the average, setting up and running a private security business in the United States can be cost effective simply because you don’t have to maintain a large workforce when you don’t have a security contract to execute. With key good company’s profile, highly trained, highly qualified and highly experienced staff members in your team, you won’t have to struggle much to win security contracts when you submit your bids.
Is the Private Security Business Worth Starting from Scratch or is Buying a Franchise Better?
Although there is the possibility of buying a franchise from a successful private security company or even partnering with a big security company if you are considering owning an investment in the security industry.
One thing is certain, people are motivated to start a business based on various factors and incentives. If you are looking towards building a business that you intend controlling, a business brand that you hope to one day transfer ownership to your children and perhaps also sell franchise in future, then starting from the scratch should be your best bet. But if you only interested in making money and multiplying your wealth, then you may as well buy the franchise of a successful private security company that is willing to sell its franchise.
Possible threats and challenges you will face when starting the business
Generally in the private security industry, both the already established private security companies and start – up security companies are subject to threat and challenges from government policies, global economic downturn which usually affects spending and unforeseen natural disasters (disasters that may cause setback).
Another threat that you are likely going to face when you start your own private security company is the arrival of a well – established private security company in the location where your business has strong presence.
Starting a Private Security Company – Legal Matters
- Best legal entity to use for a private security business
No doubt starting a private security company is indeed a serious business which is why the legal entity you choose will go a long way to determine how big the business to can grow. Choosing a legal entity for a business such as a private security company is some worth straightforward especially if you decided to grow the business big.
When it comes to choosing a legal entity for your private security company you have the option of choosing from a general partnership, a limited partnership, an LLC, a “C” corporation, or a “S” corporation. It is important to clearly state that these different forms of legal structure for business has its own advantages and disadvantages; which is why you must weigh your options properly before making your choice on the legal structure to build your private security outfit on.
These are some of the factors you should consider before choosing a legal entity for your private security company; limitation of personal liability, ease of transferability, admission of new owners and investors’ expectation and tax issues. If you take your time to critically study the various legal entities to use for your private security company, then you will agree that limited liability company; an LLC is the most suitable. You can start your private security company as a limited liability company (LLC) and in future convert it to a ‘C’ corporation or even a ‘S’ corporations especially when you have the plans of going public.
Upgrading to a ‘C’ corporation or ‘S’ corporation will afford you the opportunity to grow your private security company so as to compete with major players in the security industry; you will be able to generate capital from venture capital firms, stock market, you will enjoy separate tax structure, and you can easily transfer ownership of the company; you will enjoy flexibility in ownership and in your management structures as well.
Catchy Business Name ideas Suitable for a Private Security Business
When it comes to choosing a name for your private security company, there are no hard and fast rules to follow. This is so because private security companies are not like other business who hopes that their names can help them attract passersby who may just walk in to want to do business with them; there is no rule of thumb.
Here are some catchy business name ideas you can choose for your private security company;
- Stevenson and Gabby Security Solutions
- Safe Haven, Inch.
- JBJ Security Group
- Preston and Jessica Corps
- Kings Guards Limited
- ADC Corporations
- Mac Clarence Guards
- ZED Plus Security Consultants
The Best Insurance Needed for a Private Security Company
In the United States and of course in most countries of the world, you can’t operate a business without having some of the basic insurance policies that is required by the industry you want to operate from. Besides, the nature of the security industry requires that you have the proper insurance cover in place or else you will be forced out of business if anything goes wrong with the security contract you are handling.
So, it is important to create a budget for insurance and perhaps consult an insurance broker to guide you in choosing the best insurance policies for your private security company; it is their duty to help you assess the risks involved in the type of security business you intend running and then advice you accordingly.
Here are some of the basic insurance covers that you should consider purchasing if you want to start your own private security company in the United States of America;
- General insurance
- Health insurance
- Risk Insurance
- Payment protection insurance
- Liability insurance
- Workers compensation
- Overhead expense disability insurance
- Business owner’s policy group insurance
Is Intellectual Property Protection and Trademark Needed for a Private Security Company?
If you are considering starting your own private security company, then you should consider filing for intellectual property protection. Filing for intellectual property protection for a private security company goes beyond protecting your company’s logo and other documents, but also protecting your software applications and of course the name of your company.
If you want to file for intellectual property protection and also register your trademark in the United States, then you are expected to begin the process by filing an application with the USPTO. The final approval of your trademark is subjected to the review of attorneys as required by USPTO.
Is Professional Certification to Start a Private Security Company?
The security industry is one of the industries that are highly regulated so as to prevent costly security breaches that endanger the security of a country. It is for this reason that if you are looking towards beginning a private security company, then you should acquire international security certifications; it will give you edge amongst your competitors. The truth is that, the more relevant security certifications that you and your team have, the easier it is for you to convince people to patronize your services.
Here are some professional certifications that you or your key staff should look towards acquiring;
- Certified Security Project Manager (CSPM)
- Cisco Certified Security Professional (CCSP)
- Certified Security Compliance Specialist (CSCS)
- Certified Information System Security Professional (CISSP)
- Industrial Security Professional Certification (ISP®)
- Global Industrial Cyber Security Professional (GICSP)
List of Legal Documents You Need to Run a Private Security Business
In The United States of America and of course all over the world, the security industry is amongst the industries that are highly regulated so as to avoid costly security breaches in the country. If you are considering starting a private security company, then you are expected to meet the legal documents requirements as stipulated in the constitution of your country.
These are some of the basic legal document that you are expected to have in place if you want to start a private security company in the United States of America;
- Certificate of Incorporation
- Security Clearance Certificate
- Business License
- Business Plan
- Non – disclosure Agreement
- Memorandum of Understanding (MoU)
- Employment Agreement (offer letters)
- Operating Agreement
- Company Bylaws
- Operating Agreement for LLCs
- Insurance Policy
Writing a Business Plan for your Private Security Company
If you are looking towards starting a private security company, then one of the first steps that you are expected to take is to consult experts to help you write a good and workable business plan. The truth is that, in order to successfully run a private security company, you would need to have a good business plan in place.
A Business plan is the blue print that is needed to successfully run a business; with a workable business plan in place, you will reduce the trial and error approach of doing business. You will be able to manage your business with purpose and perhaps precisions; you will know what to do per time and how to handle challenges, growth and expansion.
So if you want to start your own private security company, you are required to write a detailed business plan that can pass reality test when subjected to it; you should work with the facts, figures and other indices in the security industry as it applies to the country you intend starting the business.
The whole idea of writing a business plan is not just for the sake of having a business document in place; but a detail guide on how to effectively run your business from the scratch. Your business plan should outline and cover strategies on how you intend to manage and grow your private security company. The rule of thumb in writing a business plan is to try as much as possible to be realistic and never to over project when putting figures on income and profits et al. As a matter of fact, it is safer to underestimate when writing a business plan so that you won’t be so disappointed when reality sets in.
These are the key areas that should be covered in your business plan;
Executive summary and Company’s descriptions: you are expected to write about the concept of your business, descriptions of your company, your company’s vision statement, mission statement and where your company will be located and also if you intend selling out franchise or opening outlets in different cities in the United States of America and in other parts of the world.
Other key components that should not be missing in your business plan are products and services offering, SWOT analysis, competitive analysis, marketing and sales analysis / strategies, target market, market goals, pricing, costing and financial projection, publicity and advertising strategy, expansion and growth strategies, budget and start – up capital generation et al.
Detailed Cost Analysis for Starting a Private Security Company
There are several expenses that you would have to make before successfully launching your own private security company. It is important to state that the location you choose to launch your business will definitely impact on the overall cost of starting the business which is why it is very important to have concluded and analyzed your feasibility studies and market survey before drawing up a budget and sourcing for funding for your business.
Here are some of the basic costs you must look towards fulfilling when starting a private security company in the United States of America;
- The Total Fee for incorporating the Business in United States of America – $750.
- The budget for Insurance, permits and license – $5,000
- The Amount needed to rent a suitable office facility with enough space in the United States of America (Re – Construction of the facility inclusive) – $50,000.
- The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $15,000
- The cost for acquiring security equipment, gadgets, accessories and uniforms et al (baton, metal detectors, pepper spray and relevant software applications inclusive) – $25,000
- The Cost of Launching an official Website – $700
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Other miscellaneous – $1,000
Going by the report from our research and feasibility studies, we will need about $120,000 to set up a small scale private security company in the United States of America.
On the average, you would need over 200,000 US dollars to start a medium scale private security company in the United States of America. If you choose to start a large scale private security company, then you should look towards budgeting about 2 million US dollars and above. This money includes paying security experts that will be on your employee / payroll.
- Financing Your Private Security Company
If you choose to start your private security company on a small scale, you might not need loads of resources to launch the business, but if you decide to start on a large scale, you will sure need to raise the required start – up capital to launch the business.
If you are starting your private security company on a large scale, you will need a decent office facility, office equipment and furniture, and money budgeted for the payment of salaries and utility bills for at least a period of 3 months and you will also need money to purchase essential security equipment, vans, bikes and gadgets et al. In essence you are expected to generate your start – up capital.
When it comes to financing a business, one of the first thing and perhaps the major factors that you should consider is to write a good business plan. If you have a good and workable business plan in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.
Here are some of the options you can explore when sourcing for start – up capital for your private security company;
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Applying for loan from your bank / banks
- Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
- Source for soft loans from your family members and your friends.
Choosing a Location for Your Private Security Company
Choosing a location for your business is not what you should do without due consultation. The truth is that if you get it wrong with the location where you have decided to pitch your business tent, you are more likely going to struggle to make headway with the business. One of the major reasons why business struggles, fails and eventual close shop is the fact that the owners decided to choose a wrong location for the business.
Nonetheless, if you are able to build a successful security company brand, you can pitch your business in any part of the world and still make success out of the business- especially if you run a security consultancy and advisory business. Conversely, if you are just starting out; especially if you are a newbie in the security industry, it is important that you locate your business in an area with healthy business activities.
These are some of the factors that you should consider before choosing a location for your private security outfit;
- The demography of the location
- Accessibility of the location
- The numbers of private security companies in the location
- The local laws and regulations in the community / state
- Traffic, parking and security et al
Starting a Private Security Company – Technical & Manpower Details
If you are tinkering with starting a private security business, then you should be ready to purchase effective security software applications, security equipment, gadgets and accessories – these are some of the basic technical areas you are expected to spend part of your startup capital.
When it comes to choosing between renting and leasing an office space, the size of the private security firm you want to build, and your entire budget for the business should influence your choice. If you have enough capital to run a private security outfit, then you should consider the option of leasing a facility for your office; when you lease, you will be able to work with long – term planning.
Regarding the number of employees that you are expected to kick start the business with, you should consider your financial capacity before making the decision. But good enough, you don’t have to maintain a large workforce if you run a private security company; you can recruit and train employees when you have the need to.
Averagely, you would need a Chief Executive Officer or President (you can occupy this role), an Admin and Human Resource Manager, Security Consultants and Associates (Different areas of specializations as it applies to your business), Business Development Executive / marketing Executive, Customer Service Officer or Front Desk Officer, and Accountant.
Over and above, you need a minimum of 10 key staff to effectively run a medium scale private security firm. Please note that there will be times when you are expected to go out of your way to hire experts to help you handle some high profile security contracts.
If you are just starting out you may not have the financial capacity or required business structure to retain all the professionals that are expected to work with you which is why you should make plans to partner with other security outfits that are specialized in areas you aren’t. For example; you might win a contract to supply guard dogs for an event; all you need to do is to contract it out to a private security company that is into that niche of security.
- The Service Process Involved in the Private Security Industry
The services process involved in the private security industry depends on the niches of security services a company is into. On the average, the process starts with biding or submitting proposal for a security contract, once the contract is won, then it is expected for the entire contract document to be signed and advance payment made as required.
Once the payment has been sorted out, then the security firm is expected to deploy security guards, security dogs, bodyguards and bouncer et al as required.
Over and above, it is the practice for private security companies to first access the risk involved and the nature of job they are to do before billing the organization that requested for their services.
Starting a Private Security Company – The Marketing Plan
- Marketing Ideas and Strategies for a Private Security Firm
Private security firm is not a business that you have to retail products which is why you must do all you can to maximize any opportunity that comes your way.
So when you are drafting your marketing ideas and strategies for your private security company, make sure that you create a compelling personal and company’s profile which must include the profile of your board of directors and management team. The truth is that if you have highly qualified, trustworthy and successful security professionals in your board and core management team, it will definitely give you leverage in the market place.
Here are some of the platforms you can utilize to market your private security company;
- Advertise your business in relevant business magazines, TV and radio station and also make yourself available for security related talk shows and interactive sessions on TV and Radios)
- List your business on local directories / yellow pages (both online and offline)
- Attend security related expos, seminars, and business fairs et al
- Leverage on the internet to promote your business
- Join local chambers of commerce around you with the main aim of networking and marketing your private security company.
- Introduce your business by sending introductory letters alongside your brochure to all the corporate organizations, community leaders, schools, hospitals, hotels and government offices in your target area.
- Promptness in bidding for contracts
- Create different packages for different category of clients in order to work with their budgets.
- Engage in direct marketing, referral marketing and also email marketing.
Possible Competitive Strategies for Winning your Competitors in the Security Industry
It might be challenging competing as a newbie in the public security industry especially in a highly organized market like that of the United States of America, which is why you must be deliberate in choosing your board members and your core management team.
As a private security company, if you have the required expertise and equipment to carry out a security contract, then you are likely not going to struggle to compete in the industry. Hence, ensure that you put in your best whenever you have the opportunity to handle any security contract. You should be known for delivering excellent security services at all times. Creativity, excellence and attention to minute security details should be our signature.
Lastly, ensure that your organization is well positioned and if possible form strategic partnership with other key stakeholders in the security industry; it will sure give you competitive advantage over your competitions.
Possible Ways to Increase Customer Retention for a Private Security Business
When it comes to business no matter the industry you choose to pitch your tent in, one of the easiest ways to increase customers’ retention and perhaps to attract new customers is to satisfy your customers always. If your customers are satisfied with your services delivery, they can hardly source for alternative service provider or products.
Statistics has it that one of the major reasons why customer’s source for alternative service provider or product is when there is a drop in quality. Another reason is poor customer service. If you can continue to improve on the quality or your services and your customer service delivery, then you won’t struggle to maintain your loyal customers.
Part of what you need to do to achieve this is to track progress, results or outputs with the aim of improving on them quickly as the case demands. When it comes to managing your customers and building loyal clientele base, you should purchase a customized CRM software.
With a customized CRM system you can easily stay in touch with your clients (you can carry out quick survey, you can introduce new products and prices to them without any hitch, you can felicitate with them on their birthdays and other anniversaries, you can keep track of their progress, you can send bulk text messages and customized e – mails and above all you can easily receive compliant and feedback from them).
Strategies to Boost your Private Security Brand Awareness and Create a Corporate identity
When it comes to creating brand identity for a private security business, the caliber of clients you have worked for and the nature of security contracts you have handled is always a major brand booster.
It is pretty important to work with your consultants to help you map out publicity and advertising strategies that will help you walk your way into the heart of your target market. First and foremost, you should ensure that your brand is visible and well communicated which is why you should make provisions to work with different class of people in the society. All your publicity materials and jingles should be done by some of the best hands in the industry.
Below are the platforms you should leverage on to boost your brand awareness and create a corporate identity for your private security company;
- Introduce your business by sending introductory letters alongside your brochure to all the corporate organizations, community leaders, schools, hospitals, hotels and government offices in your target area.
- Advertise your business in relevant magazines and websites
- List your business on local directories / yellow pages (both online and offline)
- Promote your business on satellite TV stations and radio stations.
- Attend security related expos, seminars, and business fairs with the aim of creating awareness and promoting your brand
- Engage in direct email marketing
- Leverage on the internet (social media platforms and your official websites) to promote your business
- Ensures that your workers wear your branded shirts at all times during working hours and also make sure you brand all your company’s official vans, trucks and cars et al.
Finding a Suppliers / Distribution Network for your Private Security Firm
The nature of the security industry gives room for private security companies to network amongst themselves and also network with government own security agencies. This is so because the issue of security cannot be handled in isolation. It is the practice for security companies to get regular security updates from the government security agencies.
It is important to state that there will always be room for a private security firm to form strategic alliance with one another which is why it is important to maintain a good network within the industry. For example, you may have need for the supply of security dogs, bodyguards, escorts and bouncers et al; it is not mandatory for your organization to specialize in these areas of security services.
Tips for Running a Private Security Company Successfully
The truth is that, irrespective of the kind of business you run, your ability to get all the members of your team on same page at all times is one of the keys you need to successfully run the organization.
As the chief executive officer or president of a private security company, it is you responsibility to give direction to the business. Part of what you need to do is to ensure that you create time for office meetings; a time where challenges, feedback, projections and relevant issues are discussed. The meetings could be daily, once in a week, twice a week or once in a month. The bottom line is that there should be consistent meetings in your organization.
Carrying out appraisals on a regular basis and training your employees will help you run your organization effectively. Encourage your employees to pursue certifications in their various area of specializations; it will help your organization’s profile and of course it will help the individuals. You can choose to fully or partially sponsor some of the certifications.
Lastly, you should keep your doors open for suggestions from members of your team and your clients. It is very important to reward excellent performance in your organization; it will go a long way to encourage healthy competition in your organization.