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PI's: Increase Your Profits!

5/26/2018

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Increasing the efficiency of your operations is the best way to increase your profits.

​Here are a few ways that you can increase your efficiency, to increase your bottom line: 
  • Learn your software packages - If you use a word processor, take the time to learn it. There is nothing more aggravating than writing a report then finding that it doesn't print like you want it, or worse, it disappears all together because you have not saved it correctly. 
  • Use a Typing Tutor - Maybe your a great investigator, but when it comes to typing you find yourself pecking away, backspacing a lot to correct errors. There are several online typing tutor programs, many that are free, that will improve your typing skills, reducing the time required to complete emails and reports. 
  • Time Management Training - Taking the time to improve your time management skills increases your efficiency, accuracy of your work, by reducing the time required to complete tasks. With the right training you can reduce the time required to complete many tasks by almost 20%!!!
  • Identify Weak Areas - Hire Experts - Whether it is managing your web page, completing accounting paperwork, or managing your advertising campaigns, there are those tasks that it is worth the investment to hire those with the right expertise. Be honest with yourself and get help where needed. It's an investment, but the return will often outweigh the cost. 
  • Bundle Tasks - Bundle like tasks together. Identifying times during the day to respond to emails, write reports, will allow you to focus, improving your work as well as saving time. This applies to other tasks as well, such as; financial paperwork, dealing with internal office matters such as clearing out your inbox, or making marketing calls. Bundling may not always be the best option for your internet and TV services, but in dealing with daily work tasks you will be amazed at how much time you save. 

"Time is money" for private investigators like any business. Time saved is the potential to put more dollars in the bank. Finding ways to work more efficiently, learning better ways to manage your time, increasing your accuracy, will increase your profits. 

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PI's: Know your limits, Then Prepare!

5/12/2018

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From the business perspective you can find it hard to say "no" to client when discussing a potential investigation. It is important to know your limits and respond accordingly. As an experienced investigator you have, or will, receive that call to consider an investigation. An investigation that may be beyond your level of expertise, or capabilities. 

So how can you still say "yes" to an investigation, when your resources and capabilities are limited?

Start by identifying your weak points, areas where you may not have the required expertise, or for times when you have a heavy case load then, prepare in advance.
  • Identify potential partners - Through your association meetings, individuals you meet through the course of your work, establish potential partners that can work with you to fill the gaps you have identified.  
  • Establish pricing and/or agreements - Knowing what a specific skill may cost you will help you work with the client in determining pricing. For example; you are asked to work an investigation that will require computer forensics, that may be a weak point for your skill set. Identify qualified computer forensic analysts and developing pricing for common tasks. 
  • Reciprocal Agreements - Consider offering the same assistance to them if they encounter similar situations. This will expand your potential business opportunities as well as further cementing the partnership. 

By identifying partners with the necessary skills and expertise, establishing agreements in advance, and offering your services in return, you can expand your investigative offerings. This will put you in a position to accept almost any investigation at times you have a heavy workload, or the investigation requires skills you do not have. 

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