Every security consultant wants to increase their profits, but few of them do it successfully. The default method is to work yourself to the bone—selling more, taking on more clients, doing more vulnerability assessments. You might be earning more profits, but you’re killing yourself in the process. Not worth it.
But there are better and smarter ways security professionals can increase their profits. Here are seven ways to become more profitable without working harder.
Recommend Corrective Actions
Most security consultants don’t include detailed corrective actions in their vulnerability assessments, which create new opportunities for sales. Every time they do an assessment, they’re turning down another opportunity to earn more revenue.
It takes time and effort to include corrective actions in your reports. But it also gives you the chance to add more value. If you’re one of the few consultants who provides thoughtful recommendations, your customers will want to keep you. You’re more likely to get repeat business and referrals—as well as add-on work to provide solutions that address the corrective actions.
Cut Your Costs
There are two sides to profitability: revenue and costs. A lot of security professionals spend all their efforts on increasing revenue to become more profitable, but sometimes you can boost your profits easier by cutting costs.
Reevaluate your expenses and spending habits. Chances are pretty good that you’re throwing money away here or there. Figure out where the leak is and plug it. Here are some starting places:
- Monitor your heating, air conditioning, and utilities usage
- Make your office more energy efficient—tighten seals, install light-blocking blinds, upgrade insulation, etc.
- Quit using so much paper
- Reevaluate your benefits packages
- Buy used instead of new, when possible
- Pay off your debt ASAP
- Negotiate better rates with vendors
- Stop buying top-of-the-line consumable products (coffee, snacks, paper products, lightbulbs, etc.)
- Don’t buy what you don’t need
Take Advantage of the IRS
It can be a pain to track every mile and save every receipt, but it adds up. Don’t get lazy with your tax credits and deductions. Expenses like insurance, repairs, commissions, advertising, contractor and employee pay, and travel can be deducted. I have used MileIq for years, and it has saved me a lot of money with a simple phone app to track your business and personal miles.
Ask One Question
Sometimes a single question can generate more business. Whenever you finish a project, ask your client, “On a scale of 1 to 10, how likely is it that you would recommend my services to someone in your network?” Not only does this plant the idea in their head to refer you to others, but it gives you the opportunity to find out what you do well and what you can improve. That’s a conversation that could lead to repeat business, or an add-on project. And it only takes a few minutes.
Automate Your Reporting
You’re wasting a lot of time creating reports that no one will read. And the reports probably aren’t revealing a lot of information your client didn’t already know. Instead of spending countless hours creating low-value reports, spend a few minutes editing reports with built-in corrective actions and data-based insights. You can charge more for a report this valuable, and you could reduce your time by as much 85%.
Circadian Risk’s vulnerability assessment software could be your single greatest tool for increasing profits.
They say a clean house is the sign of a wasted life. Bull. A disorganized desk is a sign of wasted opportunities. If your desk is cluttered, you’re guaranteed to have buried notes from sales calls that you never followed up on. You may think you know where everything is, but the effort to find that file or notebook you need creates wasted effort and time.
An organized office is a well-oiled machine. You’ll be more efficient, and you’ll waste less time on non-value-added work. You’ll also miss fewer opportunities due to lost notes and forgotten phone calls. That might not put money directly into your account, but the indirect results will pay off.
Use a CRM
If you’re not using a customer relationship management (CRM) tool, get one now. A good CRM can dramatically reduce wasted time keeping track of your leads and following up on the wrong prospects. You can automate your marketing and your email lists, and everything is kept in a central location so you’ll never lose a lead again.
Boost Your Profits
You don’t have to work yourself to death to see better profits. Follow these tips and you’ll see increased profits while enjoying your work (and your life!) a lot more.
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