Security is fundamental in keeping a controlled and safe environment. Running a successful security company in this industry was never supposed to be easy. The consistencies of different roles and requirements, coupled with fluctuating demand, can be enough to drive any manager crazy.
The Security Services industry is anticipated to see a high level of demand in the coming years. This is due to improved employment rates as the economy recovers from the pandemic. As per IBISWorld, an increase in corporate profit levels in Canada for the years 2020-2025 is likely to see security budgets rise. This research suggests that despite setbacks during the pandemic, the market is getting healthier. Luckily for security companies, the platform for long-term success is in place.
Below, we break down the potential reasons that security companies might fail or succeed in the competitive industry.
The Potential Failures of Security Companies
Competition in the security industry is rife. It’s essential for companies to have measurements in place that not only create success but help to avoid potential pitfalls. Statista stated that the North American security services industry has grown by $14 billion since 2011, highlighting an increase in competition. In the current times, it seems clear that defining the area of security your company will operate is key. Without a clear brand and coherent message of what you aim to achieve, you are unlikely to gain loyalty from clients.
Competition couldn’t be discussed without the mention of price and quality; both hugely decisive factors in how much business you can attain. Price and quality can often go hand in hand. It’s indispensable that you offer a client value for their money. Because of the vast competition for security companies covering events, any lack of consistency and reliability with pricing and quality could lead to being left empty-handed in an unforgiving market.
Personnel is power. Once you have the required personnel to accomplish your business goals, your company will only grow stronger. On the flipside, however, not understanding how many personnel you need to operate effectively, or how to utilize their skillsets, is likely to lead to disaster. Potentially, this could create an incapable and underperforming workforce, coincided with financial instability.
Many security companies fail because they don’t have the number or quality of personnel to undertake a job. There should be great emphasis on quality, which is determined by qualifications and training. Often referred to as ‘license holders’, security professionals who have gained qualifications and training can be classed as experts in the field of keeping other personnel safe. Not having a workforce that carries this title may lead to a lack of trust, and in turn, fewer assignments.
By resources, we mean the basics to perform day-to-day security procedures, as well as advanced technology and software.
The ‘basics’ can be defined as uniforms and protective gear. Although well documented, the security services industry is high-risk and workers can be exposed to potential threats if the appropriate resources are not allocated. If not supplied, it could be deemed as negligence; which will have a significantly negative impact on your company.
While the basics are essential, integrating new technology and software can enhance overall performance. In this instance, communicative devices such as mobile phones, audio recorders, and earpieces are a must. However, due to demand changing to meet the requirements of an erratic event calendar, shift work has become an increasingly plausible option for security companies. With so many different people vying for work, being devoid of efficient workforce management software could mean that scheduling your employees will be extremely difficult and time-consuming.
Their utilization of our platform goes to show that without additional workforce management software, it may be harder to guarantee that you will meet your clients’ expectations and demands within an adequate period of time.
Reasons for Success in Security Companies
One of the most important success factors for companies within the security industry is the vast demand for their work. Since the world was shocked by the global pandemic of COVID-19, great stress has been put on the security industry and the world as a whole. Additional responsibilities, such as temperature checks and monitoring people counts, have been added to the daily routine. As safety has become ever more paramount during these uncertain times, there has been a huge spike in demand for additional support from security services.
Although demand has been known to fluctuate, the event industry is always prominent. In a world where we lust for sport and a glimpse of the latest pop star, these events need to be secured efficiently. Most commonly within urban areas, events little and large are happening on a daily basis. However, where there is a demand for security, there is increased competition. If a security company is trusted and reliable, which ties in with the next section of this article, then they can be a big player in a market heavily in demand for their services.
Having a clear business plan is the perfect start to establishing a foundation for success. If you can answer the following questions, you have an idea of who you are, and what you represent. Do you…
- Understand your start up and ongoing costs?
- Have the desired personnel?
- Know your target market and its competitors?
- Have a pricing structure and marketing strategy?
- Have a contingency plan?
If you can say yes to all of the above, your security company is likely in a healthy position for success. But even if you have evaluated every corner of your market and its requirements for success, you should still be aware of its persistent change; hence, a contingency plan.
In today’s day and age, marketing is at the forefront of promoting the brand of a company. Having a marketing strategy will ultimately highlight your ambition for continuous organizational growth. Having a coherent strategy in place will allow you to market your service, attract desired clients, and allocate resources efficiently.
However big or small your company, having social media accounts is vitally important for raising awareness of the service you provide and creating further engagement. This is coupled with having an active website that is SEO-optimized to ensure that any keyword searches are directed to your URL. This will ensure your company is easier to find and contact on the internet.
The levels of marketing are very dependent on the size of the company and what they require. But, you can safely say that a company that markets more, will attract much more attention.
Is your security company where you want it to be?
Failure and success are not always defined by one factor. However, these ‘factors’ can contribute as pieces of the puzzle; whether good or bad. It may be that you’re reading this article and your reasons for success counter exactly the reasons for failure written above. That’s business. It comes in no given shape or size. Many believe that a company can only be as good as its competition. Nevertheless, to determine how successful your company currently is, ask yourself this:
Is your company exactly where you want it to be?