By Doc Rogers
Now is certainly the time to reflect on what you’ve learned this past year, here’s some critical lessons I learned in 2011 and I hope there are some good take a ways from this article.
1. Loyalty. There is no such thing as a loyal client. This may sound negative. But it’s vital to know. You may be focusing all your BG attention and efforts on one key client while neglecting others. Once that key client does not require your BG services any longer you’ll be left with a dramatic dry spell in work and in revenue. Key Take Away: Focus equally on all your BG clients.
2. Overload. Don’t try to do all the BG assignments yourself. You will spread yourself too thin and can only work so many assignments at one time. This reduces your income potential. Key Take Away: Shift your focus to managing BG assignment utilizing vetted and trained personnel under your command instead of trying to do all the BG assignments yourself.
3. Expenses. Don’t neglect incidental expenses. To stay profitable in today’s expensive world BGs must charge clients for their incidental expenses. Key Take Away: Your BG contract should have a daily payment for lodging expenses, meals and related incidental expenses while on assignment. This way you revenue will not go down, your expenses will not go up and your profits will not suffer.
4. Cancellations. Utilize a cancellation clause. In today’s undetermined business world many clients are forced to cancel BG services. Professional BGs should include a cancellation clause in their contract. Cancellations make profits suffer and you can actually lose money. Key Take Away: Suggested cancellation fees for BG services: 30 – 15 days prior to BG service: 5%, 14 – 7 days prior to BG service: 10%, 6 – 3 days prior to BG service: 25% and Less than 72 hours prior to BG service: 50% of the total price quoted for the BG assignment.
5. Errors. Accept your past errors. As professionals BGs we cannot account for all the errors of the world. Cancelled flights, delays in visas, passport renewals, lost luggage, etc. Mistakes happen from time to time. We acknowledge this fact. But we should not dwell upon them or let them affect our performance. Key Take Away: Champions learn from past errors and do their best to avoid repetition in the future.
6. Risks. We should take more positive risks in our lives (never on the job where clients are concerned). This includes career advancement, obtaining BG contracts, meeting the right people and obtaining more education. Key Take Away: Historically those who achieved greatness in business and in their personal lives took all the positive risks possible. For once they crossed that risk; personal satisfaction, confidence, self-respect was gained and success became easier. Don’t be afraid to take changes. Keep safe and God speed.