Theoretically there are of course an almost infinite number of potential engagement opportunities for a firm offering investigation / risk management services. In practice however, as you know of course, new business needs to be profitable, match your strengths, sourced cost effectively and without the commitment of an inordinate amount of time invested into the sales cycle. Thus, PI Firms need to be selective when screening their targets to ensure they are both viable as well as a good match for their strengths.
Many potential clients are a bit obvious and visible (e.g. SIUs, Insurance Companies, Claims Adjusters, Divorce Lawyers etc.). As a first step in an effort to list a few potential prospects that may (or may not) be a potential fit for your organization specifically, I offer the following (although there are no great epiphanies per se…..these are meant only as helpful to facilitate additional thought)…..
- The Human Resource Department of any Company – Employee background checks, employee theft or embezzlement, etc.; What entity can do a better background check than a PI?
- Litigation Law Firms – This of course includes the aforementioned divorce lawyers and every accident victim law firm on television….but also includes those firms handling consumer class action lawsuits, medical malpractice, civil cases, etc.
- Commercial Banks / Mortgage Loan Servicers – talk to anyone in the mortgage arena and their Risk Management departments often are inundated and consumer lawsuits are still frequent. Is there a niche here? Also, although presumably as a Federally insured entity, employee theft is a federal crime and investigated by authorities….but background checks can be very important to these institutions.
- State and Municipal Entities – these are often competitive and it takes time to understand their processes and needs, but they tend to be “sticky” and stay with providers once they’ve awarded business (particularly after a competitive process). They may or may not conduct their own background checks (possible opportunity?) but is there an opportunity in vetting prospective business partners, evaluating threat assessments, workman’s comp claims, etc.?
- Public Utilities – Power lines, trench digging, climbing, heavy equipment etc. are all catalysts for injuries and the associated repercussions
- Realty Companies – Is there a cost effective way (and need) to do a quick check on the background of male homebuying prospects meeting female realtors (for the latter’s safety)…..and for the realtor to secure info in advance from the prospect to be vetted?
- Corporation Board Members – Detailed background checks before they are voted in?
- Trucking or Distribution Companies – Warehouse work, loading and unloading trucks or even minor accidents can be a catalyst for injuries, workman’s comp claims etc.
- Large Farm Conglomerates – investigation work / assistance when there are food recalls, ecoli, etc. as well as workman’s comp.; security monitoring
- Large Manufacturing Entities – workman’s comp claims etc.
- Retail Stores – Security monitoring, employee theft, consumer fraud etc.
- Asset Searches – developing an expertise here could help recover assets in divorce settlements, court awards in civil litigation cases, bank debt deficiency balance recoveries, etc.
The above are of course a just a few spontaneous thoughts out of the aforementioned “infinite” opportunities out there. However, if any of the above may have triggered a new business lead or proved a strong match for your firm’s strengths….we at CROSStrax sincerely wish you the best.