How to carry out due diligence when choosing your service provider or a coach?
We all heard horror stories of things going wrong in business relationships, most often then not it comes down to not doing one thing at the start and that is proper due diligence. This is particularly important when choosing the people you want to collaborate or work with before getting into a contractual agreement.
It is all too easy to get blind sided by great sales pitch, shiny marketing literature and personality of your potential service provider, which very often makes us jump into decision before considering the risks involved. If you are particularly trusting person, you are probably more vulnerable to people taking advantage of you.
Sometimes signing your name on the dotted lines means more than just testing the water and it could be a costly mistake not to carry out proper due diligence or read your contract terms and conditions. Some contracts often tie you in financially or carry obligations that you may not be aware of. But before you sign any agreement and make the final call to work with someone, make sure you do these 9 things to make sure that the person you have chosen to work with is the right fit for you.
“If it sounds too good to be true, it probably is. Start with Due Diligence.”
1. Review Social Media Presence
You can judge a person or a business by reviewing someone’s social media presence and seeing if you like what you see. Are they who they say they are? Can you find any previous client testimonials? Videos? Perhaps evidence of them achieving results that you want to achieve? Very often people hide behind their virtual and social media brands so you may need to dig a little deeper.
2. Google & Ask for Reference
Want to find out if your potential coach or a service provider can really achieve the desired or promised results? Ask for references and make sure to follow up with them, ask questions, details and results achieved.
Google them and find out what the internet is talking about them – has there been any public information or information about their business on the internet? Sometimes no information can also be a sign. Go beyond page 1 on google search and look on other platforms too. Have they got considerable achievements in the area they are an expert in?
3. Search the Public Registrar
Check their business on companies house or credit scoring agencies – you want to know who you are dealing with. Always check publicly available information. All registered businesses are required to file their accounts – which you can access online.
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4. Check Qualifications
Before hiring a professional, verify that the person has the credentials they listed on their resume. Ask for copies of degrees, certifications, and experience. When checking references, verify that they worked in the capacity listed on their resume. Test their skills to assure they have the core knowledge and skills.
Always check their insurance cover – you want to be working with someone who is insured and is covered from any risks personal indemnity or other risks.
6. Get Personal
Have a video call or in person meeting and notice your gut feeling. Observe the language, values, sales approach. Sometimes it is the small things that can give you an indication if the person you are looking to work with is genuine.
7. Ask others
Before making a final decision, ask about the person you are evaluating in other private or public forums or groups online and ask for genuine feedback from customer who previously bought prodcuts or services you are evaluating right now.
8. The Hard Truth
Due diligence is time-consuming, inconvenient, tedious, and sometimes expensive. It goes beyond the basic checks you would normally make and it’s safe to say that if you didn’t find it to be about as fun as going to the dentist, you probably didn’t do it right. In the end it is there to protect your business and save you money and time in the long run.
9. Most Importantly – Don’t Rush
Whatever you do, never rush into a decision and don’t feel pressured to jump into something you are not ready for. Most people use clever sales tactics to close the deal and more on to the next person. Look out for red flags and take your time to properly evaluate the people you are hiring. In the end of the day you could save yourself the headache and lots of money by doing the checks up front and not having to regret your decision later.