Contributed Post
No-one is all-knowing and all-powerful. Even the proudest of business owners will occasionally need to turn to someone for advice, whether it be a financial advisor or a surveyor. But what happens if you put your trust in that expert, and their advice turns out to be useless even damaging to your company?
This is known as professional negligence and it is alarmingly on the rise, with some companies claiming a 40% year on increase in the number of claims. There are now many professional negligence solicitors up and down the country specialising wholly in this area. Claims could include an accountant messing up your tax return, a financial advisor prompting you to take a bad investment or property surveyor failing to spot defects such as cracks or ground subsidence. Barristers are now also regularly under attack for not carrying out trials correctly.
With claims going up and up, should we continue to give our money to these so-called professionals, or should we trust no-one?
A DIY approach to business might suit some paranoid bosses, but the truth is that some of us can’t do everything ourselves. Whilst there are some dodgy people out there claiming to be gurus in their field, there are also a lot of highly qualified individuals doing their job correctly and professionally.
The way to improve one’s chances of not being swindled is to seek qualified professionals who have been registered by a governing body. Chartered accountants will have an ACA, a qualification which requires them to have taken certain tests and met certain standards set by the government. Similarly, chartered surveyors will have a RICS membership. Most professionals will boast about this on their website and in any advertising, but if you are unsure you can always ask them for assurance or proof.
Another way to guarantee professional service is to work with someone within your area of expertise. If you’re hiring an insurance broker for your building company, it may pay to find a broker who has worked in that field before. Similarly certain marketing companies may have more experience with certain niches – trying to market your online app with a marketing agency that deals mainly with handymen may not be advisable. Look on that service’s website for any information of previous clients they’ve worked with, or ask for references (it may also pay to look at any reviews that company may have).
The third option to gain trust is to hire someone you know. If a friend or family member is savvy enough, you may be able to hire them to do your accounts, or survey your property. A personal connection may cause them to care more deeply about your well being and therefore deliver more thorough service (that said, if they do screw up, you then have to weigh up suing a friend).
Of course, on top of this, you should also realise that people – even professionals – are only human, and that some risks such as investing in a certain commodity or moving into a certain property may have been made aware to you. A solicitor will be able to tell you if you have a case or not. Just know when you are in the wrong, and not everyone else around you.
