Why we are getting ISO 9001
July 11, 2023
As we have got busier we need to stick to our promises on delivery dates.
We know that matters to you and your clients.
We have grown the team which in part addresses this issue, but it’s not the only answer. Larger teams provide more resource but also need managing which absorbs senior resource.
We have a requirement to be super-efficient and stick to exceptionally high levels of quality. Getting the valuation right is a given.
It was suggested that we look at ISO9001 certification, which when we get it, will be a externally certified stamp, which you can rely on; confirming we meet the required quality standards EVERY time.
For us, quality mean delivering exactly what we have promised, absolutely correctly, and on time.
ISO9001 is usually thought about in sectors where something is made, but let’s face it, we make Valuation Reports! And since we started the business, we have been using a process to make the reports which, as many of you know, works.
So the only challenge we now face is putting in the quality checking overlay to that process, testing it works and then applying for ISO9001 certification.
Getting the certificate will only be the start. We have to keep using our quality control process and checking it regularly to ensure the certificate is renewed.
So a couple of months ago we hired the experts to help us get the certification and we are about to start the pre-application testing phase to show that we are checking quality at every stage of the process. Don’t worry that this will slow us down. We have hired someone whose job will be to take on the role of overseer.
And by the way we are not doing it just to get a piece of paper. I can say hand on heart that going through this process and testing it, is already making us a higher quality business which does better work.
Why am I mentioning this now rather than making a shouty announcement when we get certification (ETA early winter by the way!)? It’s because one of the steps in quality control is having a process for dealing with what the ISO9001 standard calls “non-conformities.” This is when something starts appearing in our process which (obviously) does not conform to our agreed process.
As it happens we have discovered something and it is something we know you will be interested in.
The most significant and serious “non-conformity” we have is when the data collection exercise, which we think has been complete so we can start work on a report, is in fact NOT complete.
Which document is most often missing? It’s an alternative valuation report that the client has in their back pocket, but feels, for what ever reason, that they do not yet want to show to us.
What is the impact of this non-conformity for you and your clients? In summary, it means that when it is eventually disclosed to us (as invariably happens), we have to do 2 things.
- We have to review all our work and compare it to the contents of that other report. We have to assess the differences and if necessary adjust our analysis for what we have uncovered and
- We have to add an extra section to our report discussing the other one and why it or its contents should be considered or disregarded.
Both of these events take time and that causes delay.
We are now changing our data collection process to make sure we ask the client if they have any such reports, so that should address the issue. But as I am sure you all face similar challenges around disclosure we thought you would like to know that we understand your pain.
If you have a client (with or without an extant report – that they presumably do not want to rely on!) who needs some help with valuing shares or a private company, do give us a buzz.
We can and do work fast. We love it when we enable the client’s transaction to move forwards better and faster.
