Improving Your Bottom Line with 5 Ways to Reduce Risk
Ron Glaser | Sep 6, 2017
Risk vs Reward. Risk reduction can definitely in improving your bottom line.
Roofing calls for working in varying heights; commercial roofing can require even greater heights. In the roof-contracting business, one of the first words owners ponder is risk. The stark reality is that when roofing contractors go about their daily routines, there is always the potential to be injured or even killed in a fatal fall incident.
For small or new roofing contractors, there are definite cons in making safety a first priority in your business: it is costly, you need additional equipment, you have additional policies and procedures to follow, and you have to provide training programs for workers.
While a complete safety overhaul may not be a feasible feat for every roofing contractor, taking small steps towards improving your business' safety can actually pay off in BIG ways.
Here are five ways how risk reduction can help:
1. Setting Yourself Apart from Competitors
Charging more than the next roofer can mean more profit. By putting an emphasis on your worker's and client's safety, you open the door to opportunities and set yourself apart from other competitors who might not place enough emphasis on their company's safety policies. Every homeowner fears a roofer falling off their roof. By showing your concern for the safety of your personnel and your current/future clients, you're one step ahead and can charge a premium.
2. Reducing High Insurance Premium
With high risks common in the roofing business, insurance companies might charge hefty prices to insure your business. By providing a consistent dedication to the safety, you can lower costs over time with insurance carriers. Lower insurance costs equals higher profits. Talk up your safety practices while shopping around for better insurance rates, and let companies compete for your business.
3. Expanding Business to Large Companies and Corporations
Most reputable and large companies have a good safety track record and will only do business with contractors whose safety policies match their needs. By sustaining a good safety record, you make yourself available – and recommend yourself – to new and more profitable job bids. Use your risk reduction policies as a selling point to highlight your ability to lower the customer's risk. Make it a goal to land a new commercial roofing job by touting your ability to lower risk for all parties.
4. A Well-Oiled Machine
Safer business impacts every aspect of your company. Every decision and process from the initial client intake to the job completion should be made with safety in mind. This results in better organization and a more unified business. Lower risk equals peace of mind for all employees. Higher productivity equals higher profits. When your employees know that you are dedicated to their safety, they will put in extra effort for their employer who is dedicated to them.
5. Increasing Productivity
While it may not be the intention of a business to make mistakes, we're human and mistakes happen. Nevertheless, you can minimize the mistakes and loss of time in any job through increased organization and deliberation. No one likes to lose time as a result of injuries or losses. Safety decreases your odds and increases your overall productivity. Make sure you have adequate insurance for business interruption and coverage for accidents.
While these changes may not occur overnight, safety should always be at the forefront of every roofing contractor's mind. A little safety can go a long way and can lead to a more robust business, admired by both employers and consumers. What steps have you taken to create positive change in your company's safety? Let us know! Have questions about how The Lane Law Firm can help improve your bottom line? Schedule a time to talk to our team!