Every business should be focused on growth. Being able to scale up, build larger volumes of work, and find new and more lucrative clients and contracts is the very lifeblood from which you draw in your contracting business. Without the promise of growth, your business is at risk of stagnating, shrinking and failing – and as such, all contracting businesses should be concerned with maintaining growth and supporting their operations with policies and practices that are designed to guarantee long-term productivity.
Below, you’ll learn how to do that.
Protecting Yourself
As a business person, you will undoubtedly want to grow your businesses profit margins, to do better against KPIs and to increase consumer confidence. For David Rowland, Head of Marketing at Engage EHS, there is one effective way to do this: through more effective health and safety policies.
Before you invest in growth, it’s always wise to position yourself in a protected and secure business environment. This means a number of things: observing health and safety regulations, understanding business regulations and restrictions, and ensuring that you have the insurance to cover damages and legal disputes against your business.
As a contractor managing a variety of people and jobs, securing a contractors insurance policy for your business will give you peace of mind that mishaps across all of your jobs will be covered by a monetary safety net. Without insurance, your contracting business can fail – with legal challenges and dips in productivity costing your company thousands of dollars. As such, protect yourself with a policy in order to move forward in your contracting business with positivity.
Understanding Regulations and Rules
Contractors are bound by a number of rules and regulations that help protect staff, customers and, indeed, your business. If you’re unaware of these restrictions on some areas of your business operations, you may stray into an area in which you’re liable to legal challenges – which, even if covered by insurance – can be a distraction and unpleasantness you’ll do well to avoid entirely.
Most insurance policies will not cover you in negligence and cases in which your business is liable for an accident due to not being aware of regulations. It’s incredibly important that you follow the regulations that govern contracting to the letter if you’re to grow your business with the confidence you need to achieve great things now and in the future. You can read up on regulations online in order to prepare yourself for the business environment that is specific to contractors, allowing you to better operate in your chosen market.
Managing Responsibilities
You’ll know, as a business manager in the world of contracting, that you’re constantly managing a number of responsibilities, covering a wide range of activities, people and jobs. Without sound resource management and time management, you’re going to find it difficult to provide the best service to your customers, and you may lose business as a result.
Just as a good insurance policy will protect you from the most severe mishaps, a sound organizational understanding and organizational practices will help you stay on top of your various responsibilities, leading you to happy clients, happy staff, and more lucrative jobs in the future.
These three tips are crucial in helping you achieve sustained and healthy growth for your business, avoiding the pitfalls that can drag your company down and limit growth – threatening, even your long-term survival.
