How do you lower costs and grow your business? Stay focus
How do you lower costs and grow your business?
It’s a proven fact that better and more frequent training, regular inspections and regular health and safety meetings with construction supervisors result in lower costs, fewer lost-time injuries and more profits.
So if you want to grow your business, you certainly need to take care of these basics. The other thing you need to do is make sure you have the right insurance coverage. Because no matter how much you plan, you can’t eliminate risk. And just one incident could be enough to close you down for good.
Take the long-term view of your business by taking out the right amount of insurance for your jobs and crew. So in addition to reducing your costs, you can also reduce your risks.
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You need to understand your customer, think from their shoes, join networking club to expand your network, learn and promote through social media.
By knowing your client, invest in customer relationship management software, thus establish loyalty and cross sell opportunity.
A team of quality and knowledgeable employees is the key to ensuring your business prospers. Motivate employee to give them a sense of purpose so that do not feel like they have to work for the sake of working.
It will increase efficiency and performance. Consider tools like Enterprise Resource Management of your industry. Efficiency means lowering cost.
Every business must have a culture everyone passionate about. This helps in improving image of business and build a good relationship as the spending goes to the right causes.
Do not hesitate to explore but learn from mistake that doesn't work.
Do not hesitate to take loan and keep a reserve for the rainy days. Always ensure things are done properly if there are law and regulation in placed, avoid cutting corners to save money will ended up losing more. Ensure all risk are considered and always discuss with insurance broker to ensure nothing is overlooked.
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Doing Work as an Independent Contractor: How to Protect Yourself and Price Your Services
- Protect your social security number
- Have a clearly defined scope of work and contract in place with clients. Any subcontractor you hire, ensure they are licensed if it is regulated industry, insured and best of all, bonded.
- Get general/professional liability insurance.
- Consider incorporating or creating a limited liability company.
- Commercial General liability insurance
- Commercial Property and equipment insurance.
- Boiler and Equipment insurance.
- Employee tools insurance.
- Crime
- Business interruption insurance.
It is illegal for an unlicensed person to perform contracting work on any project if the work is regulated by-law. If an unlicensed contractor tries to sue someone who hired him/her for unpaid work, no court will enforce payment! On the other hand, any damage caused by the unlicensed contractor to a third party may be liable to you or your insurance. Resulting in an increase in your contractor insurance premium or outright decline on your insurance renewal the following year.
How Do I Handle Damage Caused by a sub Contractor?
- Start With Your Insurance Company. Call your insurance broker and explain the problem.
- Call the contractor and explain that you've already talked to your insurance company.
- Keep Cleanup to a Minimum.
Always ensure your sub-contractors have their insurance and request "proof of insurance" with your company as additional insured on the insurance certificate before allowing them access to a site.
In a regulated professional such as HVAC, Plumbing, Electrician, if the contractor is licensed, it means that they have a legitimate claim to be a professional in their industry. Having a license also shows that the contractor is serious about each job they do, and they won't cut corners when it comes to their work on your construction project.
As a self-employed contractor, it is your responsibility to make sure your insurance covers are not only right for your business but they offer adequate cover. You can take many insurances, but, as mentioned above, two of the most important are Commercial General Liability and Professional Liability insurance.
Some other best practices to keep in mind as you finalize a written agreement:
- Make sure the subcontractor or yourself obtains a permit if the job requires one.
- Ask for a copy of the subcontractor's license and proof of insurance.
- Pay by check and get a receipt.
- Document any changes to the contract in writing.
- Keep a file for all related paperwork.
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A small business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
- This coverage protects if bodily injury, property damages, injury or advertising injury incur with your business.
- Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.
- Secure against a business when found responsible for an issue with one of the items they offer.
- If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.
- Secure against Construction If you are in renovation of builders.
- Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.
- Secure against your property or stocks
- Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo.
Employment Practices Liability
Electronic Data and Equipment
Valuable Papers and Records
Job site Short-Term Pollution from Pollutants
Identity Theft
Blanket Insurance on valuable property
Limited Property of Others Liability
