When it comes to running your own company, the safety of your employees and your customers is ultimately going to be a major factor in your ability to generate—and maintain—your wealth. It doesn’t matter if you’ve just begun your startup or your company is a few years old and is starting to experience impressive growth. If you don’t pay attention to safety, your financial situation could become less than desirable.
Let’s use the mining industry as an example. While you might be tempted to say that finding a valuable metal in a mine is the best way to snag a profit, nothing is more important in underground mining than miner safety.
Think about it for a minute. If a mine happens to stumble upon a vein of gold, it may seem like all their financial worries are over. But if a major accident happens the next day due to improper safety methods, the opportunity to benefit from that find is greatly diminished. Suddenly, the owners are left scrambling to pay for employee medical bills and to replace lost or damaged equipment. They may even be facing lawsuits. As nice as that discovery of gold might have been, it will no longer be generating profits—rather, it will simply be helping to make up for expensive losses.
Now, you probably don’t work in as high-risk an industry as mining, and you may be wondering how the principle of safety applies to your business. The reality is that regardless of what your company actually does, safety should always be an important concern. This can essentially be broken down into two main components:
- the safety of your employees
- the safety of your customers
The first thing to consider is employee safety. As ridiculous as it may sound, there is always potential risk to your employees, even in a mild-mannered office environment. However, you can be proactive by taking steps to protect your employees and reduce your financial liability.
Quite simply, it pays to have a good workers’ compensation plan in place. Even that ping pong table in the break room could result in an injury to one of your employees, and you don’t want to find yourself subjected to a lawsuit simply because your company doesn’t have any type of workers’ compensation plan. This investment could very easily save you quite a bit of money in the long run.
Of course, it’s even easier to avoid this problem if you actively make sure that your company’s workspace is safe for your employees. Be sure to remove any hazards from the office that could result in injury. If you work in an industry such as mining, where there will always be some type of safety hazard, spend money now on effective safety equipment so you don’t need to pay more later to clean up after an accident.
In addition to keeping your employees safe, it also pays to think of customer safety. This applies more to companies that produce physical products. As much as you might want to rush your latest, greatest product out to the market, if you don’t take the time to make sure it is safe for your customers to use, you could find yourself in serious hot water. You don’t want to experience anything like the Takata airbag scandal. Invest in product safety testing now to avoid more expensive costs later.
While investing in the latest safety equipment, a workers’ compensation policy, or additional product safety testing may seem like it is preventing you from achieving even higher profits, the simple truth is that these are investments you can’t go without. By paying to be safe now, you can assure greater financial success in the future.