Top 5 Reasons to Maintain Compliance in Contractor Management Accounts
Reaching a level of compliance in any Contractor Management Account requires commitment, attention to detail and a cadence for regular monitoring. However, the benefits of properly utilizing a Contractor Management Account more than outweigh the effort! Below are five important reasons to keep your ISNetworld®, Avetta® , PEC Premier® , BROWZ®, ComplyWorks®, Veriforce, Textura or other accounts in compliance at all times.
When owner clients are beginning the contractor selection process for a project, they search for contractors who meet their requirements to the highest standard. To put it in perspective, when you are looking at job résumés, would you hire an applicant that does not meet the requirements of your job description? An owner client (or owner operator) will not hire a contractor that does not meet their requirements. They are mandated to hire only the highest scoring contractors. Keeping your Contractor Management Account in compliance will ensure that you remain at the top of their eligible contractor list, giving you the most visibility!
After an owner client has connected themselves to your account, their requirements are mandatory. As a contractor, the owner client will hold you accountable to meet the requirements they have placed on your account. This is usually a major part of master service agreement (MSA) contracts as well! If you do not meet the requirements that the prospective owner client has inserted onto your account, they may keep your company off the jobsite until the requirements have been satisfied. Contractors are responsible for maintaining compliant accounts – and owner clients are much more likely to hire someone that they can count on!
3. Financial Investment
As with all financial investments, close attention and care should be given to your account. Almost every Contractor Management Account requires some sort of financial transaction, from yearly subscriptions, initial start-up costs, or for certain custom features that are required by the owner clients. The worst thing that a contractor can do is pay for an account on a Contractor Management Account website and not utilize it to its full capability. Bringing your account to a passing score and maintaining that score can guarantee you a return on your initial investment costs!
4. Greater Market Share
When you have a fully compliant account, it can be easier to reach out to new markets and connect to new owner clients. It is important to note that although owner clients cannot view what grades you have with other owner clients, they are able to view your account and compare it to their requirements. This means a prospective owner client can see how your programs stack up against their requirements. Not all owner clients grade on the same criteria, but having an account that is at in compliance with one owner client can make it much easier to become compliant with another.
Ultimately, being highly visible, accountable, expanding your company to new markets, and investing in a third party prequalification account all lead to the most important reason of all: winning contracts and increasing profit. Having a compliant account will definitely make you more desirable to prospective owner clients. In fact, once an owner client finds a contractor that they like, and that meets their requirements, they will typically continue to use them for future projects – meaning consistent work from a great company! It is not uncommon for owner clients to utilize third party pre-qualifiers for projects that venture into the multimillion dollar range. With a compliant account, you can put yourself higher on the list of eligible contractors. All this boils down to winning more contracts, completing more projects, and increasing revenue for your business. There is nothing to lose!
These five reasons should be all the motivation a contractor needs to maintain a compliant account, and there are an abundance of other benefits as well! Having a compliant safety program and trained employees means bringing safer operations and greater operational efficiency.
In fact, statistics show that direct and indirect costs of incidents add up. For each dollar spent on direct costs, indirect costs can multiply 3 to 20 times more! Indirect costs can be retraining employees, replacing or repairing equipment, higher insurance and worker’s compensation fees, etc. However, statistics also show that for every dollar spent on safety and training, four more are earned in revenue. Safer operations and greater operational efficiency equate to less time spent completing a job, increased productivity – and most importantly, the safety and health of all of your employees.
Why let your account deteriorate and bring you unnecessary stress when you can utilize it to its fullest potential and bring in exponentially increased revenue? Use your account to its full capacity – be safe, and make more money!
Call (866) 716-0938 today to speak with one of our highly skilled safety experts.
*Safety Services Company is an independently owned company, specializing in compliance with Third-Party Prequalification Providers such as ISNetworld®, PEC Premier®, Avetta®, Complyworks® and CQN®. Safety Services Company is in no way sponsored or affiliated with ISNetworld®, PEC Premier®, or Avetta®. ISN®, ISNetworld®, RAVS® , SSQ®, PQF® are registered trademarks of ISN Software Corporation®, PEC Premier®, and Avetta®.
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