The latest research shows that on average a UK-based SME will spend between £44,214 to £62,700 on compliance, whereas a small business with fewer than 50 people, will spend around £6,687. Although these expenses seem high, they are a drop in the ocean compared to the fines you could face for non-compliance.
What am I paying for?
To comply with health and safety guidelines set out by HSE, businesses must establish standard operating procedures:
· Risk assessments – Identify potential hazards to prevent accidents
· Employee training – Ensure personnel are equipped to maintain a safe work place
· Maintain accurate record-keeping – Document everything for audits and reviews
· Emergency response planning – Be prepared for unexpected incidents
· Maintenance and inspections – Regularly check facilities and equipment
· Personal protective equipment (PPE)- Provide safety gear for anyone conducting assessments when needed – especially when dealing with asbestos
· Compliance audits – Evaluate whether you’re adhering to regulations
· Staying educated on legal changes
Investing in risk management services may seem like an unnecessary cost, but down the line, it saves you the financial burden of fines, as well as covering the medical costs of people who have been affected.
How to keep your costs down while remaining compliant
Apart from investing in risk management services earlier rather than later, there are steps you can take to keep risk management costs down:
· Make compliance part of your culture – by embedding safety into your daily operations, it becomes part of the routine, which saves you money and time. This can be done through training your employees to run checks on essential health and safety standards, such as fire safety equipment.
· Prioritise compliance issues – always start with the largest risks that will have the largest costs if ignored. Once they have been managed you can work your way through the rest.
· Leverage technology – Use digital tools to streamline compliance efforts. Monitoring systems, automated record-keeping, and inspection scheduling software can reduce your time and labour costs all while maintaining accuracy,
Investing in compliance isn’t just about avoiding fines; it’s about creating a safer, more efficient workplace. By embedding safety into your culture, prioritising high-risk issues, and leveraging expert risk management services, you can protect your employees and your bottom line.
Remember, the cost of prevention is always lower than the cost of a cure. Don’t wait until it’s too late. Start taking steps to ensure compliance today. If you’d like guidance on risk management tailored to your business, get in touch.
