Saving Money When it Comes to Safety Inspections May Not Be So Penny-wise
There are numerous scenarios in which short-sighted decisions, motivated by the desire to cut costs, end up imposing much higher costs at a later date. I am sure that your business or a business you were associated with was in need of a safety evaluation and it does not get done because it “isn’t in the budget.”
The desire to wish risk away is obviously enticing and cost effective; however, risking uncertain and significantly larger loss is a poor business practice. There are many organizations that wish they could recapture the costs of some of the larger losses they have incurred – it would do wonders to the bottom line. Unfortunately, the loss is gone forever and typically negatively impacts the bottom line and well-being of a company.
It is important to recognize this practice and address it by incorporating sound business judgment when it comes to assessing and addressing risk. The increasingly competitive and international presence of industry warrants swift and decisive action regarding this topic. It could mean the difference between profit and loss…