Improving Workplace Safety with Business Loan Investment

Savvy
Monday, 07 February, 2022


We all know that maintaining and improving Workplace Health and Safety (WHS) is the most important part of running a good business and taking care of our employees. Though some WHS measures don’t require any outlay such as implementing good processes or best practices. More practical measures such as upgrading machinery, purchasing tools to replace or reduce manual handling, installing barriers or signs, and training employees do cost money — and may be implemented over time. Long term assets require long term liabilities to fund them, which is why drawing comparisons between unsecured business loans should be your priority when investing in workplace safety.

New Equipment Expenditure

Buying the latest and greatest equipment for your business is a sure-fire way to improve the health and safety of your workers. Controlling and eliminating risks is part of good WHS practice. In pursuit of this aim, we as business owners can invest in new equipment or training plant.

Training plant, such as the FPTI MF500 Hydrostatic Transmission Training Simulator not only is an investment in training current employees and upskilling them, but future employees that come into the business. This comes with a price tag — and can cost tens of thousands, if not hundreds of thousands of dollars. Since plant is used over many years, perhaps decades, it makes sense to fund these purchases by amortising the expenditure over the lifetime of the asset.

Ongoing savings and returns on investment

New equipment can bring with it opportunities for returns on investment. New plant using the latest technology can increase efficiency, improve productivity, and reduce time spent on manual handling or mitigation of risk. This means your new plant will return on your investment instead of simply being a non-performing asset (something required for business but does not make your business money.)

Considering Different Business Funding Options

Unsecured business loans are an easy way to secure the capital for your new plant or machinery. Even if you have a good relationship with your business bank, they may refuse your request for additional funding. This form of finance also means you aren’t obligated to put up collateral and can be approved quickly in comparison with other types of business loans.

Should I use a business loan broker?

Using a broker that can pinpoint your business requirements can help tailor a loan that addresses the type of plant you need, the length of the loan, and how much capital is required. Brokers may have more competitive loan options than your bank or a single lender, as they draw on a panel of lenders and their unsecured business loan products, passing on those savings as lower interest rates or more favourable terms.

The bottom line is seeking finance can help kickstart your WHS implementation sooner rather than later — which gives you an edge over your competitors.

Remember to consult your financial controller or accountant to see if unsecured business loans are right for your business.

Image credit: ©stock.adobe.com/au/JustLife

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