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Six steps to help you create a balanced health and safety budget for 2015 so your company doesn't suffer financially

by , 09 December 2014
Creating a health and safety budget affect your company's bottom line.

Your budget must cover the legal requirements while supporting positive financial growth.

That's why I'm going to show you six steps you can take to create an effective health and safety budget to avoid financial difficulty...

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How to prepare your Health and Safety Budget

Create a well balanced health and safety budget by following these six steps

Step 1: Assess your company's goals and objectives
Every budget you create has to be in line with your company's objectives. If you don't understand your company's goals, it's impossible to create a well balanced health and safety budget
Look at your company's:
- Forecast head count (number of new and existing employees);
- Milestones;
- Potential partnerships; and
- Forecast revenue.
Once you understand this information, you can create a budget that supports your company objectives.
Step 2: Look at each department's goals and targets
Once you understand your big picture goals, look at each department's goals. Look at which departments have health and safety needs. Then allocate the right amount of money to each.
Step 3: Understand company expectations when it comes to health and safety
Your health and safety programme must:
- Protect employees;
- Increase productivity;
- Reduce risks and hazards; and
- Lower company liability.
Your budget needs to account for these expectations and factor in the cost of achieving them. 
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Step 4: Set your health and safety goals for 2015
Focus on areas you can improve in 2015. This will help you set goals for your company's health and safety and you can then budget for those improvements. 
You must also consider any legal requirements you have to fulfil as part of your goals. For example, you have to do a risk assessment in the new year. You, therefore, have to budget for this. 
Step 5: Research any changes in health and safety law
Do some research into any new laws or regulations that may come into effect in 2015. Gov.co.za has a section for bills and draft bills. You can look here to see if there are any changes or new laws in the works that will affect your business. 
You have to budget for these new laws in case they demand any additional safety measures. 
Step 6: Factor in any additional expenses
Once you understand your company's health and safety goals and you've budgeted for them, factor in any additional costs. 
For example, will you need to hire a new full time employee to manage health and safety, or will existing employees be able to take on some of the responsibilities? 
Factor in the possibility of machinery suddenly breaking or a DoL inspector instructing you to retrain your employees. 
While these expenses may never materialise, it's better to factor them into the budget, in case they do. 
Following these six steps to create a health and safety budget will help you achieve company goals while fulfilling your legal requirements. 
And remember there are 21 legal health and safety requirements your company may need to implement. Check out the Health and Safety Budget to make sure you factor all the right ones into your budget. 

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