Harbor Compliance has published a white paper that shows businesses how to turn a common source of frustration and expense into an asset that yields returns on investment (ROI) of 30X and more. Such returns are not only readily available but commonplace in regulated industries, where a $150 business license can hold the key to millions in opportunities.
The paper, “Managing Business Licensing to Maximize Returns: How Three Companies Achieved ROIs of Over 30X,” provides detailed case studies of three companies that suffered setbacks from lapsed or missing business licenses. The cases include:
- An employment agency that needed an expedited license to bid a $500,000 hospital contract. The agency received the license on time, won the bid, and is currently getting 40X ROI on their licensing spend.
- A large engineering firm that lost a key employee, leading to fines of $26,125 for lapsed and missing licenses in several states. They successfully closed the gaps and added licenses in new states to boost revenues by 18 percent.
- A construction firm that grew faster than their licensing staff could keep up with, resulting in $16,067 in penalties. With fast remediation, they not only restored good standing but invested in nationwide licensing to allow unrestricted bidding, achieving a 37X ROI in year one.
In each case, the companies managed a quick turnaround to proactive license management through outsourcing. “Outsourcing business licensing is an often overlooked but easy win when trying to align profitability and revenue goals,” said Jerri-Lynn Wier, compliance specialist for Harbor Compliance. “The upside potential of outsourcing not only includes reducing cost and opening the door to new revenue sources, but also includes freeing up the time of existing high-value employees, allowing them to focus on new projects. In addition, it reduces the risk of operating in states without the required individual or firm licenses, or operating with an expired license. Each state has specific licensing rules, requirements, and regulations that are difficult to navigate without compliance expertise.”
Anthony Glinski, Harbor Compliance account executive, said, “I often find that no matter the size of the business, licensing compliance is left on the back burner or handed off to an administrator or HR staff who may lack the training, knowledge, and data to adequately manage the licenses. As a result, a lot of new clients come to us from a reactive standpoint, their business having already been impacted.”
The paper includes licensing tips for professionals in highly regulated industries such as accounting, architecture, construction, engineering, healthcare, pharmacy, and staffing. Part of our mission is to challenge the prevailing view that business licensing is a headache and an obstacle to success, a vision that often becomes a self-fulfilling prophesy. Our white paper proves mathematically that with proper management, licenses can be an asset and a profit-generator.
As businesses lay out performance goals and strategic plans for 2018, the paper provides an easy win for enhancing competitive standing, growth opportunities, operational efficiencies, and profitability. “The biggest suggestion I have for businesses is to budget up front for your licensing compliance to match your business aspirations for the year,” said Glinski. “A proactive approach has proven to yield the biggest returns.”
Harbor Compliance has created a custom ROI calculator to demonstrate the potential to business leaders in any industry. For an ROI calculation, or for guidance in any aspect of business licensing and compliance, businesses should contact us or call 1-888-995-5895.
About Harbor Compliance
Founded by a team of government licensing specialists and technology trailblazers, Harbor Compliance is a leading provider of compliance solutions for companies of all types and sizes. Since 2012, we have helped more than 10,000 businesses and nonprofit organizations apply for, secure, and maintain licensing across all industries and activities. Our headquarters are located at 48-50 W. Chestnut St. Suite #300, Lancaster, PA.
