Implementing health and safety requirements costs a fortune! Here are four tips to compile an accurate health and safety budget so it doesn’t leave your bank account empty

Ashley Churchyard, Fsp Business, 05 Dec. 2014

Tags: health and safety budget, safety budget, health and safety, health and safety budget tips

We can’t deny the fact that health and safety is expensive. You have to pay for training, equipment, printing documents and much more.

If you just shrug these expenses off, you could run into financial difficulty. Let’s say, a DoL inspector comes to assess your company and tells you to give your employees new PPE. Even if you haven’t budgeted for PPE, you can’t ignore his instruction.

You have to fork out money for new PPE and simply bear the loss.

A health and safety budget could help you avoid such a financial disaster.

Here are four tips that will help you create one accurately so you don’t make a financial loss…

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How to prepare your Health and Safety Budget
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Four tips that will help you create an accurate health and safety budget

Tip 1: Look at your company’s mission statement to refine your goals. Review your last Annual Report to check your objectives for the coming year. Make your budget reflect your company's vision.
Then forecast for the year ahead. If you know you want to grow your business, it will mean more new employees you have to train. Establish your company's expenses for training, equipment, etc. and include these in your budget.
Tip 2: Look at the growth for each department for next year. Speak to your department managers to find this information as soon as you can in your budgeting process. It will help pinpoint your compliance needs and costs. 
Focus on each department's forecasted needs to justify your budget plan with specific needs. This will show you the health and safety requirements for each department as they grow.
Tip 3: Look at safety trends and new laws that could come into effect in the next year. This helps you see if your goals match your legal requirements. Because you have to fulfil your legal duties, this is very important.
*********** Hot off the press  ************
Your 1 527 health and safety duties as an employer
When was the last time you checked what disinfecting agents and cleaning materials your company uses? 
Do you comply with the Hazardous Chemical Regulations? 
There are over 1 500 items you must evaluate in your workplace according to the OHS Act and hundreds more from SABS 0400: National Building regulations. 
Health and safety laws apply to EVERY company, if you have more than 20 employees you have even greater obligations.
Tip 4: Lastly, look for areas that need big improvement that aren’t already on the list.
For example, these ten health and safety issues cause the most workplace emergencies that lead to damage. Look if your controls and safety measures against these are effective: 
1. Foundation collapse;
2. Fire;
3. Aviation crash;
4. Earthquake;
5. Storm;
6. Bodily injury ;
7. Flood;
8. Professional indemnity;
9. Product defects; and
10. Machinery breakdown.
Make your health and safety budget easy to read, understandable, logical and organised so it’s easy to use. 
Create every part of your health and safety budget with the bigger picture in mind. Your overall budget must help you achieve your company’s goals, not only from a health and safety angle, but also from a financial and growth one too.
But don’t forget that you need to budget for your legal health and safety requirements. There are 21 of these and you can find all of them in the Health and Safety Budget

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