For companies in highly regulated industries, licensing brings to mind stress, frustration, delays, and expense. Many business leaders aren’t looking for a return on their licensing spend—they’re just hoping to minimize the damages. But regulatory requirements shouldn’t be a drain on your operations. By adopting a strategic approach, businesses can leverage licensing for substantial competitive and financial gains, achieving ROIs of 30X and up.
Such returns are readily achievable in industries where a $150 license can unlock millions in opportunities. Consider the case of a recent bidding war in Louisiana, where $250 million in flood recovery work is still up for grabs thanks to a dispute over contractors licenses that cost a few hundred dollars apiece.
The fact is, licenses are small ticket items compared to both their upside potential in opportunities and their downside risk in delays, penalties, and disruptions. This is especially true in regulated professions like construction, engineering, architecture, staffing, pharmacy, healthcare, private investigation, and real estate.
To help businesses experience more of the upside, we’ve prepared “Managing Business Licensing to Maximize Returns: How Three Companies Achieved ROIs of Over 30X,” a white paper featuring detailed case studies of clients in regulated industries. The first examines an employment agency that needed an expedited license to bid a $500,000 hospital contract. The second looks at a large engineering firm that lost a key employee, leading to fines of $26,125 for lapsed and missing licenses in several states. The third concerns a construction firm that simply grew faster than their licensing staff could keep up with, resulting in $16,067 in penalties. In each case, we provided solutions that:
Business licensing is a relatively small investment that can have a tremendous upside for your company’s growth, operations, and staff. Like so many things, it’s all in how you approach it. With proper management, your licensing efforts can pay off through increased sales opportunities, better competitive position, and enhanced reputation, all while jettisoning an internal source of uncertainty and frustration.
Like to get a positive return on your licensing management? Talk to one of our specialists about a custom ROI calculation for your business.