Business Security Cost Benefit Analysis – Scaitec Security
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Business Security Cost Benefit Analysis
Still considering whether you need to do a security cost benefit analysis for your business?
Here’s why you should.
Sobering crime statistics from around the UK have helped to hammer home just how important it is to carefully consider your business security before the worst happens.
Yet many are concerned that the original cost of installing and maintaining their new security provisions will outweigh the benefits.
As crimes such as burglary of business venues rise year on year, it is now simply a good business sense to ensure you safeguard what’s yours with the best business security equipment possible.
However, it is also understandable that you may not want to invest in new tech without first knowing
- What you’ll need to plan for
- How the security will benefit you
- And the risks associated with failing to make such provisions.
To help you make the right decision for your business, let’s look at the true costs and benefits of installing new security measures such as remote monitored CCTV and how to use these factors to make an informed decision.
Primary Benefits of Security Installations
There are many benefits to installing a new business security system as a means of protecting your property.
Some of the top fiscal benefits include:
- Avoid Paying for Costly Replacements
If your company is in any way dependent upon a building, warehouse or shipping centre (and most companies are) then you are at risk from burglary, fire and petty theft.
All of these factors may appear to have differing levels of seriousness for your profit margins and ability to function, yet each can impact your bottom line.
Good security helps to obviate many of the risk factors which allow theft and building damage to occur, saving you money in the long run.
- Retain Safety-Conscious Staff
Your employees want to feel safe at work.
With the installation of a high-quality security system like CCTV or burglar alarms, you can ensure less turnover of staff and retention of the workforce helping to build your company.
- Lower Insurance Premiums
Whilst this might not be at the top of your mind when you begin selecting security, saving money on business insurance quotes because of improved security measures is certainly a deciding factor.
Lower insurance payments are frequently a result of having robust security measures in place.
By showing you are working hard to improve your business security and safeguard staff, property and stock, you can expect a more competitive business insurance premium.
Top Ways to Mitigate Unexpected Costs
Nobody wants to find themselves burdened with an ailing business or an unexpected bill.
While security measures are there to help protect your building, when implemented carelessly they can lead to the opposite result.
Though our top tips should help you to negate such a problem:
- Consider the Resources You’ll Need to Set Aside
When you’re carrying out your business security cost-benefit analysis, look first at the resources you’ll need to set aside – both financial and otherwise – to get your security system installed and set-up.
This could include the initial cost of the unit and separate cost of the installation as well as ongoing costs for maintenance or CCTV monitoring if this is your preference.
It’s important to factor in not only the initial upfront costs but the hidden costs which can be incurred by lost hours of work if you are taking on too much of the responsibility yourself.
This makes the thought of hiring a professional installer and using 24/7 monitored security services appealing.
- Ensure Your Chosen System Doesn’t Affect Productivity
Perhaps you have a small team, and don’t have the time to pay much attention to your CCTV maintenance and upkeep?
This would also make opting for monitored CCTV or perhaps remote viewing a great option.
Ensuring your company is supported by your security system, rather than hindered, is a major consideration for companies large and small when it comes to making a final decision.
Productivity leads to profit – and your security system is there to help you continue to generate income from your business, rather than sapping money from it which you can ill afford.
If your current security is costing you more in manpower than you would like, there are alternatives.
- Keep Staff Educated on New Safety Procedure
Maximising the returns on your new technology is made much simpler when those in the know are made aware of how to use it.
This, of course, does not mean you must pass security codes along to every single staff member, but for those who may be responsible for rigging alarms or working in areas with a particularly high-security focus, they should be knowledgeable about the basics.
Empowering your workforce with knowledge will help drive them to remain vigilant to security threats and use your security system to its fullest capacity – whether they have sole, joint or minimal responsibility regarding its actual implementation and maintenance.
How Much Will New Security Cost Me?
When it comes to analysing the cost needed to install your new security, each company you approach will offer a different price.
At Scaitec, the price is dependent upon the kind of security system you choose and whether or not it’s accompanied by monitoring.
As established experts in security consultancy and installation, we have years of experience in delivering security solutions for our client base.
Our clients rely on us to help keep their security systems both cost-effective and effective at protecting their buildings from damage caused by crimes such as vandalism and burglary, and other potentially catastrophic concerns such as fires and natural disasters.
The average cost of a business CCTV system is around £5,000 (+VAT) without monitoring.
Adding in 24/7 monitoring adds another £50-100 on average extra to the total price each month, but can offer unrivalled benefits in terms of peace of mind and the potential to stop criminals and fires in their tracks by identifying the problems in real time.
20 + years experience in the installation , design and project management within the electronic security industry. Highly skilled in CCTV including remote monitoring and IP analytic systems, Intruder alarms and access control . Fire risk assessor, fire safety consultant with expert knowledge in all aspects of design and installation of Fire Alarm system and extinguisher selection and maintenance. Connect with Paul Scaife on LinkedIn >>